Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $2.50 price objective 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. “
Several other research firms also recently issued reports on CRNT. Jefferies Group upped their price objective on shares of Ceragon Networks from $1.50 to $2.00 and gave the company a hold rating in a research note on Tuesday, August 9th. TheStreet upgraded shares of Ceragon Networks from a sell rating to a hold rating in a research note on Monday, August 8th. Finally, Needham & Company LLC upped their price objective on shares of Ceragon Networks from $2.00 to $2.50 and gave the company a buy rating in a research note on Monday, July 18th.
Shares of Ceragon Networks (NASDAQ:CRNT) opened at 2.05 on Tuesday. The company has a market cap of $159.23 million, a PE ratio of 27.33 and a beta of 1.23. Ceragon Networks has a 12 month low of $0.89 and a 12 month high of $2.94. The firm’s 50-day moving average price is $2.46 and its 200 day moving average price is $1.89.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, August 8th. The company reported $0.02 earnings per share (EPS) for the quarter. Ceragon Networks had a net margin of 2.46% and a return on equity of 5.78%. The company earned $70 million during the quarter, compared to the consensus estimate of $67.59 million. During the same quarter in the prior year, the firm posted $0.04 earnings per share. Ceragon Networks’s revenue for the quarter was down 26.1% on a year-over-year basis. Equities research analysts anticipate that Ceragon Networks will post $0.13 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Ceragon Networks during the second quarter valued at $3,831,000. Renaissance Technologies LLC increased its stake 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. Vanguard Group Inc. increased its stake 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. Acadian Asset Management LLC acquired a new stake in shares of Ceragon Networks during the second quarter valued at $857,000. Finally, Bridgeway Capital Management Inc. increased its stake 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. Institutional investors own 10.81% of the company’s stock.
About Ceragon Networks
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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