Algert Global LLC Acquires 259,530 Shares of Ceragon Networks Ltd. (NASDAQ:CRNT)
Algert Global LLC raised its position in Ceragon Networks Ltd. (NASDAQ:CRNT) by 101.1% during the second quarter, Holdings Channel reports. The institutional investor owned 516,319 shares of the communications equipment provider’s stock after buying an additional 259,530 shares during the period. Algert Global LLC’s holdings in Ceragon Networks were worth $1,317,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in Ceragon Networks during the fourth quarter worth $143,000. Norges Bank acquired a new stake in Ceragon Networks during the fourth quarter worth $1,291,000. Acadian Asset Management LLC increased its stake in Ceragon Networks by 0.5% in the first quarter. Acadian Asset Management LLC now owns 3,130,253 shares of the communications equipment provider’s stock worth $10,234,000 after buying an additional 15,385 shares in the last quarter. Essex Investment Management Co. LLC increased 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 in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Ceragon Networks by 47.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 186,145 shares of the communications equipment provider’s stock worth $609,000 after buying an additional 59,629 shares in the last quarter. 22.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Ceragon Networks Ltd. (NASDAQ CRNT) opened at 2.12 on Thursday. Ceragon Networks Ltd. has a 52-week low of $1.95 and a 52-week high of $4.23. The stock has a market capitalization of $164.93 million, a P/E ratio of 14.04 and a beta of 1.13. The stock has a 50 day moving average of $2.51 and a 200-day moving average of $3.11.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Monday, August 7th. The communications equipment provider reported $0.07 EPS for the quarter, beating the consensus estimate of $0.06 by $0.01. The firm had revenue of $93.30 million for the quarter, compared to analyst estimates of $87.84 million. Ceragon Networks had a return on equity of 13.52% and a net margin of 5.00%. The business’s revenue for the quarter was up 33.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 earnings per share. Analysts predict that Ceragon Networks Ltd. will post $0.20 EPS for the current fiscal year.
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CRNT has been the topic of a number of recent research reports. Zacks Investment Research downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Ceragon Networks in a research report on Thursday, May 11th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $2.83.
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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