Casa Systems (NASDAQ:CASA) Downgraded by Zacks Investment Research to Strong Sell

Casa Systems (NASDAQ:CASA) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday, Zacks.com reports.

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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. “

Several other analysts have also recently commented on CASA. Needham & Company LLC reiterated a “hold” rating on shares of Casa Systems in a report on Friday, November 1st. Northland Securities cut Casa Systems from an “outperform” rating to a “market perform” rating and set a $7.00 target price on the stock. in a report on Friday, November 1st. Barclays restated a “hold” rating and set a $7.00 price target on shares of Casa Systems in a report on Sunday, November 3rd. ValuEngine upgraded Casa Systems from a “hold” rating to a “buy” rating in a report on Thursday, September 5th. Finally, Morgan Stanley cut their price target on Casa Systems from $11.00 to $7.00 and set an “equal weight” rating on the stock in a report on Thursday, July 11th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the company’s stock. Casa Systems has a consensus rating of “Hold” and a consensus target price of $9.93.

CASA stock traded down $0.12 during trading on Wednesday, hitting $3.53. The company had a trading volume of 352,100 shares, compared to its average volume of 389,089. The business has a 50-day moving average of $6.43 and a 200-day moving average of $6.62. Casa Systems has a one year low of $3.47 and a one year high of $16.42. The stock has a market cap of $329.45 million, a PE ratio of 4.41 and a beta of 0.87. The company has a current ratio of 6.25, a quick ratio of 5.02 and a debt-to-equity ratio of 4.20.

Casa Systems (NASDAQ:CASA) last announced its earnings results on Thursday, October 31st. The company reported ($0.03) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.13). Casa Systems had a negative net margin of 3.22% and a positive return on equity of 0.01%. The company had revenue of $81.80 million during the quarter, compared to the consensus estimate of $108.08 million. During the same quarter in the previous year, the company earned $0.22 earnings per share. The business’s revenue was up 14.4% on a year-over-year basis. Research analysts forecast that Casa Systems will post -0.28 EPS for the current year.

Several institutional investors have recently bought and sold shares of the business. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of Casa Systems by 42.1% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 2,353,840 shares of the company’s stock worth $18,490,000 after buying an additional 696,815 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Casa Systems by 335.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 42,216 shares of the company’s stock worth $332,000 after buying an additional 32,516 shares in the last quarter. Denali Advisors LLC bought a new position in shares of Casa Systems during the 3rd quarter worth approximately $149,000. Royal Bank of Canada boosted its holdings in shares of Casa Systems by 533.5% during the 2nd quarter. Royal Bank of Canada now owns 35,343 shares of the company’s stock worth $228,000 after buying an additional 29,764 shares in the last quarter. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Casa Systems during the 2nd quarter worth approximately $113,000. Hedge funds and other institutional investors own 67.96% of the company’s stock.

Casa Systems Company Profile

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 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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