Ceragon Networks (CRNT) Upgraded to Hold at Zacks Investment Research

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Ceragon Networks (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Monday, Zacks.com reports.

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 equities research analysts also recently issued research reports about the company. BidaskClub upgraded Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Tuesday, February 5th. ValuEngine upgraded Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, TheStreet downgraded Ceragon Networks from a “b” rating to a “c+” rating in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. Ceragon Networks has an average rating of “Hold” and a consensus target price of $4.66.

Shares of CRNT stock traded down $0.02 on Monday, reaching $2.81. The company’s stock had a trading volume of 338,605 shares, compared to its average volume of 711,554. Ceragon Networks has a 12-month low of $2.67 and a 12-month high of $5.04. The company has a market capitalization of $225.19 million, a PE ratio of 14.05, a price-to-earnings-growth ratio of 0.99 and a beta of 1.05.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings data on Monday, May 6th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.03. Ceragon Networks had a return on equity of 9.63% and a net margin of 6.61%. The company had revenue of $69.16 million for the quarter, compared to the consensus estimate of $73.74 million. Sell-side analysts predict that Ceragon Networks will post 0.19 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Renaissance Technologies LLC increased its stake in Ceragon Networks by 6.0% in the first quarter. Renaissance Technologies LLC now owns 4,295,100 shares of the communications equipment provider’s stock valued at $15,419,000 after acquiring an additional 242,442 shares during the last quarter. Delek Group Ltd. bought a new position in shares of Ceragon Networks during the first quarter valued at about $186,000. State of Tennessee Treasury Department grew its stake in shares of Ceragon Networks by 163.2% during the first quarter. State of Tennessee Treasury Department now owns 42,554 shares of the communications equipment provider’s stock valued at $153,000 after buying an additional 26,388 shares during the last quarter. AJO LP grew its stake in shares of Ceragon Networks by 2.0% during the first quarter. AJO LP now owns 693,898 shares of the communications equipment provider’s stock valued at $2,491,000 after buying an additional 13,282 shares during the last quarter. Finally, Acadian Asset Management LLC grew its stake in shares of Ceragon Networks by 2.3% during the first quarter. Acadian Asset Management LLC now owns 3,191,940 shares of the communications equipment provider’s stock valued at $11,460,000 after buying an additional 71,937 shares during the last quarter. 20.83% of the stock is currently owned by institutional investors and hedge funds.

About Ceragon Networks

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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