Ceragon Networks (CRNT) Upgraded to “Buy” at Zacks Investment Research

Ceragon Networks (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday. The firm presently has a $3.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 14.94% from the company’s previous close.

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. “

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Separately, Oppenheimer reaffirmed a “hold” rating on shares of Ceragon Networks in a report on Monday, February 12th.

Shares of CRNT stock traded down $0.02 during trading hours on Friday, hitting $2.61. 206,401 shares of the company were exchanged, compared to its average volume of 620,671. Ceragon Networks has a 52-week low of $1.64 and a 52-week high of $3.65. The firm has a market cap of $209.39, a P/E ratio of 14.50 and a beta of 0.64.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, February 12th. The communications equipment provider reported $0.05 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. The company had revenue of $86.70 million during the quarter, compared to the consensus estimate of $75.21 million. Ceragon Networks had a net margin of 4.69% and a return on equity of 11.57%. Ceragon Networks’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period last year, the firm earned $0.07 EPS. equities research analysts anticipate that Ceragon Networks will post 0.2 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. bought a new position in Ceragon Networks in the 3rd quarter worth approximately $743,000. First Wilshire Securities Management Inc. bought a new position in Ceragon Networks in the 4th quarter worth approximately $1,319,000. ARK Investment Management LLC bought a new position in Ceragon Networks in the 4th quarter worth approximately $245,000. Algert Global LLC boosted its holdings in Ceragon Networks by 44.8% in the 3rd quarter. Algert Global LLC now owns 747,633 shares of the communications equipment provider’s stock worth $1,555,000 after buying an additional 231,314 shares during the period. Finally, State Street Corp boosted its holdings in Ceragon Networks by 1.6% in the 2nd quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock worth $195,000 after buying an additional 1,205 shares during the period. 16.82% of the stock is owned by institutional investors.

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Ceragon Networks Company Profile

Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.

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