Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a buy rating in a research note issued to investors on Friday, March 16th. Zacks Investment Research currently has $3.25 target price on the communications equipment provider’s stock.
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. “
Other equities analysts also recently issued reports about the stock. ValuEngine upgraded shares of Ceragon Networks from a hold rating to a buy rating in a report on Tuesday, December 5th. Oppenheimer restated a hold rating on shares of Ceragon Networks in a report on Monday, February 12th.
NASDAQ:CRNT opened at $2.61 on Friday. Ceragon Networks has a twelve month low of $1.64 and a twelve month high of $3.65. The stock has a market cap of $203.92, a price-to-earnings ratio of 14.50 and a beta of 0.64.
Ceragon Networks (NASDAQ:CRNT) last posted its earnings results on Monday, February 12th. The communications equipment provider reported $0.05 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Ceragon Networks had a net margin of 4.69% and a return on equity of 11.57%. The firm had revenue of $86.70 million during the quarter, compared to the consensus estimate of $75.21 million. During the same period last year, the firm posted $0.07 EPS. The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. equities research analysts anticipate that Ceragon Networks will post 0.2 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Macquarie Group Ltd. purchased a new stake in shares of Ceragon Networks during the third quarter worth about $743,000. First Wilshire Securities Management Inc. purchased a new stake in shares of Ceragon Networks during the fourth quarter worth about $1,319,000. Vanguard Group Inc. grew its holdings in shares of Ceragon Networks by 5.0% during the second quarter. Vanguard Group Inc. now owns 1,177,300 shares of the communications equipment provider’s stock worth $3,002,000 after buying an additional 55,702 shares in the last quarter. ARK Investment Management LLC purchased a new stake in shares of Ceragon Networks during the fourth quarter worth about $245,000. Finally, Algert Global LLC grew its holdings in shares of Ceragon Networks by 44.8% during the third quarter. Algert Global LLC now owns 747,633 shares of the communications equipment provider’s stock worth $1,555,000 after buying an additional 231,314 shares in the last quarter. Institutional investors and hedge funds own 16.82% of the company’s stock.
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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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