Casa Systems (NASDAQ:CASA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
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 equities research analysts also recently issued reports on the stock. ValuEngine downgraded shares of Casa Systems from a “hold” rating to a “sell” rating in a research report on Wednesday, March 14th. Morgan Stanley reiterated an “equal weight” rating and issued a $23.00 target price (up previously from $21.00) on shares of Casa Systems in a research report on Wednesday, March 7th. Stifel Nicolaus increased their target price on shares of Casa Systems from $27.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday, April 27th. Finally, Barclays reiterated an “equal weight” rating and issued a $25.00 target price (up previously from $21.00) on shares of Casa Systems in a research report on Wednesday, March 7th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. Casa Systems currently has an average rating of “Hold” and an average price target of $26.29.
CASA stock opened at $20.76 on Thursday. Casa Systems has a 12-month low of $13.25 and a 12-month high of $34.21. The company has a debt-to-equity ratio of 4.11, a current ratio of 5.29 and a quick ratio of 3.87.
Casa Systems (NASDAQ:CASA) last released its earnings results on Thursday, May 10th. The company reported $0.19 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.03). The business had revenue of $89.10 million for the quarter, compared to the consensus estimate of $88.50 million. sell-side analysts anticipate that Casa Systems will post 1.04 EPS for the current year.
In other news, insider Weidong Chen sold 360,948 shares of the firm’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $23.89, for a total transaction of $8,623,047.72. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter Y. Chung sold 4,717,520 shares of the firm’s stock in a transaction on Monday, April 30th. The shares were sold at an average price of $25.00, for a total transaction of $117,938,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 7,225,398 shares of company stock worth $177,851,205 in the last 90 days. 64.39% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund bought a new position in shares of Casa Systems during the 1st quarter valued at $111,000. American International Group Inc. bought a new position in shares of Casa Systems during the 1st quarter valued at $131,000. The Manufacturers Life Insurance Company bought a new position in Casa Systems in the 1st quarter worth $223,000. Sawtooth Solutions LLC bought a new position in Casa Systems in the 1st quarter worth $238,000. Finally, Alambic Investment Management L.P. bought a new position in Casa Systems in the 1st quarter worth $282,000. Institutional investors and hedge funds own 54.16% of the company’s stock.
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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