Ceragon Networks (CRNT) Raised to Hold at Zacks Investment Research

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

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. “

CRNT has been the subject of a number of other research reports. Jefferies Group reissued a hold rating and issued a $2.50 target price on shares of Ceragon Networks in a research report on Sunday, October 8th. ValuEngine raised shares of Ceragon Networks from a hold rating to a buy rating in a research report on Monday, October 2nd. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $2.50.

Shares of Ceragon Networks (CRNT) traded up $0.02 during trading on Monday, hitting $2.08. 188,589 shares of the stock were exchanged, compared to its average volume of 403,229. The company has a market capitalization of $160.55, a PE ratio of 9.90 and a beta of 1.05. Ceragon Networks has a 52 week low of $1.64 and a 52 week high of $4.23.

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

Institutional investors have recently made changes to their positions in the company. Parametric Portfolio Associates LLC lifted its position in Ceragon Networks by 23.9% during the second quarter. Parametric Portfolio Associates LLC now owns 59,132 shares of the communications equipment provider’s stock worth $151,000 after purchasing an additional 11,410 shares during the period. State Street Corp lifted its position in Ceragon Networks by 1.6% during the second quarter. State Street Corp now owns 76,592 shares of the communications equipment provider’s stock worth $195,000 after purchasing an additional 1,205 shares during the period. Menta Capital LLC bought a new stake in Ceragon Networks during the second quarter worth about $408,000. BT Investment Management Ltd bought a new stake in Ceragon Networks during the second quarter worth about $506,000. Finally, Macquarie Group Ltd. bought a new stake in Ceragon Networks during the third quarter worth about $743,000. 16.09% 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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