Ceragon Networks (NASDAQ:CRNT) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Ceragon Networks (NASDAQ:CRNT) issued its earnings results on Tuesday. The communications equipment provider reported $0.02 EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01), FiscalAI reports. Ceragon Networks had a return on equity of 6.67% and a net margin of 0.38%.

Ceragon Networks Trading Down 0.4%

NASDAQ:CRNT opened at $2.26 on Tuesday. The stock has a 50 day moving average of $2.21 and a two-hundred day moving average of $2.20. Ceragon Networks has a 12 month low of $1.82 and a 12 month high of $3.54. The firm has a market cap of $200.98 million, a P/E ratio of 113.06 and a beta of 1.19.

Analysts Set New Price Targets

CRNT has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ceragon Networks in a research note on Monday, December 29th. Zacks Research downgraded shares of Ceragon Networks from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 20th. Finally, Needham & Company LLC restated a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a research note on Wednesday, November 12th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $4.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. CSM Advisors LLC raised its position in shares of Ceragon Networks by 10.5% in the fourth quarter. CSM Advisors LLC now owns 2,284,048 shares of the communications equipment provider’s stock valued at $4,795,000 after buying an additional 216,273 shares during the last quarter. Private Advisor Group LLC purchased a new stake in Ceragon Networks during the 3rd quarter valued at about $2,247,000. Qube Research & Technologies Ltd raised its holdings in Ceragon Networks by 100.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider’s stock valued at $1,427,000 after acquiring an additional 290,695 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Ceragon Networks by 642.7% in the 2nd quarter. Squarepoint Ops LLC now owns 552,939 shares of the communications equipment provider’s stock worth $1,360,000 after purchasing an additional 478,489 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Ceragon Networks by 31.7% during the 2nd quarter. Bank of America Corp DE now owns 372,961 shares of the communications equipment provider’s stock worth $917,000 after purchasing an additional 89,821 shares during the last quarter. Hedge funds and other institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.