Ceragon Networks (CRNT) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a sell rating to a hold rating in a report released on Friday.
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 recently commented on CRNT. BidaskClub cut shares of Ceragon Networks from a buy rating to a hold rating in a research report on Friday, July 6th. Needham & Company LLC increased their price target on shares of Ceragon Networks from $3.60 to $4.40 and gave the stock a buy rating in a research report on Monday, June 25th. TheStreet raised shares of Ceragon Networks from a c+ rating to a b- rating in a research report on Friday, June 8th. Oppenheimer reaffirmed a hold rating on shares of Ceragon Networks in a research report on Tuesday, August 7th. Finally, ValuEngine cut shares of Ceragon Networks from a buy rating to a hold rating in a research report on Saturday, June 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. Ceragon Networks presently has a consensus rating of Hold and an average target price of $3.30.
Ceragon Networks (NASDAQ:CRNT) last issued its quarterly earnings results on Monday, August 6th. The communications equipment provider reported $0.05 EPS for the quarter, topping the consensus estimate of $0.04 by $0.01. Ceragon Networks had a net margin of 4.79% and a return on equity of 10.61%. The business had revenue of $88.33 million for the quarter, compared to analysts’ expectations of $86.61 million. equities research analysts predict that Ceragon Networks will post 0.18 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. Claraphi Advisory Network LLC bought a new position in shares of Ceragon Networks during the first quarter worth about $129,000. Jane Street Group LLC raised its stake in Ceragon Networks by 221.1% during the second quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock worth $180,000 after acquiring an additional 34,787 shares during the period. Compagnie Lombard Odier SCmA acquired a new stake in Ceragon Networks during the first quarter worth about $175,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Ceragon Networks during the second quarter worth about $279,000. Finally, Engineers Gate Manager LP acquired a new stake in Ceragon Networks during the first quarter worth about $211,000. 22.49% of the stock is currently owned by institutional investors and hedge funds.
About Ceragon Networks
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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