Ceragon Networks (CRNT) Upgraded to “Hold” by Zacks Investment Research

Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a sell rating to a hold rating in a report released on Wednesday morning.

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. BidaskClub downgraded shares of Ceragon Networks from a buy rating to a hold rating in a research note on Friday, July 6th. Oppenheimer reiterated a hold rating on shares of Ceragon Networks in a research note on Tuesday, August 7th. ValuEngine upgraded shares of Ceragon Networks from a hold rating to a buy rating in a research note on Friday, September 28th. CIBC upgraded shares of Ceragon Networks from a market perform rating to an outperform rating in a research note on Friday, September 28th. Finally, UBS Group upgraded shares of Ceragon Networks from a market perform rating to an outperform rating in a research note on Friday, September 28th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of Buy and a consensus target price of $4.23.

Shares of CRNT stock traded up $0.06 during trading on Wednesday, reaching $3.46. The company’s stock had a trading volume of 252,843 shares, compared to its average volume of 459,286. The stock has a market capitalization of $270.36 million, a P/E ratio of 19.22, a price-to-earnings-growth ratio of 1.28 and a beta of 0.73. Ceragon Networks has a 1-year low of $1.64 and a 1-year high of $4.15.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Monday, August 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.01. Ceragon Networks had a net margin of 4.79% and a return on equity of 10.61%. The company had revenue of $88.33 million during the quarter, compared to the consensus estimate of $86.61 million. Equities analysts forecast that Ceragon Networks will post 0.18 earnings per share for the current fiscal year.

Several large investors have recently modified their holdings of the company. Acadian Asset Management LLC lifted its position in shares of Ceragon Networks by 2.5% during the 3rd quarter. Acadian Asset Management LLC now owns 3,136,999 shares of the communications equipment provider’s stock worth $10,574,000 after buying an additional 75,879 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Ceragon Networks by 13.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,696,700 shares of the communications equipment provider’s stock worth $9,627,000 after buying an additional 327,900 shares during the last quarter. Millennium Management LLC lifted its position in shares of Ceragon Networks by 15.9% during the 2nd quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock worth $4,106,000 after buying an additional 158,072 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. lifted its position in shares of Ceragon Networks by 57.9% during the 3rd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock worth $2,022,000 after buying an additional 220,000 shares during the last quarter. Finally, Putnam Investments LLC purchased a new stake in shares of Ceragon Networks during the 2nd quarter worth approximately $1,424,000. Institutional investors and hedge funds own 22.49% of the company’s stock.

About Ceragon Networks

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 radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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