Casa Systems (CASA) Cut to Hold at Needham & Company LLC

Casa Systems (NASDAQ:CASA) was downgraded by Needham & Company LLC from a “buy” rating to a “hold” rating in a research note issued on Wednesday, The Fly reports.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus initiated coverage on Casa Systems in a research note on Tuesday, October 23rd. They issued a “buy” rating and a $18.00 target price for the company. Zacks Investment Research raised Casa Systems from a “sell” rating to a “hold” rating in a report on Tuesday, October 16th. ValuEngine downgraded Casa Systems from a “hold” rating to a “sell” rating in a report on Monday, February 4th. Finally, Morgan Stanley downgraded Casa Systems from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $18.00 to $11.00 in a report on Friday, January 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $17.25.

Shares of CASA stock traded up $0.26 during trading hours on Wednesday, reaching $12.03. The company had a trading volume of 531,863 shares, compared to its average volume of 429,672. The company has a debt-to-equity ratio of 3.43, a quick ratio of 4.61 and a current ratio of 5.09. Casa Systems has a twelve month low of $10.50 and a twelve month high of $34.21. The firm has a market cap of $1.03 billion, a P/E ratio of 15.23 and a beta of -0.38.

A number of institutional investors and hedge funds have recently modified their holdings of CASA. Royce & Associates LP purchased a new position in Casa Systems in the fourth quarter valued at about $26,000. Benjamin F. Edwards & Company Inc. purchased a new position in Casa Systems in the fourth quarter valued at about $28,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Casa Systems in the fourth quarter valued at about $33,000. Great West Life Assurance Co. Can purchased a new position in Casa Systems in the fourth quarter valued at about $79,000. Finally, LPL Financial LLC purchased a new position in Casa Systems in the third quarter valued at about $150,000. 63.86% of the stock is owned by hedge funds and other institutional investors.

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.

See Also: Earnings Per Share (EPS)

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