Ceragon Networks (NASDAQ:CRNT) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Ceragon Networks (NASDAQ:CRNT) from a hold rating to a sell rating in a research note issued to investors on Thursday, Zacks.com reports.

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 equities research analysts have also issued reports about the company. Needham & Company LLC initiated coverage on Ceragon Networks in a research note on Monday, May 18th. They issued a buy rating and a $3.25 price objective for the company. Oppenheimer reissued a hold rating on shares of Ceragon Networks in a report on Monday, May 4th.

Ceragon Networks stock opened at $2.62 on Thursday. Ceragon Networks has a 52-week low of $0.99 and a 52-week high of $3.25. The company has a market cap of $211.34 million, a P/E ratio of -20.15 and a beta of 1.99. The business has a 50-day simple moving average of $2.24 and a two-hundred day simple moving average of $2.02.

Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings data on Monday, May 4th. The communications equipment provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.04). Ceragon Networks had a negative return on equity of 6.69% and a negative net margin of 3.68%. The business had revenue of $55.87 billion during the quarter, compared to analysts’ expectations of $56.25 million. On average, equities research analysts forecast that Ceragon Networks will post -0.2 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Ceragon Networks during the 4th quarter valued at $4,646,000. First Wilshire Securities Management Inc. raised its holdings in Ceragon Networks by 49.1% during the first quarter. First Wilshire Securities Management Inc. now owns 2,070,467 shares of the communications equipment provider’s stock valued at $2,609,000 after acquiring an additional 681,932 shares during the period. Phoenix Holdings Ltd. lifted its position in shares of Ceragon Networks by 309.8% in the first quarter. Phoenix Holdings Ltd. now owns 290,395 shares of the communications equipment provider’s stock valued at $355,000 after acquiring an additional 219,529 shares in the last quarter. GHP Investment Advisors Inc. boosted its stake in shares of Ceragon Networks by 43.0% in the first quarter. GHP Investment Advisors Inc. now owns 269,375 shares of the communications equipment provider’s stock worth $339,000 after acquiring an additional 81,065 shares during the period. Finally, Invesco Ltd. grew its position in shares of Ceragon Networks by 154.3% during the first quarter. Invesco Ltd. now owns 214,645 shares of the communications equipment provider’s stock worth $270,000 after purchasing an additional 130,224 shares in the last quarter. 11.16% of the stock is owned by hedge funds and other institutional investors.

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 and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.

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