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

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. “

Separately, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Ceragon Networks in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, The stock has a consensus rating of “Hold” and a consensus target price of $2.83.

Ceragon Networks (NASDAQ CRNT) traded up 2.36% during mid-day trading on Thursday, hitting $2.17. 390,123 shares of the stock were exchanged. The company has a 50 day moving average of $2.51 and a 200 day moving average of $3.11. Ceragon Networks has a 12-month low of $1.95 and a 12-month high of $4.23. The firm has a market cap of $169.02 million, a P/E ratio of 10.19 and a beta of 1.13.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Monday, August 7th. The communications equipment provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.01. Ceragon Networks had a net margin of 5.00% and a return on equity of 13.52%. The firm had revenue of $93.30 million for the quarter, compared to analyst estimates of $87.84 million. During the same period in the prior year, the firm earned $0.02 earnings per share. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. On average, equities analysts anticipate that Ceragon Networks will post $0.20 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in the company. Essex Investment Management Co. LLC raised its stake in Ceragon Networks by 32.8% in the first quarter. Essex Investment Management Co. LLC now owns 386,599 shares of the communications equipment provider’s stock worth $1,264,000 after buying an additional 95,473 shares during the last quarter. United Services Automobile Association purchased a new stake in Ceragon Networks during the first quarter worth $1,050,000. KCG Holdings Inc. purchased a new stake in Ceragon Networks during the first quarter worth $573,000. Norges Bank purchased a new stake in Ceragon Networks during the fourth quarter worth $1,291,000. Finally, Russell Investments Group Ltd. purchased a new stake in Ceragon Networks during the fourth quarter worth $143,000. Hedge funds and other institutional investors own 22.27% of the company’s stock.

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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