Ceragon Networks (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a research report issued on Monday, Zacks.com reports. The brokerage presently has a $3.00 price target on the communications equipment provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.36% from the stock’s current price.
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 have also recently commented on the company. ValuEngine cut Ceragon Networks from a “hold” rating to a “sell” rating in a research report on Saturday. Oppenheimer set a $4.00 price target on Ceragon Networks and gave the company a “buy” rating in a research report on Wednesday, July 3rd. TheStreet cut Ceragon Networks from a “b” rating to a “c+” rating in a research report on Friday, May 10th. Finally, BidaskClub cut Ceragon Networks from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $3.83.
Shares of NASDAQ CRNT opened at $2.67 on Monday. Ceragon Networks has a one year low of $2.52 and a one year high of $5.04. The company’s fifty day moving average price is $2.85. The stock has a market cap of $209.17 million, a PE ratio of 13.35, a PEG ratio of 0.78 and a beta of 1.28.
Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Monday, May 6th. The communications equipment provider reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. Ceragon Networks had a return on equity of 9.63% and a net margin of 6.61%. The firm had revenue of $69.16 million for the quarter, compared to analysts’ expectations of $73.74 million. On average, equities analysts predict that Ceragon Networks will post 0.22 earnings per share for the current year.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Delek Group Ltd. purchased a new position in shares of Ceragon Networks in the first quarter valued at about $186,000. AJO LP lifted its position in shares of Ceragon Networks by 2.0% in the first quarter. AJO LP now owns 693,898 shares of the communications equipment provider’s stock valued at $2,491,000 after acquiring an additional 13,282 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Ceragon Networks by 2.3% in the first quarter. Acadian Asset Management LLC now owns 3,191,940 shares of the communications equipment provider’s stock valued at $11,460,000 after acquiring an additional 71,937 shares in the last quarter. Penserra Capital Management LLC purchased a new position in shares of Ceragon Networks in the first quarter valued at about $61,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Ceragon Networks by 32.0% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 103,040 shares of the communications equipment provider’s stock valued at $370,000 after acquiring an additional 24,951 shares in the last quarter. 20.83% of the stock is currently owned by institutional investors and hedge funds.
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 and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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