Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday.
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. “
A number of other brokerages have also recently issued reports on CRNT. Oppenheimer set a $5.00 price target on shares of Ceragon Networks and gave the company a “buy” rating in a research report on Monday, November 5th. Needham & Company LLC cut shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, November 28th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of Ceragon Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, November 2nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Ceragon Networks currently has a consensus rating of “Buy” and an average target price of $4.79.
NASDAQ CRNT traded up $0.06 during trading hours on Monday, reaching $4.46. 537,200 shares of the company’s stock traded hands, compared to its average volume of 571,125. Ceragon Networks has a 52-week low of $2.25 and a 52-week high of $5.00. The stock has a market cap of $343.82 million, a P/E ratio of 24.78, a price-to-earnings-growth ratio of 1.28 and a beta of 1.11.
Institutional investors have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Ceragon Networks in the second quarter worth about $286,000. Millennium Management LLC raised its holdings in shares of Ceragon Networks by 15.9% during the second quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock valued at $4,106,000 after purchasing an additional 158,072 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. raised its holdings in shares of Ceragon Networks by 57.9% during the third quarter. Harel Insurance Investments & Financial Services Ltd. now owns 600,000 shares of the communications equipment provider’s stock valued at $2,022,000 after purchasing an additional 220,000 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ceragon Networks by 28.7% during the third quarter. Renaissance Technologies LLC now owns 3,470,291 shares of the communications equipment provider’s stock valued at $11,695,000 after purchasing an additional 773,591 shares during the last quarter. Finally, Acadian Asset Management LLC raised its holdings in shares of Ceragon Networks by 2.5% during the third quarter. Acadian Asset Management LLC now owns 3,136,999 shares of the communications equipment provider’s stock valued at $10,574,000 after purchasing an additional 75,879 shares during the last quarter. 22.72% of the stock is owned by institutional investors and hedge funds.
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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