Cambium Networks Co. (NASDAQ:CMBM) rose 6.9% during trading on Wednesday . The stock traded as high as $49.70 and last traded at $49.70. Approximately 8,092 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 324,079 shares. The stock had previously closed at $46.49.
CMBM has been the subject of several research reports. Barrington Research initiated coverage on shares of Cambium Networks in a report on Wednesday. They issued an “outperform” rating and a $75.00 price target for the company. JMP Securities lifted their price target on shares of Cambium Networks from $47.00 to $70.00 and gave the company a “market outperform” rating in a report on Wednesday, April 28th. Jefferies Financial Group lifted their price target on shares of Cambium Networks from $52.00 to $66.00 in a report on Wednesday, April 7th. Finally, The Goldman Sachs Group lifted their price objective on shares of Cambium Networks from $67.00 to $74.00 and gave the company a “buy” rating in a research report on Friday, May 7th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $48.60.
The company has a market cap of $1.33 billion, a P/E ratio of 35.49, a P/E/G ratio of 1.89 and a beta of 0.56. The company has a 50-day moving average price of $52.69. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.73 and a quick ratio of 1.40.
In related news, Director Alexander R. Slusky sold 2,000,000 shares of the business’s stock in a transaction that occurred on Monday, June 7th. The shares were sold at an average price of $46.08, for a total value of $92,160,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Graaf Raymond De sold 574 shares of the business’s stock in a transaction that occurred on Wednesday, June 16th. The stock was sold at an average price of $47.62, for a total transaction of $27,333.88. Following the completion of the sale, the vice president now owns 28,215 shares in the company, valued at $1,343,598.30. The disclosure for this sale can be found here. Insiders sold a total of 2,052,012 shares of company stock worth $95,076,501 over the last quarter. Insiders own 66.80% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State of Wisconsin Investment Board purchased a new position in shares of Cambium Networks in the fourth quarter worth approximately $314,000. BlackRock Inc. increased its position in shares of Cambium Networks by 47.7% in the fourth quarter. BlackRock Inc. now owns 396,540 shares of the company’s stock worth $9,946,000 after acquiring an additional 128,070 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Cambium Networks in the fourth quarter worth approximately $433,000. New York State Common Retirement Fund increased its position in shares of Cambium Networks by 46.1% in the fourth quarter. New York State Common Retirement Fund now owns 40,900 shares of the company’s stock worth $1,026,000 after acquiring an additional 12,900 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Cambium Networks by 32.8% in the fourth quarter. Bank of New York Mellon Corp now owns 15,747 shares of the company’s stock worth $394,000 after acquiring an additional 3,889 shares in the last quarter. Institutional investors and hedge funds own 87.12% of the company’s stock.
Cambium Networks Company Profile (NASDAQ:CMBM)
Cambium Networks Corporation, through its subsidiaries, provides wireless broadband networking infrastructure products and solutions for network operators. Its wireless fabric includes intelligent radios, smart antennas, radio frequency (RF) algorithms, wireless-aware switches, and network management software.
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