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

Needham & Company LLC reaffirmed their buy rating on shares of Ceragon Networks (NASDAQ:CRNT) in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a $5.25 price target on the communications equipment provider’s stock.

Separately, StockNews.com upgraded Ceragon Networks from a buy rating to a strong-buy rating in a report on Wednesday, May 29th.

Ceragon Networks Stock Performance

Shares of CRNT opened at $2.79 on Thursday. The firm has a market capitalization of $238.32 million, a P/E ratio of 55.80 and a beta of 1.39. Ceragon Networks has a 52 week low of $1.56 and a 52 week high of $3.38. The stock has a 50 day moving average price of $2.58 and a two-hundred day moving average price of $2.75.

Hedge Funds Weigh In On Ceragon Networks

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in shares of Ceragon Networks by 35.4% in the 2nd quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock worth $1,610,000 after purchasing an additional 168,416 shares in the last quarter. WINTON GROUP Ltd purchased a new position in Ceragon Networks in the 2nd quarter worth $26,000. Acadian Asset Management LLC lifted its stake in Ceragon Networks by 25.7% in the second quarter. Acadian Asset Management LLC now owns 1,955,161 shares of the communications equipment provider’s stock worth $4,878,000 after purchasing an additional 400,161 shares during the last quarter. Kennedy Capital Management LLC bought a new stake in Ceragon Networks in the first quarter worth $316,000. Finally, Perritt Capital Management Inc. lifted its stake in Ceragon Networks by 6.7% in the first quarter. Perritt Capital Management Inc. now owns 217,600 shares of the communications equipment provider’s stock worth $696,000 after purchasing an additional 13,600 shares during the last quarter. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

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.