Ceragon Networks (NASDAQ:CRNT) Lifted to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a sell rating to a hold rating in a research note issued to investors on Monday, January 8th.

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. “

A number of other research analysts also recently issued reports on CRNT. Jefferies Group reiterated a hold rating and set a $2.50 price objective on shares of Ceragon Networks in a research note on Sunday, October 8th. ValuEngine upgraded Ceragon Networks from a hold rating to a buy rating in a research note on Monday, October 2nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $2.50.

Ceragon Networks (CRNT) traded down $0.07 during trading on Monday, hitting $2.08. The company’s stock had a trading volume of 363,838 shares, compared to its average volume of 624,721. The company has a market cap of $162.11, a P/E ratio of 9.90 and a beta of 1.05. Ceragon Networks has a 1-year low of $1.64 and a 1-year high of $4.23.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, November 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.05. The business had revenue of $75.99 million during the quarter, compared to the consensus estimate of $78.22 million. Ceragon Networks had a return on equity of 12.60% and a net margin of 5.06%. The business’s quarterly revenue was down 4.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.06 EPS. sell-side analysts expect that Ceragon Networks will post 0.18 earnings per share for the current fiscal year.

A number of hedge funds have recently bought and sold shares of the business. Algert Global LLC boosted its stake 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 purchasing an additional 231,314 shares during the period. Systematic Financial Management LP raised its holdings in shares of Ceragon Networks by 9.5% during the 3rd quarter. Systematic Financial Management LP now owns 489,620 shares of the communications equipment provider’s stock worth $1,018,000 after acquiring an additional 42,275 shares in the last quarter. Macquarie Group Ltd. purchased a new stake in shares of Ceragon Networks during the 3rd quarter worth approximately $743,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of Ceragon Networks by 6.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 406,991 shares of the communications equipment provider’s stock worth $1,038,000 after acquiring an additional 23,616 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Ceragon Networks by 1.6% during the 2nd quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock worth $195,000 after acquiring an additional 1,205 shares in the last quarter. Institutional investors and hedge funds own 16.09% of the company’s stock.

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About Ceragon Networks

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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