Ceragon Networks Ltd. (NASDAQ:CRNT) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a buy rating in a research note released on Wednesday morning. Zacks Investment Research currently has $2.50 price target on the communications equipment provider’s 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. “
Separately, Oppenheimer Holdings, Inc. restated a hold rating on shares of Ceragon Networks in a research report on Tuesday, August 8th. Four analysts have rated the stock with a hold rating, The company has an average rating of Hold and a consensus target price of $2.83.
Shares of Ceragon Networks (CRNT) traded up 4.61% during trading on Wednesday, hitting $2.27. The stock had a trading volume of 428,938 shares. The company has a market cap of $176.81 million, a PE ratio of 10.66 and a beta of 1.13. Ceragon Networks has a 1-year low of $1.95 and a 1-year high of $4.23. The firm’s 50 day moving average is $2.49 and its 200 day moving average is $3.10.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, August 7th. The communications equipment provider reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. Ceragon Networks had a return on equity of 13.52% and a net margin of 5.00%. The business had revenue of $93.30 million for the quarter, compared to the consensus estimate of $87.84 million. During the same quarter last year, the business posted $0.02 earnings per share. The company’s revenue for the quarter was up 33.3% on a year-over-year basis. Equities research analysts anticipate that Ceragon Networks will post $0.20 EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC boosted its position in shares of Ceragon Networks by 23.9% in the second quarter. Parametric Portfolio Associates LLC now owns 59,132 shares of the communications equipment provider’s stock worth $151,000 after buying an additional 11,410 shares during the period. Renaissance Group LLC boosted its position in shares of Ceragon Networks by 10.9% in the second quarter. Renaissance Group LLC now owns 121,151 shares of the communications equipment provider’s stock worth $309,000 after buying an additional 11,940 shares during the period. Acadian Asset Management LLC boosted its position in shares of Ceragon Networks by 0.5% in the first quarter. Acadian Asset Management LLC now owns 3,130,253 shares of the communications equipment provider’s stock worth $10,234,000 after buying an additional 15,385 shares during the period. State of New Jersey Common Pension Fund D boosted its position in shares of Ceragon Networks by 64.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 60,871 shares of the communications equipment provider’s stock worth $155,000 after buying an additional 23,880 shares during the period. Finally, OxFORD Asset Management LLP boosted its position in shares of Ceragon Networks by 6.8% in the second quarter. OxFORD Asset Management LLP now owns 495,960 shares of the communications equipment provider’s stock worth $1,265,000 after buying an additional 31,747 shares during the period. 22.27% of the stock is currently owned by hedge funds and other institutional investors.
Ceragon Networks Company Profile
Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.
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