Ceragon Networks (NASDAQ:CRNT) Earns Buy Rating from Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Tuesday, Benzinga reports. They currently have a $5.25 price target on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 88.85% from the company’s current price.

Separately, StockNews.com downgraded shares of Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 2nd.

Ceragon Networks Stock Down 11.7 %

Shares of Ceragon Networks stock traded down $0.37 during mid-day trading on Tuesday, hitting $2.78. The stock had a trading volume of 1,613,115 shares, compared to its average volume of 587,067. The firm has a market cap of $237.47 million, a P/E ratio of 39.86 and a beta of 1.50. Ceragon Networks has a 12-month low of $1.56 and a 12-month high of $3.38. The firm has a 50-day moving average of $2.99 and a two-hundred day moving average of $2.45.

Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Tuesday, February 20th. The communications equipment provider reported $0.03 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.01. Ceragon Networks had a net margin of 1.79% and a return on equity of 9.95%. The company had revenue of $90.36 million during the quarter. During the same period last year, the business earned ($0.01) EPS. Sell-side analysts expect that Ceragon Networks will post 0.18 earnings per share for the current year.

Institutional Trading of Ceragon Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNT. Acadian Asset Management LLC purchased a new stake in shares of Ceragon Networks in the 3rd quarter valued at about $1,291,000. First Wilshire Securities Management Inc. increased its holdings in shares of Ceragon Networks by 18.4% in the 3rd quarter. First Wilshire Securities Management Inc. now owns 3,011,562 shares of the communications equipment provider’s stock valued at $6,174,000 after acquiring an additional 467,998 shares during the period. Essex Investment Management Co. LLC raised its position in Ceragon Networks by 33.4% in the 3rd quarter. Essex Investment Management Co. LLC now owns 1,137,973 shares of the communications equipment provider’s stock valued at $2,333,000 after purchasing an additional 284,960 shares during the last quarter. First Eagle Investment Management LLC grew its position in Ceragon Networks by 33.0% during the 3rd quarter. First Eagle Investment Management LLC now owns 677,251 shares of the communications equipment provider’s stock worth $1,388,000 after purchasing an additional 168,036 shares during the last quarter. Finally, ARK Investment Management LLC boosted its stake in shares of Ceragon Networks by 12.2% during the fourth quarter. ARK Investment Management LLC now owns 1,144,114 shares of the communications equipment provider’s stock worth $2,471,000 after buying an additional 124,647 shares during the period. Institutional investors and hedge funds own 13.31% of the company’s stock.

About Ceragon Networks

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.