Ceragon Networks Ltd. (CRNT) Issues Earnings Results, Beats Estimates By $0.02 EPS
Ceragon Networks Ltd. (NASDAQ:CRNT) issued its quarterly earnings data on Monday. The company reported $0.06 EPS for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.02. The firm earned $79.13 million during the quarter, compared to the consensus estimate of $77.57 million. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The firm’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.05 EPS.
Ceragon Networks (NASDAQ:CRNT) opened at 2.54 on Tuesday. Ceragon Networks has a 1-year low of $0.89 and a 1-year high of $2.94. The stock has a 50 day moving average price of $2.37 and a 200 day moving average price of $2.08. The company has a market cap of $197.29 million, a PE ratio of 33.87 and a beta of 1.26.
Hedge funds have recently made changes to their positions in the company. KCG Holdings Inc. increased its stake 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 worth $108,000 after buying an additional 41,568 shares in the last quarter. Brandes Investment Partners LP purchased a new stake in shares of Ceragon Networks during the third quarter worth approximately $126,000. Emerald Acquisition Ltd. purchased a new stake in shares of Ceragon Networks during the third quarter worth approximately $150,000. Panagora Asset Management Inc. purchased a new stake in shares of Ceragon Networks during the third quarter worth approximately $207,000. Finally, Bridgeway Capital Management Inc. increased its stake 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 worth $460,000 after buying an additional 114,300 shares in the last quarter. Institutional investors own 14.80% of the company’s stock.
CRNT has been the subject of a number of recent research reports. Needham & Company LLC upped their price objective on Ceragon Networks from $2.00 to $2.50 and gave the stock a “buy” rating in a research note on Monday, July 18th. Zacks Investment Research cut Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, July 26th. Jefferies Group increased their price target on Ceragon Networks from $1.50 to $2.00 and gave the stock a “hold” rating in a research note on Tuesday, August 9th. Finally, TheStreet raised Ceragon Networks from a “sell” rating to a “hold” rating in a research note on Monday, August 8th.
Ceragon Networks Company Profile
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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