Ceragon Networks (CRNT) Trading Up 7.2%

Ceragon Networks Ltd. (NASDAQ:CRNT)’s share price was up 7.2% on Wednesday . The stock traded as high as $2.38 and last traded at $2.24. Approximately 1,681,400 shares were traded during trading, an increase of 212% from the average daily volume of 538,966 shares. The stock had previously closed at $2.09.

Several equities analysts recently weighed in 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 on the stock in a report on Wednesday, August 9th. Oppenheimer reaffirmed a “hold” rating on shares of Ceragon Networks in a research note on Tuesday, August 8th. ValuEngine raised shares of Ceragon Networks from a “hold” rating to a “buy” rating in a research note on Tuesday. Finally, Jefferies Group reaffirmed a “hold” rating and set a $2.50 price target on shares of Ceragon Networks in a research note on Sunday, October 8th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Ceragon Networks currently has a consensus rating of “Hold” and a consensus price target of $2.50.

The stock has a market cap of $162.68, a P/E ratio of 10.45 and a beta of 1.07.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, November 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.05. Ceragon Networks had a net margin of 5.06% and a return on equity of 12.60%. The firm had revenue of $75.99 million for the quarter, compared to the consensus estimate of $78.22 million. During the same quarter in the previous year, the firm posted $0.06 EPS. The firm’s quarterly revenue was down 4.0% on a year-over-year basis. analysts expect that Ceragon Networks Ltd. will post 0.18 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Ceragon Networks by 5.0% in the 2nd quarter. Vanguard Group Inc. now owns 1,177,300 shares of the communications equipment provider’s stock worth $3,002,000 after purchasing an additional 55,702 shares during the last quarter. Algert Global LLC increased its position in shares of Ceragon Networks by 44.8% in the 3rd quarter. Algert Global LLC now owns 747,633 shares of the communications equipment provider’s stock worth $1,555,000 after purchasing an additional 231,314 shares during the last quarter. Zweig DiMenna Associates LLC increased its position in shares of Ceragon Networks by 46.6% in the 2nd quarter. Zweig DiMenna Associates LLC now owns 534,965 shares of the communications equipment provider’s stock worth $1,364,000 after purchasing an additional 169,965 shares during the last quarter. OxFORD Asset Management LLP increased its position in shares of Ceragon Networks by 6.8% in the 2nd quarter. OxFORD Asset Management LLP now owns 495,960 shares of the communications equipment provider’s stock worth $1,265,000 after purchasing an additional 31,747 shares during the last quarter. Finally, Systematic Financial Management LP increased its position in shares of Ceragon Networks by 9.5% in the 3rd quarter. Systematic Financial Management LP now owns 489,620 shares of the communications equipment provider’s stock worth $1,018,000 after purchasing an additional 42,275 shares during the last quarter. 16.11% of the stock is owned by institutional investors.

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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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