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Reporter Name | Bradford Gregory R |
Relationship | Chief Executive, CACI Limited |
Type | Sell |
Amount | $4,924,114 |
SEC Filing | Form 4 |
Gregory R Bradford, Chief Executive of CACI Limited, sold 10,000 shares of CACI International /DE/ common stock on September 16, 2024, for a total sale amount of $4,924,114. The sales were conducted at prices ranging from $492.01 to $495.08, indicating a weighted average price. Following these transactions, Bradford directly owns 35,538 shares of CACI Common Stock.
SEC Filing: CACI INTERNATIONAL INC /DE/ [ CACI ] - Form 4 - Sep. 18, 2024
CACI International CACI shares have gained 51.5% year to date, outperforming the Zacks Computer and Technology Sector and S&P 500 index’s growth of 19.4% and 18.1%, respectively.
CACI International stock has also outperformed the Zacks Electronics - Semiconductors industry’s return of 15.2% in the same time frame. CACI’s outperformance reflects investors’ confidence in the persistent demand for CACI’s offerings in the federal and defense space.
In a move to further enhance its portfolio, CACI recently agreed to acquire Azure Summit Technology in an all-cash transaction for $1.275 billion. The acquisition will add radio frequency technology and electromagnetic spectrum expertise to CACI’s portfolio.
The Acquisition of Azure Summit to Boost CACI’s Prospects
Azure Summit Technologies’ core expertise lies in intelligence, surveillance and reconnaissance (ISR), electronic warfare (EW) and signals intelligence (SIGINT). These offerings will aid CACI in increasing the depth of its offerings for the Department of Defence clients.
So far this year, CACI has received a dedicated SIGINT order worth $416 million, an ISR order worth $198 million and a $382 million Electronic Warfare Systems Task Order all from the U.S. Army. The acquisition of Azure Summit is anticipated to result in a greater inflow of orders due to the enhanced capabilities of CACI.
Additionally, CACI believes that the acquisition of Azure Summit will be immediately accretive to its revenue growth, EBITDA margin, adjusted earnings per share and free cash flow per share. In an investor presentation, CACI revealed that it expects Azure Summit to contribute nearly $440 million in revenues and approximately $110 million in adjusted EBITDA in the first year following the completion of the acquisition.
CACI International YTD Performance
Near-Term Challenges for CACI
CACI International operates in a highly competitive defense, space, intelligence and mission-critical services market that comprises contenders, including Science Applications International SAIC, Leidos Holdings LDOS and KBR Inc. KBR.
CACI’s competitors, Science Applications International, KBR and Leidos, are established players in the industry with their respective strengths. They compete with CACI through a competitive bidding process. These players also compete for a limited number of government contracts from the Department of Defense, the Department of Homeland Security and other U.S. government agencies, creating a highly competitive environment in this niche industry. This high competition causes pricing pressure leading to low-margin government deals, affecting CACI’s profitability.
CACI International is also facing challenges from recessionary concerns amid the ongoing macroeconomic and geopolitical tensions that might lead to softened spending by government agencies.
CACI’s rising debt level is another major concern. Its long-term debt has increased in the past eight years. The figure rose to $1.48 billion at the end of fiscal 2024 from $1.03 billion at the end of fiscal 2015. As a result, its annualized interest expense has increased during the same time frame. Additionally, the long-term debt level of $1.48 billion as of June 30, 2024, is much more than cash and cash equivalents of $134 million.
Conclusion
CACI’s latest agreement to acquire Azure Summit is likely to enhance its offerings in ISR, EW and SIGINT space, as well as boost its financial prospects. CACI shares have jumped 51% year to date and reached $490.37 as of Sept. 16. Shares of CACI International trade near its 52-week high of $498, which limits the stock’s upside potential.
Intensified competition and its high debt levels, along with low cash levels, also pose major concerns. So, it is prudent for investors to wait for a better entry time. CACI carries a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.
The Zacks Premium service, which provides daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter, makes these more manageable goals. All of the features can help you identify what stocks to buy, what to sell, and what are today's hottest industries.
It also includes the Focus List, a long-term portfolio of top stocks that have all the elements to beat the market.
Breaking Down the Zacks Focus List
If you could get access to a curated list of stocks to kickstart your investment portfolio, wouldn't you jump at the chance to take a peek?
That's what the Zacks Focus List, a portfolio of 50 stocks, offers investors. Not only does it serve as a starting point for long-term investors, but all stocks included in the list are poised to outperform the market over the next 12 months.
One thing that makes the Focus List even more advantageous is that each pick comes with a full Zacks Analyst Report. This helps explain why each stock was selected and why we believe it's a good pick for the long-term.
The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.
Focus List Methodology
When stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.
Brokerage analysts are in charge of determining a company's growth and profitability expectations, or earnings estimates. These analysts work together with company management to evaluate all factors that may affect future earnings, like interest rates, the economy, and sector and industry optimism.
What a company will earn down the road also needs to be taken into consideration, and this is why earnings estimate revisions are so important.
When a stock receives upward earnings estimate revisions, it will likely get even more positive changes in the future. For instance, if an analyst raised their earnings outlook last month, they'll probably do so again this month, and other analysts will follow.
Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.
There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."
The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.
It can be very profitable to buy stocks with rising earnings estimates, as stock prices respond to revisions. By adding Focus List stocks, there's a great chance you'll be getting into companies whose future earnings estimates will be raised, which can lead to price momentum.
Focus List Spotlight: CACI International (CACI)
Based in Reston, VA, CACI International delivers IT applications and infrastructure to improve communications and secure the integrity of information systems and networks, enhance data collection and analysis, and increase efficiency and mission effectiveness. The company’s solutions enrich defense and intelligence capabilities, assure homeland security, improve decision-making, and help customers operate smartly and proficiently.
On December 2, 2015, CACI was added to the Focus List at $103.31 per share. Shares have increased 374.66% to $490.37 since then, and the company is a #3 (Hold) on the Zacks Rank.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2025, while the Zacks Consensus Estimate has increased $0.06 to $23.07. CACI also boasts an average earnings surprise of 2.3%.
Additionally, CACI's earnings are expected to grow 9.6% for the current fiscal year.
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Zacks Investment Research
For the full text of this story please click the following link: http://www.moodys.com/page/viewresearchdoc.aspx...
Tech stocks were in the red Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) decreasing 0.4% and the SPDR S&P Semiconductor ETF (XSD) dropping 1.8%.
The Philadelphia Semiconductor index slumped 1.7%.
In corporate news, Intel has officially qualified for up to $3.5 billion in US government funding to make semiconductors for a secret military program, Bloomberg reported. Intel shares jumped nearly 4%.
Demand for Apple's new iPhone 16 is lower than expected, media outlets reported Monday. Apple shares were falling 2.8%.
CACI International shares rose 3.5% after it said Monday it has agreed to buy Azure Summit Technology in an all-cash deal worth about $1.28 billion.
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