Ceragon Networks (NASDAQ:CRNT) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Ceragon Networks to “Hold” from “Strong Sell,” while the broader analyst consensus remains “Moderate Buy,” with four Buy, one Hold and one Sell rating and a $3.75 consensus price target.
• Ceragon shares opened at $2.09 and were trading below their 50-day and 200-day moving averages; the stock has ranged from $1.85 to $3.29 over the past year.
• The company reported quarterly earnings of $0.02 per share and revenue of $93.91 million, exceeding the $86.45 million consensus estimate. Institutional investors own 13.31% of the stock, with several firms recently increasing their positions.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Thursday,Zacks.com reports.

Several other equities research analysts also recently weighed in on the stock. Needham & Company LLC reaffirmed a "buy" rating and set a $3.00 target price on shares of Ceragon Networks in a research note on Tuesday, August 11th. Wall Street Zen downgraded shares of Ceragon Networks from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 15th. Roth Capital reaffirmed a "buy" rating and set a $4.50 price objective on shares of Ceragon Networks in a research report on Tuesday, May 19th. Weiss Ratings lowered Ceragon Networks from a "sell (d+)" rating to a "sell (d)" rating in a research report on Wednesday, August 19th. Finally, Craig Hallum reiterated a "buy" rating and issued a $4.00 price objective on shares of Ceragon Networks in a research note on Wednesday, May 20th. Four analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ceragon Networks currently has an average rating of "Moderate Buy" and a consensus price target of $3.75.

Ceragon Networks Trading Down 2.3%

CRNT opened at $2.09 on Thursday. The stock's 50-day moving average price is $2.26 and its 200 day moving average price is $2.40. Ceragon Networks has a 12-month low of $1.85 and a 12-month high of $3.29. The firm has a market cap of $189.96 million, a price-to-earnings ratio of -69.67 and a beta of 1.37.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last released its earnings results on Tuesday, August 11th. The communications equipment provider reported $0.02 earnings per share for the quarter. The company had revenue of $93.91 million during the quarter, compared to the consensus estimate of $86.45 million. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%. On average, research analysts forecast that Ceragon Networks will post 0.1 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets increased its position in shares of Ceragon Networks by 49.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,817 shares of the communications equipment provider's stock valued at $37,000 after purchasing an additional 5,211 shares during the last quarter. HRT Financial LP raised its stake in Ceragon Networks by 44.3% in the fourth quarter. HRT Financial LP now owns 19,660 shares of the communications equipment provider's stock valued at $41,000 after buying an additional 6,039 shares in the last quarter. Aristides Capital LLC lifted its holdings in Ceragon Networks by 4.5% during the 4th quarter. Aristides Capital LLC now owns 141,130 shares of the communications equipment provider's stock worth $296,000 after buying an additional 6,130 shares during the last quarter. Tamar Securities LLC boosted its position in shares of Ceragon Networks by 67.3% during the 4th quarter. Tamar Securities LLC now owns 17,016 shares of the communications equipment provider's stock worth $36,000 after acquiring an additional 6,848 shares in the last quarter. Finally, WINTON GROUP Ltd increased its holdings in shares of Ceragon Networks by 11.2% in the 4th quarter. WINTON GROUP Ltd now owns 97,834 shares of the communications equipment provider's stock valued at $205,000 after acquiring an additional 9,867 shares during the last quarter. Hedge funds and other institutional investors own 13.31% of the company's stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. is a global provider of wireless backhaul solutions, specializing in high-capacity, low-latency connectivity for mobile operators and private networks. The company designs and manufactures a portfolio of microwave and millimeter-wave equipment that serves as a fiber alternative for carrying voice, data and video traffic between cell sites and core networks. Ceragon's solutions are engineered to support the rigorous performance requirements of modern 4G and 5G deployments, with an emphasis on scalability, reliability and efficient spectrum utilization.

The company's product lineup includes point-to-point and multi-point radio platforms, as well as software-driven network management tools that enable operators to plan, deploy and monitor end-to-end transport networks.

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