Needham & Company LLC Increases Ceragon Networks (NASDAQ:CRNT) Price Target to $3.75


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Ceragon Networks (NASDAQ:CRNT) had its price target increased by analysts at Needham & Company LLC from $3.25 to $3.75 in a report released on Thursday. The brokerage presently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC’s price objective suggests a potential upside of 23.76% from the company’s previous close.

A number of other equities research analysts have also recently commented on the stock. Zacks Investment Research downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Monday, January 4th. ValuEngine downgraded Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Tuesday, November 3rd.

CRNT stock opened at $3.03 on Thursday. The company has a market capitalization of $244.41 million, a P/E ratio of -15.95, a PEG ratio of 5.68 and a beta of 2.03. The business has a 50 day simple moving average of $2.88 and a 200-day simple moving average of $2.51. Ceragon Networks has a twelve month low of $0.99 and a twelve month high of $3.49.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Saturday, November 7th. The communications equipment provider reported $0.03 EPS for the quarter, beating the consensus estimate of ($0.01) by $0.04. Ceragon Networks had a negative net margin of 5.72% and a negative return on equity of 10.43%. The firm had revenue of $70.58 million during the quarter, compared to the consensus estimate of $70.54 million. On average, equities research analysts expect that Ceragon Networks will post -0.11 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of CRNT. Royce & Associates LP lifted its position in Ceragon Networks by 544.9% during the third quarter. Royce & Associates LP now owns 1,118,762 shares of the communications equipment provider’s stock worth $2,786,000 after buying an additional 945,296 shares during the period. Squarepoint Ops LLC lifted its position in Ceragon Networks by 73.5% during the 3rd quarter. Squarepoint Ops LLC now owns 214,435 shares of the communications equipment provider’s stock worth $534,000 after acquiring an additional 90,837 shares in the last quarter. Engineers Gate Manager LP purchased a new position in shares of Ceragon Networks in the second quarter valued at $158,000. California Public Employees Retirement System increased its position in shares of Ceragon Networks by 149.5% in the 3rd quarter. California Public Employees Retirement System now owns 121,987 shares of the communications equipment provider’s stock worth $304,000 after purchasing an additional 73,100 shares during the last quarter. Finally, Phoenix Holdings Ltd. raised its stake in shares of Ceragon Networks by 8.5% in the 3rd quarter. Phoenix Holdings Ltd. now owns 371,010 shares of the communications equipment provider’s stock valued at $872,000 after purchasing an additional 29,086 shares in the last quarter. Institutional investors and hedge funds own 9.65% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

See Also: Return on Equity (ROE)

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