Brokerages Anticipate Ceragon Networks Ltd (CRNT) Will Announce Quarterly Sales of $98.53 Million
Equities research analysts forecast that Ceragon Networks Ltd (NASDAQ:CRNT) will announce sales of $98.53 million for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Ceragon Networks’ earnings, with the highest sales estimate coming in at $100.6 million and the lowest estimate coming in at $96.45 million. Ceragon Networks reported sales of $70.01 million during the same quarter last year, which would indicate a positive year over year growth rate of 40.7%. The business is scheduled to issue its next quarterly earnings results on Monday, August 14th.
On average, analysts expect that Ceragon Networks will report full-year sales of $98.53 million for the current fiscal year, with estimates ranging from $328.77 million to $336.8 million. For the next financial year, analysts anticipate that the firm will post sales of $334.13 million per share, with estimates ranging from $328.26 million to $340 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research analysts that cover Ceragon Networks.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Thursday, May 11th. The communications equipment provider reported $0.01 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.01. Ceragon Networks had a return on equity of 6.93% and a net margin of 3.23%. The business had revenue of $76.02 million for the quarter, compared to the consensus estimate of $74.09 million. During the same period in the previous year, the business earned $0.10 earnings per share. The business’s revenue was up 27.1% on a year-over-year basis.
CRNT has been the topic of a number of research reports. Jefferies Group LLC raised their price target on shares of Ceragon Networks from $2.50 to $3.00 and gave the company a “hold” rating in a research note on Thursday, January 19th. TheStreet raised shares of Ceragon Networks from a “c” rating to a “b-” rating in a research note on Wednesday, February 15th. Zacks Investment Research raised shares of Ceragon Networks from a “hold” rating to a “strong-buy” rating and set a $3.75 price target on the stock in a research note on Friday, January 20th. Needham & Company LLC lowered shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, January 17th. Finally, Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of Ceragon Networks in a research note on Thursday. Four analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus price target of $3.25.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. bought a new position in shares of Ceragon Networks during the fourth quarter worth $143,000. State Street Corp raised its position in Ceragon Networks by 2.8% in the fourth quarter. State Street Corp now owns 73,409 shares of the communications equipment provider’s stock worth $193,000 after buying an additional 1,978 shares during the period. Oxford Asset Management raised its position in Ceragon Networks by 863.5% in the fourth quarter. Oxford Asset Management now owns 104,303 shares of the communications equipment provider’s stock worth $273,000 after buying an additional 93,478 shares during the period. Renaissance Group LLC raised its position in Ceragon Networks by 23.8% in the fourth quarter. Renaissance Group LLC now owns 138,969 shares of the communications equipment provider’s stock worth $364,000 after buying an additional 26,705 shares during the period. Finally, O Shaughnessy Asset Management LLC raised its position in Ceragon Networks by 15.9% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 100,118 shares of the communications equipment provider’s stock worth $262,000 after buying an additional 13,732 shares during the period. 16.79% of the stock is currently owned by hedge funds and other institutional investors.
Ceragon Networks (NASDAQ:CRNT) opened at 3.18 on Friday. Ceragon Networks has a 12 month low of $1.40 and a 12 month high of $4.23. The stock has a 50 day moving average price of $3.27 and a 200 day moving average price of $3.10. The stock has a market capitalization of $247.52 million, a P/E ratio of 21.63 and a beta of 1.20.
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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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