Needham & Company LLC Forecasts Strong Price Appreciation for Ceragon Networks (NASDAQ:CRNT) Stock

Key Points

• Needham raised its price target for Ceragon Networks from $3.00 to $3.50 and maintained a Buy rating, implying 67.06% upside from the stock’s then-current $2.10 price.
• Analyst views are mixed, but the consensus is Moderate Buy, with an average price target of $3.88.
• Ceragon reported quarterly EPS of $0.07, beating the $0.04 estimate, and revenue of $95.52 million, above the $94.40 million forecast.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) had its target price boosted by investment analysts at Needham & Company LLC from $3.00 to $3.50 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's target price would indicate a potential upside of 67.06% from the stock's current price.

Other equities analysts have also recently issued reports about the company. Weiss Ratings cut Ceragon Networks from a "sell (d+)" rating to a "sell (d)" rating in a research note on Wednesday, August 19th. Zacks Research upgraded shares of Ceragon Networks from a "strong sell" rating to a "hold" rating in a report on Thursday, August 27th. Finally, Wall Street Zen lowered shares of Ceragon Networks from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $3.88.

Ceragon Networks Stock Performance

CRNT traded up $0.10 during midday trading on Thursday, reaching $2.10. 930,708 shares of the company were exchanged, compared to its average volume of 515,126. The company has a market cap of $190.41 million, a price-to-earnings ratio of -69.83 and a beta of 1.36. Ceragon Networks has a one year low of $1.85 and a one year high of $3.29. The company's fifty day moving average price is $2.07 and its 200 day moving average price is $2.32.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last posted its earnings results on Thursday, November 5th. The communications equipment provider reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.03. Ceragon Networks had a positive return on equity of 2.74% and a negative net margin of 0.95%. The company had revenue of $95.52 million for the quarter, compared to analyst estimates of $94.40 million. As a group, sell-side analysts anticipate that Ceragon Networks will post 0.10 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. First Wilshire Securities Management Inc. increased its holdings in Ceragon Networks by 18.0% during the first quarter. First Wilshire Securities Management Inc. now owns 4,854,150 shares of the communications equipment provider's stock worth $10,485,000 after buying an additional 740,358 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Ceragon Networks in the first quarter valued at about $911,000. R Squared Ltd grew its position in shares of Ceragon Networks by 71.3% during the 1st quarter. R Squared Ltd now owns 55,838 shares of the communications equipment provider's stock valued at $121,000 after acquiring an additional 23,234 shares during the period. Seven Mile Advisory bought a new position in shares of Ceragon Networks during the 3rd quarter valued at approximately $90,000. Finally, Spark Investment Management LLC purchased a new stake in shares of Ceragon Networks during the 2nd quarter worth approximately $27,000. Institutional investors own 13.31% of the company's stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. NASDAQ: CRNT is a telecommunications equipment and solutions provider headquartered in Israel. The company develops wireless transport systems that help communications service providers connect mobile networks, broadband infrastructure and other distributed sites without relying solely on fiber-optic connections.

Its product portfolio includes microwave and millimeter-wave radio systems, packet microwave solutions, antennas, network management software and related services.

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