Needham & Company LLC Issues Positive Forecast for Ceragon Networks (NASDAQ:CRNT) Stock Price

Ceragon Networks (NASDAQ:CRNT) had its price target raised by equities research analysts at Needham & Company LLC from $3.00 to $3.50 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC‘s target price indicates a potential upside of 67.06% from the company’s current price.

Several other research analysts also recently commented on the stock. Zacks Research upgraded shares of Ceragon Networks from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 27th. Wall Street Zen lowered Ceragon Networks from a “strong-buy” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Weiss Ratings cut Ceragon Networks from a “sell (d+)” rating to a “sell (d)” rating in a research report on Wednesday, August 19th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.88.

Ceragon Networks Stock Up 4.8%

Ceragon Networks stock traded up $0.10 during midday trading on Thursday, reaching $2.10. The stock had a trading volume of 930,708 shares, compared to its average volume of 515,126. The firm has a market capitalization of $190.41 million, a PE ratio of -69.83 and a beta of 1.36. Ceragon Networks has a 12 month low of $1.85 and a 12 month high of $3.29. The firm’s 50-day moving average price is $2.07 and its 200 day moving average price is $2.32.

Ceragon Networks (NASDAQ:CRNT) last issued its earnings results on Thursday, November 5th. The communications equipment provider reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.04 by $0.03. The firm had revenue of $95.52 million during the quarter, compared to analyst estimates of $94.40 million. Ceragon Networks had a negative net margin of 0.95% and a positive return on equity of 2.74%. Equities research analysts expect that Ceragon Networks will post 0.10 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Spark Investment Management LLC purchased a new stake in shares of Ceragon Networks in the second quarter worth $27,000. Seven Mile Advisory purchased a new position in Ceragon Networks during the third quarter worth about $90,000. AXQ Capital LP increased its stake in Ceragon Networks by 66.3% in the 2nd quarter. AXQ Capital LP now owns 48,663 shares of the communications equipment provider’s stock worth $126,000 after acquiring an additional 19,404 shares during the last quarter. R Squared Ltd increased its stake in Ceragon Networks by 71.3% in the 1st quarter. R Squared Ltd now owns 55,838 shares of the communications equipment provider’s stock worth $121,000 after acquiring an additional 23,234 shares during the last quarter. Finally, Aristides Capital LLC raised its holdings in shares of Ceragon Networks by 15.5% in the 1st quarter. Aristides Capital LLC now owns 162,963 shares of the communications equipment provider’s stock valued at $352,000 after acquiring an additional 21,833 shares in the last quarter. Institutional investors own 13.31% of the company’s stock.

About Ceragon Networks

Ceragon Networks Ltd. (NASDAQ: CRNT) is a telecommunications equipment and solutions provider headquartered in Israel. The company develops wireless transport systems that help communications service providers connect mobile networks, broadband infrastructure and other distributed sites without relying solely on fiber-optic connections.

Its product portfolio includes microwave and millimeter-wave radio systems, packet microwave solutions, antennas, network management software and related services.