Ceragon Networks Ltd. (CRNT) Releases Earnings Results, Hits Estimates
Ceragon Networks Ltd. (NASDAQ:CRNT) posted its earnings results on Monday. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.05, Briefing.com reports. Ceragon Networks had a net margin of 5.00% and a return on equity of 13.52%. The company had revenue of $75.99 million during the quarter, compared to analysts’ expectations of $78.22 million. During the same quarter in the previous year, the company posted $0.06 earnings per share. Ceragon Networks’s quarterly revenue was down 4.0% compared to the same quarter last year.
Ceragon Networks (CRNT) opened at $1.85 on Tuesday. Ceragon Networks has a 1 year low of $1.88 and a 1 year high of $4.23. The firm has a market cap of $161.90, a P/E ratio of 10.40 and a beta of 1.08.
A number of research analysts have recently issued reports on CRNT shares. Zacks Investment Research upgraded shares of Ceragon Networks from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Wednesday, August 9th. ValuEngine upgraded shares of Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Monday, October 2nd. Jefferies Group LLC restated a “hold” rating and issued a $2.50 price objective on shares of Ceragon Networks in a research report on Sunday, October 8th. Finally, Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Ceragon Networks in a research report on Tuesday, August 8th. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $2.50.
A hedge fund recently raised its stake in Ceragon Networks stock. State Street Corp increased its stake in Ceragon Networks Ltd. (NASDAQ:CRNT) by 1.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,592 shares of the communications equipment provider’s stock after purchasing an additional 1,205 shares during the period. State Street Corp owned 0.10% of Ceragon Networks worth $195,000 as of its most recent SEC filing. 19.22% of the stock is owned by institutional investors and hedge funds.
About Ceragon Networks
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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