Ceragon Networks Ltd. (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.

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 firms have also weighed in on CRNT. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Ceragon Networks in a research note on Thursday, May 11th. TheStreet lowered Ceragon Networks from a “b-” rating to a “c+” rating in a research note on Tuesday, March 14th. 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.

Ceragon Networks (NASDAQ CRNT) traded down 1.17% on Tuesday, reaching $2.54. 143,020 shares of the company’s stock traded hands. The firm’s 50-day moving average is $2.81 and its 200 day moving average is $3.20. The firm has a market cap of $197.60 million, a PE ratio of 16.82 and a beta of 1.15. Ceragon Networks has a 12 month low of $1.70 and a 12 month high of $4.23.

Ceragon Networks (NASDAQ:CRNT) last issued its earnings results on Thursday, May 11th. The communications equipment provider reported $0.01 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.01. The business had revenue of $76.02 million during the quarter, compared to analyst estimates of $74.09 million. Ceragon Networks had a return on equity of 10.27% and a net margin of 3.79%. Ceragon Networks’s revenue for the quarter was up 27.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 earnings per share. Equities analysts predict that Ceragon Networks will post $0.21 EPS for the current year.

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Several hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its stake in Ceragon Networks by 0.5% in the first quarter. Acadian Asset Management LLC now owns 3,130,253 shares of the communications equipment provider’s stock worth $10,234,000 after buying an additional 15,385 shares during the period. Renaissance Technologies LLC raised its stake in Ceragon Networks by 12.3% in the fourth quarter. Renaissance Technologies LLC now owns 2,335,470 shares of the communications equipment provider’s stock worth $6,119,000 after buying an additional 254,990 shares during the period. Norges Bank bought a new stake in Ceragon Networks during the fourth quarter worth $1,291,000. Systematic Financial Management LP bought a new stake in Ceragon Networks during the first quarter worth $1,579,000. Finally, Oxford Asset Management raised its stake in Ceragon Networks by 345.1% in the first quarter. Oxford Asset Management now owns 464,213 shares of the communications equipment provider’s stock worth $1,518,000 after buying an additional 359,910 shares during the period. 21.65% of the stock is owned by hedge funds and other institutional investors.

About Ceragon Networks

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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