Ceragon Networks Ltd. (NASDAQ:CRNT) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a sell rating in a research note issued to investors on Wednesday, November 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 analysts have also weighed in on the company. ValuEngine lowered Ceragon Networks from a buy rating to a hold rating in a research report on Friday, September 1st. Jefferies Group LLC reaffirmed a hold rating and set a $2.50 price objective on shares of Ceragon Networks in a research report on Sunday, October 8th. Finally, Oppenheimer Holdings, Inc. reaffirmed a hold rating on shares of Ceragon Networks in a research report on Tuesday, August 8th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. Ceragon Networks has an average rating of Hold and a consensus target price of $2.50.

Shares of Ceragon Networks (NASDAQ CRNT) remained flat at $$1.77 during midday trading on Wednesday. 761,591 shares of the company were exchanged, compared to its average volume of 515,616. The company has a market cap of $137.95, a PE ratio of 8.85 and a beta of 1.08. Ceragon Networks has a 1 year low of $1.64 and a 1 year high of $4.23.

Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Monday, November 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05. Ceragon Networks had a return on equity of 12.60% and a net margin of 5.06%. The company had revenue of $75.99 million for the quarter, compared to analyst estimates of $78.22 million. During the same quarter in the previous year, the company earned $0.06 earnings per share. The firm’s quarterly revenue was down 4.0% compared to the same quarter last year. equities research analysts predict that Ceragon Networks will post 0.18 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Parametric Portfolio Associates LLC grew its stake in shares of Ceragon Networks by 23.9% during the second quarter. Parametric Portfolio Associates LLC now owns 59,132 shares of the communications equipment provider’s stock worth $151,000 after purchasing an additional 11,410 shares in the last quarter. State of New Jersey Common Pension Fund D boosted its stake in Ceragon Networks by 64.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 60,871 shares of the communications equipment provider’s stock valued at $155,000 after acquiring an additional 23,880 shares in the last quarter. State Street Corp boosted its stake in Ceragon Networks by 1.6% in the second quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock valued at $195,000 after acquiring an additional 1,205 shares in the last quarter. Eagle Global Advisors LLC boosted its stake in Ceragon Networks by 113.0% in the second quarter. Eagle Global Advisors LLC now owns 98,000 shares of the communications equipment provider’s stock valued at $250,000 after acquiring an additional 52,000 shares in the last quarter. Finally, Spark Investment Management LLC acquired a new position in Ceragon Networks in the second quarter valued at $305,000. Hedge funds and other institutional investors own 15.80% of the company’s stock.

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Ceragon Networks Company Profile

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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