Ceragon Networks Ltd. (CRNT) Upgraded at Zacks Investment Research
Ceragon Networks Ltd. (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $2.50 target price on the stock. Zacks Investment Research’s target price would indicate a potential upside of 15.21% from the stock’s previous close.
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. “
Several other equities research analysts have also recently issued reports on CRNT. Jefferies Group lifted their target price on Ceragon Networks from $1.50 to $2.00 and gave the stock a “hold” rating in a report on Tuesday, August 9th. TheStreet raised Ceragon Networks from a “sell” rating to a “hold” rating in a report on Monday, August 8th. Finally, Needham & Company LLC lifted their target price on Ceragon Networks from $2.00 to $2.50 and gave the stock a “buy” rating in a report on Monday, July 18th.
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Shares of Ceragon Networks (NASDAQ:CRNT) traded down 2.25% during midday trading on Tuesday, reaching $2.17. The company had a trading volume of 168,341 shares. Ceragon Networks has a 52 week low of $0.89 and a 52 week high of $2.94. The firm has a market capitalization of $168.55 million, a price-to-earnings ratio of 28.93 and a beta of 1.23. The stock has a 50-day moving average of $2.48 and a 200 day moving average of $1.87.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Monday, August 8th. The company reported $0.02 EPS for the quarter. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The business had revenue of $70 million for the quarter, compared to the consensus estimate of $67.59 million. During the same period in the previous year, the business earned $0.04 earnings per share. The business’s revenue was down 26.1% on a year-over-year basis. On average, analysts anticipate that Ceragon Networks will post $0.13 earnings per share for the current year.
A number of large investors have recently modified their holdings of the company. Bridgeway Capital Management Inc. boosted its stake in shares of Ceragon Networks by 67.4% in the second quarter. Bridgeway Capital Management Inc. now owns 283,900 shares of the company’s stock valued at $460,000 after buying an additional 114,300 shares during the last quarter. KCG Holdings Inc. boosted its stake in shares of Ceragon Networks by 165.3% in the second quarter. KCG Holdings Inc. now owns 66,716 shares of the company’s stock valued at $108,000 after buying an additional 41,568 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Ceragon Networks by 30.5% in the second quarter. Vanguard Group Inc. now owns 747,764 shares of the company’s stock valued at $1,211,000 after buying an additional 174,766 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Ceragon Networks during the second quarter valued at $3,831,000. Finally, Acadian Asset Management LLC bought a new stake in shares of Ceragon Networks during the second quarter valued at $857,000. 10.81% of the stock is currently owned by institutional investors.
Ceragon Networks Company Profile
Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.
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