Ceragon Networks (NASDAQ:CRNT) Rating Increased to Hold at Zacks Investment Research

Ceragon Networks (NASDAQ:CRNTGet Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports.

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 analysts have also issued reports on CRNT. StockNews.com initiated coverage on shares of Ceragon Networks in a report on Thursday, March 31st. They issued a “hold” rating on the stock. TheStreet lowered shares of Ceragon Networks from a “c-” rating to a “d+” rating in a report on Thursday, March 3rd. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $5.63.

CRNT stock traded down $0.12 during trading on Tuesday, hitting $1.57. 319,554 shares of the company’s stock traded hands, compared to its average volume of 413,396. The firm has a market capitalization of $131.88 million, a P/E ratio of -7.85 and a beta of 1.69. The business has a fifty day simple moving average of $1.98 and a two-hundred day simple moving average of $2.28. Ceragon Networks has a 1 year low of $1.53 and a 1 year high of $4.33.

Ceragon Networks (NASDAQ:CRNTGet Rating) last issued its quarterly earnings data on Monday, May 2nd. The communications equipment provider reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.01. The company had revenue of $70.32 million for the quarter, compared to analyst estimates of $73.09 million. Ceragon Networks had a negative net margin of 5.44% and a negative return on equity of 4.69%. During the same period last year, the company posted ($0.01) earnings per share. On average, sell-side analysts anticipate that Ceragon Networks will post -0.01 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRNT. Traynor Capital Management Inc. lifted its stake in shares of Ceragon Networks by 25.4% during the fourth quarter. Traynor Capital Management Inc. now owns 37,000 shares of the communications equipment provider’s stock worth $95,000 after buying an additional 7,500 shares during the period. Moors & Cabot Inc. acquired a new stake in shares of Ceragon Networks during the third quarter worth $236,000. Penserra Capital Management LLC lifted its stake in shares of Ceragon Networks by 1.6% during the third quarter. Penserra Capital Management LLC now owns 1,728,975 shares of the communications equipment provider’s stock worth $6,034,000 after buying an additional 26,754 shares during the period. Arrowstreet Capital Limited Partnership acquired a new stake in shares of Ceragon Networks during the third quarter worth $802,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in shares of Ceragon Networks during the fourth quarter worth $30,000. 23.38% of the stock is currently owned by institutional investors and hedge funds.

Ceragon Networks Company Profile (Get Rating)

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small/distributed cells, and the core of the service provider's network.

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