Business Corpus: Casa Systems Rises As Cable TV Industry Spends More On SoftwareCable TV companies will hike spending on new virtual converged cable access platforms, research firm Kagan forecast.

[Collection]

Casa Systems (CASA) on Friday broke out to a new high as a cable TV industry researcher forecast that spending will jump on specialized software for broadband networks.

Casa stock rocketed 8.2% to 26.90 on the stock market today. Casa, a supplier of cable TV broadband network software, went public on Dec. 15, pricing shares at 13 and raising $78 million. In intraday trading Friday, Casa hit a record high 27.05.

Cable TV companies will hike spending on two network initiatives — distributed access architectures (DAA) and new "virtual" converged cable access platform (vCCAP) implementations — forecast Kagan, part of S&P Global Market Intelligence, according to a report by Multichannel.com.

Andover, Mass.-based Casa, founded in 2003, says it offers a suite of "software-centric infrastructure solutions that allow cable service providers to deliver voice, video and data services over a single platform at multigigabit speeds."

Track Top Stocks And Market Trends With Free IBD Newsletters

Casa Systems on March 6 reported adjusted fourth-quarter earnings and revenue that topped views.

The company forecast full-year 2018 profit above analysts' estimates, with its revenue outlook in-line.

YOU MAY ALSO BE INTERESTED IN:

This IPO Gets Networks, And Its Stock, Running In High Gear

Telecom Stocks To Watch And Industry News

The New Stock Gems: Which Top IPOs Are The Next Googles And Ciscos?

Chart-Reading Basics: How A Buy Point Marks A Time Of Real Opportunity