Ceragon Networks Ltd. (NASDAQ:CRNT) Releases Earnings Results, Beats Estimates By $0.01 EPS
Ceragon Networks Ltd. (NASDAQ:CRNT) posted its earnings results on Monday. The communications equipment provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01, Morningstar.com reports. The company had revenue of $93.30 million during the quarter, compared to analyst estimates of $87.84 million. Ceragon Networks had a net margin of 3.79% and a return on equity of 10.27%. Ceragon Networks’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.02 earnings per share.
Ceragon Networks (NASDAQ CRNT) traded up 2.24% during midday trading on Monday, reaching $2.28. 804,710 shares of the company’s stock were exchanged. Ceragon Networks has a 12-month low of $1.89 and a 12-month high of $4.23. The stock has a market capitalization of $177.37 million, a price-to-earnings ratio of 15.10 and a beta of 1.13. The stock’s 50-day moving average is $2.58 and its 200-day moving average is $3.16.
Hedge funds and other institutional investors have recently made changes to their positions in the company. KCG Holdings Inc. acquired a new position in Ceragon Networks during the first quarter valued at approximately $573,000. Lazard Asset Management LLC acquired a new position in Ceragon Networks during the first quarter valued at approximately $1,055,000. UBS Group AG acquired a new position in Ceragon Networks during the first quarter valued at approximately $965,000. Systematic Financial Management LP acquired a new position in Ceragon Networks during the first quarter valued at approximately $1,579,000. Finally, United Services Automobile Association acquired a new position in Ceragon Networks during the first quarter valued at approximately $1,050,000. Institutional investors and hedge funds own 22.27% of the company’s stock.
A number of analysts have recently weighed in on the stock. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Ceragon Networks in a report on Thursday, May 11th. Zacks Investment Research lowered shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Four investment analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and an average target price of $3.25.
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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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