Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a buy rating in a research report released on Tuesday morning. The brokerage currently has $2.50 target price 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. “
Other analysts also recently issued research reports about the company. Jefferies Group upped their price target on Ceragon Networks from $1.50 to $2.00 and gave the stock a hold rating in a research note on Tuesday, August 9th. TheStreet raised Ceragon Networks from a sell rating to a hold rating in a report on Monday, August 8th. Finally, Needham & Company LLC raised their price target on Ceragon Networks from $2.00 to $2.50 and gave the company a buy rating in a report on Monday, July 18th.
Ceragon Networks (NASDAQ:CRNT) opened at 2.01 on Tuesday. The firm has a 50-day moving average price of $2.46 and a 200-day moving average price of $1.88. Ceragon Networks has a one year low of $0.89 and a one year high of $2.94. The firm has a market capitalization of $156.12 million, a price-to-earnings ratio of 26.80 and a beta of 1.24.
Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Monday, August 8th. The company reported $0.02 earnings per share for the quarter. The company had revenue of $70 million for the quarter, compared to the consensus estimate of $67.59 million. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The firm’s quarterly revenue was down 26.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.04 EPS. Analysts expect that Ceragon Networks will post $0.13 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Spark Investment Management LLC raised its position in Ceragon Networks by 24.3% in the first quarter. Spark Investment Management LLC now owns 146,700 shares of the company’s stock valued at $186,000 after buying an additional 28,700 shares in the last quarter. KCG Holdings Inc. raised its position in shares of Ceragon Networks by 165.3% in the second quarter. KCG Holdings Inc. now owns 66,716 shares of the company’s stock valued at $108,000 after buying an additional 41,568 shares during the period. 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 valued at $460,000 after buying an additional 114,300 shares during the period. Renaissance Technologies LLC raised its position in shares of Ceragon Networks by 13.8% in the first quarter. Renaissance Technologies LLC now owns 980,700 shares of the company’s stock valued at $1,245,000 after buying an additional 119,300 shares during the period. Finally, Vanguard Group Inc. raised its position in shares of Ceragon Networks by 30.5% in the second quarter. Vanguard Group Inc. now owns 747,764 shares of the company’s stock valued at $1,211,000 after buying an additional 174,766 shares during the period. Institutional investors own 10.81% of the company’s stock.
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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