Casa Systems (CASA) Raised to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Casa Systems (NASDAQ:CASA) from a sell rating to a hold rating in a report issued on Tuesday.

According to Zacks, “Casa Systems, Inc. develops and provides digital cable video and broadband services. It offers fixed, mobile, optical and wireless network solutions for ultra-broadband services, carrier-grade solutions to cable service providers and cable network access solutions which incorporate RF engineering, high-density access aggregation, software innovation and extreme subscriber management capabilities. Casa Systems, Inc. is headquartered in Andover, MA. “

A number of other analysts have also recently commented on CASA. Macquarie cut shares of Casa Systems from an outperform rating to a neutral rating and set a $24.00 target price for the company. in a report on Wednesday, August 15th. Northland Securities set a $17.00 target price on shares of Casa Systems and gave the company a buy rating in a report on Wednesday, August 15th. Loop Capital reduced their target price on shares of Casa Systems to $12.00 and set a positive rating for the company in a report on Wednesday, August 15th. Finally, Morgan Stanley reduced their target price on shares of Casa Systems from $23.00 to $18.00 and set a buy rating for the company in a report on Thursday, August 16th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $23.38.

Shares of CASA opened at $13.99 on Tuesday. The stock has a market capitalization of $1.24 billion and a price-to-earnings ratio of 17.71. The company has a debt-to-equity ratio of 2.74, a quick ratio of 5.13 and a current ratio of 5.54. Casa Systems has a fifty-two week low of $11.26 and a fifty-two week high of $34.21.

Casa Systems (NASDAQ:CASA) last issued its earnings results on Tuesday, August 14th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $68.70 million during the quarter, compared to the consensus estimate of $90.64 million. The company’s revenue was up 3.2% compared to the same quarter last year. As a group, equities analysts predict that Casa Systems will post 0.73 earnings per share for the current year.

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in shares of Casa Systems in the first quarter worth $42,491,000. Overbrook Management Corp increased its stake in shares of Casa Systems by 898.8% in the second quarter. Overbrook Management Corp now owns 1,428,166 shares of the company’s stock worth $23,322,000 after purchasing an additional 1,285,176 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Casa Systems in the second quarter worth $15,563,000. Gilder Gagnon Howe & Co. LLC increased its stake in shares of Casa Systems by 2,712.2% in the second quarter. Gilder Gagnon Howe & Co. LLC now owns 634,207 shares of the company’s stock worth $10,357,000 after purchasing an additional 611,655 shares in the last quarter. Finally, Millennium Management LLC purchased a new stake in shares of Casa Systems in the second quarter worth $8,329,000. 60.74% of the stock is owned by institutional investors and hedge funds.

About Casa Systems

Casa Systems, Inc provides software-centric broadband products in North America, Latin America, the Asia-Pacific, Europe, the Middle East, and Africa. The company offers software-centric infrastructure solutions that allow cable service providers to deliver voice, video, and data services over a single platform at multi-gigabit speeds.

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