ARK Investment Management LLC cut its holdings in shares of Ceragon Networks Ltd (NASDAQ:CRNT) by 30.2% during the third quarter, Holdings Channel reports. The fund owned 143,143 shares of the communications equipment provider’s stock after selling 61,926 shares during the quarter. ARK Investment Management LLC’s holdings in Ceragon Networks were worth $482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the stock. Macquarie Group Ltd. grew its holdings in Ceragon Networks by 42.3% in the 2nd quarter. Macquarie Group Ltd. now owns 253,117 shares of the communications equipment provider’s stock valued at $904,000 after buying an additional 75,277 shares in the last quarter. Putnam Investments LLC acquired a new stake in shares of Ceragon Networks during the 2nd quarter worth $1,424,000. Millennium Management LLC grew its holdings in shares of Ceragon Networks by 15.9% during the 2nd quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock worth $4,106,000 after purchasing an additional 158,072 shares in the last quarter. Acadian Asset Management LLC grew its holdings in shares of Ceragon Networks by 2.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,136,999 shares of the communications equipment provider’s stock worth $10,574,000 after purchasing an additional 75,879 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. grew its holdings in shares of Ceragon Networks by 57.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock worth $2,022,000 after purchasing an additional 220,000 shares in the last quarter. 22.84% of the stock is currently owned by institutional investors and hedge funds.

Several analysts have recently issued reports on the company. BidaskClub raised Ceragon Networks from a “strong sell” rating to a “sell” rating in a report on Thursday, November 8th. Oppenheimer set a $5.00 target price on Ceragon Networks and gave the stock a “buy” rating in a report on Monday, November 5th. Zacks Investment Research lowered Ceragon Networks from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. CIBC raised Ceragon Networks from a “market perform” rating to an “outperform” rating in a report on Friday, September 28th. Finally, ValuEngine raised Ceragon Networks from a “hold” rating to a “buy” rating in a report on Friday, September 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $4.23.

CRNT opened at $4.65 on Wednesday. The firm has a market cap of $339.91 million, a PE ratio of 25.83, a P/E/G ratio of 1.61 and a beta of 0.73. Ceragon Networks Ltd has a 52-week low of $1.64 and a 52-week high of $4.95.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Monday, November 5th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.03. The company had revenue of $86.53 million for the quarter, compared to analyst estimates of $82.59 million. Ceragon Networks had a return on equity of 11.15% and a net margin of 5.41%. Research analysts anticipate that Ceragon Networks Ltd will post 0.18 earnings per share for the current year.

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Ceragon Networks Company Profile

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

Further Reading: Analyzing a company’s cash flow statement

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Institutional Ownership by Quarter for Ceragon Networks (NASDAQ:CRNT)

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