Ceragon Networks (NASDAQ:CRNT) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of Ceragon Networks (NASDAQ:CRNT) from a buy rating to a hold rating in a report released on Saturday.

Several other analysts have also issued reports on the stock. Litchfield Hills Research assumed coverage on shares of Ceragon Networks in a research report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 target price for the company. Needham & Company LLC reissued a “buy” rating and set a $6.00 price objective on shares of Ceragon Networks in a research report on Wednesday, February 12th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $6.83.

Ceragon Networks Stock Performance

Shares of NASDAQ:CRNT opened at $2.41 on Friday. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73. The stock has a market capitalization of $205.86 million, a price-to-earnings ratio of 8.93 and a beta of 1.62. The stock’s 50-day simple moving average is $4.13 and its two-hundred day simple moving average is $3.52.

Hedge Funds Weigh In On Ceragon Networks

Several large investors have recently added to or reduced their stakes in the company. Walleye Capital LLC raised its position in shares of Ceragon Networks by 95.1% during the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock valued at $778,000 after purchasing an additional 138,411 shares during the period. Inspire Investing LLC purchased a new stake in Ceragon Networks in the 4th quarter worth $903,000. JPMorgan Chase & Co. bought a new stake in Ceragon Networks during the third quarter valued at about $104,000. Perigon Wealth Management LLC purchased a new position in shares of Ceragon Networks in the fourth quarter valued at about $90,000. Finally, State of New Jersey Common Pension Fund D bought a new position in shares of Ceragon Networks in the fourth quarter worth about $182,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

About Ceragon Networks

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.