Ceragon Networks (NASDAQ:CRNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note 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. “
Other analysts have also recently issued research reports about the company. BidaskClub cut Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Friday, July 6th. Oppenheimer reaffirmed a “hold” rating on shares of Ceragon Networks in a research report on Tuesday, August 7th. ValuEngine raised Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Friday, September 28th. CIBC raised Ceragon Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, September 28th. Finally, UBS Group raised Ceragon Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, September 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. Ceragon Networks currently has a consensus rating of “Buy” and a consensus price target of $4.23.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Monday, August 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping the 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 company had revenue of $88.33 million for the quarter, compared to analysts’ expectations of $86.61 million. As a group, sell-side analysts anticipate that Ceragon Networks will post 0.14 EPS for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the company. Jane Street Group LLC lifted its holdings in shares of Ceragon Networks by 221.1% during the 2nd quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock valued at $180,000 after purchasing an additional 34,787 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in shares of Ceragon Networks during the 2nd quarter valued at $279,000. BlackRock Inc. purchased a new stake in shares of Ceragon Networks during the 2nd quarter valued at $286,000. Barclays PLC purchased a new stake in shares of Ceragon Networks during the 1st quarter valued at $233,000. Finally, California Public Employees Retirement System purchased a new stake in shares of Ceragon Networks during the 1st quarter valued at $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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