Trading Report: The Ceragon Networks Ltd. (CRNT) Upgraded to Buy at Zacks Investment Research

The Ceragon Networks Ltd. (CRNT) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a buy rating in a research note released on Tuesday. They currently have $2.50 target price on the stock.

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 equities research analysts have also commented on CRNT. Needham & Company LLC raised their price target on Ceragon Networks from $2.00 to $2.50 and gave the stock a buy rating in a research report on Monday, July 18th. Jefferies Group raised their price target on Ceragon Networks from $1.50 to $2.00 and gave the stock a hold rating in a research report on Tuesday, August 9th. Finally, TheStreet raised Ceragon Networks from a sell rating to a hold rating in a research report on Monday, August 8th.

Shares of Ceragon Networks (NASDAQ:CRNT) opened at 2.15 on Tuesday. The firm has a 50-day moving average of $2.47 and a 200 day moving average of $1.88. The company has a market capitalization of $167.00 million, a PE ratio of 28.67 and a beta of 1.24. Ceragon Networks has a 12 month low of $0.89 and a 12 month high of $2.94.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Monday, August 8th. The company reported $0.02 earnings per share for the quarter. Ceragon Networks had a return on equity of 5.78% and a net margin of 2.46%. The firm had revenue of $70 million for the quarter, compared to analyst estimates of $67.59 million. During the same quarter in the prior year, the firm posted $0.04 earnings per share. The company’s quarterly revenue was down 26.1% on a year-over-year basis. On average, equities research analysts expect that Ceragon Networks will post $0.13 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC increased its position in Ceragon Networks by 1,327.7% in the third quarter. Algert Global LLC now owns 276,997 shares of the company’s stock worth $654,000 after buying an additional 257,596 shares during the last quarter. Bridgeway Capital Management Inc. increased its position in Ceragon Networks by 67.4% in the second quarter. Bridgeway Capital Management Inc. now owns 283,900 shares of the company’s stock worth $460,000 after buying an additional 114,300 shares during the last quarter. KCG Holdings Inc. increased its position in Ceragon Networks by 165.3% in the second quarter. KCG Holdings Inc. now owns 66,716 shares of the company’s stock worth $108,000 after buying an additional 41,568 shares during the last quarter. Vanguard Group Inc. increased its position in Ceragon Networks by 30.5% in the second quarter. Vanguard Group Inc. now owns 747,764 shares of the company’s stock worth $1,211,000 after buying an additional 174,766 shares during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Ceragon Networks during the second quarter worth about $3,831,000. Institutional investors and hedge funds own 10.81% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.

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