Ceragon Networks Ltd. (CRNT) Upgraded to “Strong-Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a strong-buy rating in a research report released on Friday morning. The brokerage currently has $2.75 price target on the stock.
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. “
Several other research firms have also recently commented on CRNT. Jefferies Group raised their price target on shares of Ceragon Networks from $1.50 to $2.00 and gave the stock a hold rating in a report on Tuesday, August 9th. TheStreet upgraded shares of Ceragon Networks from a sell rating to a hold rating in a report on Monday, August 8th. Finally, Needham & Company LLC restated a buy rating and set a $3.00 price target (up from $2.50) on shares of Ceragon Networks in a report on Monday, October 24th.
Ceragon Networks (NASDAQ:CRNT) traded up 0.7215% during midday trading on Friday, hitting $2.3871. 49,446 shares of the stock traded hands. The company has a 50-day moving average price of $2.36 and a 200-day moving average price of $2.10. Ceragon Networks has a 1-year low of $0.89 and a 1-year high of $2.94. The firm has a market cap of $185.50 million, a P/E ratio of 24.1121 and a beta of 1.26.
Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Monday, November 14th. The company reported $0.06 EPS for the quarter, topping the consensus estimate of $0.04 by $0.02. The business earned $79.13 million during the quarter, compared to analysts’ expectations of $77.57 million. Ceragon Networks had a net margin of 3.23% and a return on equity of 6.93%. The firm’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same period last year, the company posted $0.05 earnings per share. Analysts predict that Ceragon Networks will post $0.14 EPS for the current year.
Several institutional investors have recently added to or reduced their stakes in CRNT. KCG Holdings Inc. raised its position in 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 bought a new position in shares of Ceragon Networks during the third quarter worth about $126,000. Emerald Acquisition Ltd. bought a new position in shares of Ceragon Networks during the third quarter worth about $150,000. Panagora Asset Management Inc. bought a new position in shares of Ceragon Networks during the third quarter worth about $207,000. Finally, 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 worth $460,000 after buying an additional 114,300 shares during the period. 15.38% of the stock is currently owned by institutional investors.
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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