Ceragon Networks (CRNT) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a buy rating in a research note published on Friday morning. They currently have $4.75 price objective on the communications equipment provider’s stock.

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 analysts have also recently commented on the company. Needham & Company LLC cut Ceragon Networks from a buy rating to a hold rating in a research report on Wednesday, November 28th. They noted that the move was a valuation call. BidaskClub raised Ceragon Networks from a strong sell rating to a sell rating in a research report on Thursday, November 8th. Oppenheimer set a $5.00 price target on Ceragon Networks and gave the company a buy rating in a research report on Monday, November 5th. ValuEngine raised Ceragon Networks from a hold rating to a buy rating in a research report on Friday, September 28th. Finally, CIBC raised Ceragon Networks from a market perform rating to an outperform rating in a research report on Friday, September 28th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $4.66.

Shares of NASDAQ CRNT traded down $0.12 during trading on Friday, reaching $4.12. 471,582 shares of the stock traded hands, compared to its average volume of 799,684. Ceragon Networks has a 52-week low of $1.85 and a 52-week high of $4.95. The stock has a market capitalization of $331.31 million, a PE ratio of 22.89, a P/E/G ratio of 1.35 and a beta of 0.90.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Monday, November 5th. The communications equipment provider reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.03. Ceragon Networks had a return on equity of 11.15% and a net margin of 5.41%. The firm had revenue of $86.53 million for the quarter, compared to analysts’ expectations of $82.59 million. As a group, research analysts forecast that Ceragon Networks will post 0.21 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Panagora Asset Management Inc. lifted its position in shares of Ceragon Networks by 1,581.7% during the 3rd quarter. Panagora Asset Management Inc. now owns 36,475 shares of the communications equipment provider’s stock valued at $123,000 after buying an additional 34,306 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Ceragon Networks by 221.1% during the 2nd quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock valued at $180,000 after purchasing an additional 34,787 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Ceragon Networks during the 2nd quarter valued at $279,000. BlackRock Inc. bought a new stake in shares of Ceragon Networks during the 2nd quarter valued at $286,000. Finally, GSA Capital Partners LLP bought a new stake in shares of Ceragon Networks during the 3rd quarter valued at $404,000. 23.76% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Company Profile

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

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