Ceragon Networks (CRNT) Rating Increased to Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a buy rating in a research report report published on Friday morning. The firm currently has $4.75 price objective on the communications equipment provider’s 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. “

Other equities analysts have also issued reports about the company. BidaskClub lowered Ceragon Networks from a hold rating to a sell rating in a research note on Thursday, August 23rd. Citigroup upgraded Ceragon Networks from a market perform rating to an outperform rating and set a $4.50 target price on the stock in a research note on Friday, September 28th. Oppenheimer upgraded Ceragon Networks from a market perform rating to an outperform rating and set a $5.00 target price on the stock in a research note on Friday, September 28th. ValuEngine upgraded Ceragon Networks from a hold rating to a buy rating in a report on Friday, September 28th. Finally, Needham & Company LLC cut Ceragon Networks from a buy rating to a hold rating in a report on Wednesday, November 28th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. Ceragon Networks currently has a consensus rating of Buy and an average price target of $4.66.

NASDAQ CRNT traded down $0.12 during trading on Friday, reaching $4.12. The company’s stock had a trading volume of 471,582 shares, compared to its average volume of 799,684. The firm has a market capitalization of $331.31 million, a P/E ratio of 22.89, a P/E/G ratio of 1.35 and a beta of 0.90. Ceragon Networks has a one year low of $1.85 and a one year high of $4.95.

Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Monday, 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 business had revenue of $86.53 million for the quarter, compared to analyst estimates of $82.59 million. Ceragon Networks had a return on equity of 11.15% and a net margin of 5.41%. On average, sell-side analysts expect that Ceragon Networks will post 0.21 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Ceragon Networks in the 2nd quarter worth about $286,000. Macquarie Group Ltd. boosted its holdings in shares of Ceragon Networks by 42.3% in the 2nd quarter. Macquarie Group Ltd. now owns 253,117 shares of the communications equipment provider’s stock worth $904,000 after purchasing an additional 75,277 shares in the last quarter. Putnam Investments LLC purchased a new position in shares of Ceragon Networks in the 2nd quarter worth about $1,424,000. Millennium Management LLC boosted its holdings in shares of Ceragon Networks by 15.9% in the 2nd quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock worth $4,106,000 after purchasing an additional 158,072 shares in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its holdings in shares of Ceragon Networks by 57.9% in the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock worth $2,022,000 after purchasing an additional 220,000 shares in the last quarter. Hedge funds and other institutional investors own 23.76% of the company’s stock.

Ceragon Networks Company Profile

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 radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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