Ceragon Networks Ltd. (CRNT) Upgraded at Zacks Investment Research
Ceragon Networks Ltd. (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $2.50 price objective on the stock. Zacks Investment Research’s price objective indicates a potential upside of 15.21% from the company’s previous close.
According to Zacks, “Ceragon Networks Ltd. is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. Ceragon’s modular FibeAir product family is recognized as the gold standard for backhaul transmission and is also one of the top solutions chosen by cellular operators for SONET/SDH rings. A scalable, future-proof solution for wireless transport of broadband services, FibeAir operates across multiple frequencies for IP and SONET/SDH protocols, supporting the emerging needs of next-generation networks that are evolving to all-IP based services, including triple-play. It leads the market in IP backhaul, offering a unique, native IP solution that provides the efficient, robust connectivity required for WiFi, WiMAX and converged networks. “
CRNT has been the topic of a number of other reports. Needham & Company LLC upped their target price on Ceragon Networks from $2.00 to $2.50 and gave the stock a “buy” rating in a research note on Monday, July 18th. TheStreet upgraded Ceragon Networks from a “sell” rating to a “hold” rating in a research note on Monday, August 8th. Finally, Jefferies Group upped their target price on Ceragon Networks from $1.50 to $2.00 and gave the stock a “hold” rating in a research note on Tuesday, August 9th.
Ceragon Networks (NASDAQ:CRNT) traded down 2.25% during trading on Tuesday, hitting $2.17. The company had a trading volume of 168,341 shares. Ceragon Networks has a 1-year low of $0.89 and a 1-year high of $2.94. The stock has a market capitalization of $168.55 million, a price-to-earnings ratio of 28.93 and a beta of 1.23. The company’s 50 day moving average price is $2.48 and its 200-day moving average price is $1.87.
Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Monday, August 8th. The company reported $0.02 earnings per share for the quarter. The business had revenue of $70 million for the quarter, compared to analyst estimates of $67.59 million. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The company’s quarterly revenue was down 26.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.04 EPS. On average, analysts expect that Ceragon Networks will post $0.13 EPS for the current year.
Several institutional investors have recently made changes to their positions in the stock. Spark Investment Management LLC raised its position in shares of Ceragon Networks by 24.3% in the first quarter. Spark Investment Management LLC now owns 146,700 shares of the company’s stock valued at $186,000 after buying an additional 28,700 shares during the period. KCG Holdings Inc. raised its position in shares of Ceragon Networks by 165.3% in the second quarter. KCG Holdings Inc. now owns 66,716 shares of the company’s stock valued at $108,000 after buying an additional 41,568 shares during the period. Bridgeway Capital Management Inc. raised its position in shares of Ceragon Networks by 67.4% in the second quarter. Bridgeway Capital Management Inc. now owns 283,900 shares of the company’s stock valued at $460,000 after buying an additional 114,300 shares during the period. Renaissance Technologies LLC raised its position in shares of Ceragon Networks by 13.8% in the first quarter. Renaissance Technologies LLC now owns 980,700 shares of the company’s stock valued at $1,245,000 after buying an additional 119,300 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Ceragon Networks by 30.5% in the second quarter. Vanguard Group Inc. now owns 747,764 shares of the company’s stock valued at $1,211,000 after buying an additional 174,766 shares during the period. Hedge funds and other institutional investors own 10.81% of the company’s stock.
About Ceragon Networks
Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.
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