Ceragon Networks (CRNT) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Ceragon Networks (NASDAQ:CRNT) from a sell rating to a hold rating in a report issued on Wednesday.

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. “

Several other research analysts have also issued reports on CRNT. BidaskClub lowered Ceragon Networks from a buy rating to a hold rating in a research report on Friday, July 6th. Oppenheimer reiterated a hold rating on shares of Ceragon Networks in a report on Tuesday, August 7th. ValuEngine upgraded Ceragon Networks from a hold rating to a buy rating in a report on Friday, September 28th. CIBC upgraded Ceragon Networks from a market perform rating to an outperform rating in a report on Friday, September 28th. Finally, UBS Group upgraded Ceragon Networks from a market perform rating to an outperform rating in a report on Friday, September 28th. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. Ceragon Networks presently has an average rating of Buy and an average price target of $4.23.

Shares of NASDAQ:CRNT traded up $0.06 during midday trading on Wednesday, hitting $3.46. The company had a trading volume of 252,843 shares, compared to its average volume of 460,316. Ceragon Networks has a 12 month low of $1.64 and a 12 month high of $4.15. The firm has a market capitalization of $260.21 million, a P/E ratio of 19.22, a P/E/G ratio of 1.23 and a beta of 0.73.

Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Monday, August 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.01. Ceragon Networks had a return on equity of 10.61% and a net margin of 4.79%. The business had revenue of $88.33 million for the quarter, compared to analyst estimates of $86.61 million. On average, sell-side analysts predict that Ceragon Networks will post 0.18 earnings per share for the current year.

Hedge funds have recently bought and sold shares of the business. Jane Street Group LLC lifted its holdings in Ceragon Networks by 221.1% during the second quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock worth $180,000 after acquiring an additional 34,787 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Ceragon Networks during the second quarter worth about $279,000. BlackRock Inc. bought a new position in Ceragon Networks during the second quarter worth about $286,000. Barclays PLC bought a new position in Ceragon Networks during the first quarter worth about $233,000. Finally, California Public Employees Retirement System bought a new position in Ceragon Networks during the first quarter worth about $452,000. Hedge funds and other institutional investors own 22.49% of the company’s stock.

About Ceragon Networks

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

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