Ceragon Networks (NASDAQ:CRNT) Stock Rating Lowered by Zacks Research

Ceragon Networks (NASDAQ:CRNT) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also recently weighed in on CRNT. Needham & Company LLC reaffirmed a “buy” rating and issued a $3.00 price target on shares of Ceragon Networks in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ceragon Networks in a research report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $4.00.

Ceragon Networks Price Performance

Shares of CRNT opened at $2.31 on Tuesday. The business’s fifty day moving average is $2.10 and its 200 day moving average is $2.21. Ceragon Networks has a 12-month low of $1.82 and a 12-month high of $5.52. The stock has a market cap of $205.43 million, a P/E ratio of 115.56 and a beta of 1.07.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Wednesday, November 12th. The communications equipment provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The business had revenue of $85.48 million for the quarter, compared to analyst estimates of $83.48 million. Ceragon Networks had a return on equity of 6.67% and a net margin of 0.38%. On average, analysts expect that Ceragon Networks will post 0.26 EPS for the current year.

Institutional Investors Weigh In On Ceragon Networks

Hedge funds have recently made changes to their positions in the business. BNP Paribas Financial Markets lifted its holdings in Ceragon Networks by 49.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 15,817 shares of the communications equipment provider’s stock worth $37,000 after purchasing an additional 5,211 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Ceragon Networks by 283.3% during the 3rd quarter. Jones Financial Companies Lllp now owns 11,500 shares of the communications equipment provider’s stock valued at $27,000 after buying an additional 8,500 shares in the last quarter. Wedbush Securities Inc. increased its position in shares of Ceragon Networks by 58.4% during the second quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider’s stock valued at $58,000 after buying an additional 8,727 shares during the period. Axis Wealth Partners LLC purchased a new stake in shares of Ceragon Networks in the second quarter worth about $26,000. Finally, WINTON GROUP Ltd boosted its position in shares of Ceragon Networks by 15.4% in the third quarter. WINTON GROUP Ltd now owns 87,967 shares of the communications equipment provider’s stock valued at $205,000 after acquiring an additional 11,726 shares during the period. 13.31% of the stock is currently owned by institutional investors.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon’s solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company’s product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.