Zacks Investment Research downgraded shares of Ceragon Networks (NASDAQ:CRNT) from a buy rating to a hold rating in a research note published on Thursday 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 have also recently weighed in on CRNT. BidaskClub cut shares of Ceragon Networks from a hold rating to a sell rating in a research note on Tuesday, December 18th. ValuEngine raised shares of Ceragon Networks from a hold rating to a buy rating in a research note on Friday, September 28th. Oppenheimer set a $5.00 price objective on shares of Ceragon Networks and gave the stock a buy rating in a research note on Monday, December 10th. Needham & Company LLC cut shares of Ceragon Networks from a buy rating to a hold rating in a research note on Wednesday, November 28th. They noted that the move was a valuation call. Finally, CIBC raised shares of Ceragon Networks from a market perform rating to an outperform rating in a research note on Friday, September 28th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $4.60.
Shares of CRNT opened at $3.88 on Thursday. Ceragon Networks has a 1-year low of $1.95 and a 1-year high of $4.95. The company has a market cap of $312.56 million, a PE ratio of 21.56, a price-to-earnings-growth ratio of 1.16 and a beta of 0.94.
Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings data on Monday, November 5th. The communications equipment provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. Ceragon Networks had a net margin of 5.41% and a return on equity of 11.15%. The business had revenue of $86.53 million during the quarter, compared to analysts’ expectations of $82.59 million. As a group, research analysts predict that Ceragon Networks will post 0.21 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in CRNT. BlackRock Inc. purchased a new stake in Ceragon Networks in the second quarter worth about $286,000. Renaissance Technologies LLC increased its position in Ceragon Networks by 13.8% in the second 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 in the last quarter. Macquarie Group Ltd. increased its position in Ceragon Networks by 42.3% in the second quarter. Macquarie Group Ltd. now owns 253,117 shares of the communications equipment provider’s stock worth $904,000 after buying an additional 75,277 shares in the last quarter. Millennium Management LLC increased its position in Ceragon Networks by 15.9% in the second 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 in the last quarter. Finally, Putnam Investments LLC purchased a new stake in Ceragon Networks in the second quarter worth about $1,424,000. 23.76% of the stock is owned by hedge funds and other institutional investors.
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 radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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