Ceragon Networks Ltd. (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
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. “
Several hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of Ceragon Networks by 13.8% in the first quarter. Renaissance Technologies LLC now owns 980,700 shares of the company’s stock worth $1,245,000 after buying an additional 119,300 shares during the period. Acadian Asset Management LLC purchased a new stake in shares of Ceragon Networks during the second quarter worth about $857,000. Finally, Spark Investment Management LLC boosted its stake in shares of Ceragon Networks by 24.3% in the first quarter. Spark Investment Management LLC now owns 146,700 shares of the company’s stock worth $186,000 after buying an additional 28,700 shares during the period.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, May 9th. The company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.02) by $0.01. The company had revenue of $59.80 million for the quarter, compared to analysts’ expectations of $63.55 million. During the same period in the previous year, the firm earned ($0.02) earnings per share. The firm’s revenue for the quarter was down 36.2% on a year-over-year basis.
A number of other analysts have also recently commented on CRNT. Needham & Company LLC upped their target price on shares of Ceragon Networks from $2.00 to $2.50 and gave the company a “buy” rating in a report on Monday, July 18th. Jefferies Group reaffirmed a “hold” rating on shares of Ceragon Networks in a report on Friday, May 13th.
Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.
