Ceragon Networks (CRNT) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a buy rating in a report released on Tuesday. The brokerage currently has $5.25 target price 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. “
Other research analysts also recently issued reports about the company. Oppenheimer set a $5.00 price objective on Ceragon Networks and gave the company a buy rating in a research note on Monday, November 5th. Needham & Company LLC downgraded Ceragon Networks from a buy rating to a hold rating in a research note on Wednesday, November 28th. They noted that the move was a valuation call. Finally, BidaskClub raised Ceragon Networks from a sell rating to a hold rating in a research note on Wednesday, January 2nd. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and an average price target of $4.79.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC grew its holdings in Ceragon Networks by 28.7% in the 3rd quarter. Renaissance Technologies LLC now owns 3,470,291 shares of the communications equipment provider’s stock valued at $11,695,000 after buying an additional 773,591 shares in the last quarter. Harel Insurance Investments & Financial Services Ltd. grew its holdings in Ceragon Networks by 57.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock valued at $2,022,000 after buying an additional 220,000 shares in the last quarter. Putnam Investments LLC grew its holdings in Ceragon Networks by 53.0% in the 3rd quarter. Putnam Investments LLC now owns 610,075 shares of the communications equipment provider’s stock valued at $2,056,000 after buying an additional 211,300 shares in the last quarter. ClariVest Asset Management LLC purchased a new stake in Ceragon Networks in the 4th quarter valued at $621,000. Finally, Millennium Management LLC grew its holdings in Ceragon Networks by 15.9% in the 2nd quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock valued at $4,106,000 after buying an additional 158,072 shares in the last quarter. 22.92% of the stock is owned by hedge funds and other institutional investors.
About Ceragon Networks
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.
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