Ceragon Networks' (CRNT) Buy Rating Reiterated at Needham & Company LLC

Key Points

• Ceragon Networks (CRNT) has received a reiterated "buy" rating from Needham & Company, with a target price of $3.00, reflecting a potential upside of 27.66% from its previous close.
• Roth Capital has adjusted its price target for Ceragon Networks from $5.00 to $4.00, while five investment analysts maintain a consensus rating of "Buy" with an average target price of $5.30.
• Recent institutional investments show increasing confidence in Ceragon Networks, with significant stake increases from several firms, such as a 123.9% increase by Millennium Management LLC.

Ceragon Networks (NASDAQ:CRNT - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Thursday,Benzinga reports. They presently have a $3.00 target price on the communications equipment provider's stock. Needham & Company LLC's price objective indicates a potential upside of 27.66% from the stock's previous close.

Separately, Roth Capital reduced their price target on shares of Ceragon Networks from $5.00 to $4.00 and set a "buy" rating on the stock in a research report on Friday, July 18th. Five investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $5.30.

Ceragon Networks Stock Performance

Shares of CRNT opened at $2.35 on Thursday. The stock has a market capitalization of $208.99 million, a PE ratio of 14.69 and a beta of 1.08. Ceragon Networks has a 1 year low of $1.82 and a 1 year high of $5.73. The company's 50-day simple moving average is $2.12 and its 200-day simple moving average is $2.27.

Hedge Funds Weigh In On Ceragon Networks

A number of institutional investors have recently modified their holdings of the business. First Wilshire Securities Management Inc. increased its stake in Ceragon Networks by 23.6% in the 2nd quarter. First Wilshire Securities Management Inc. now owns 4,058,774 shares of the communications equipment provider's stock valued at $9,985,000 after buying an additional 775,782 shares during the period. Millennium Management LLC increased its stake in Ceragon Networks by 123.9% in the 4th quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider's stock valued at $4,497,000 after buying an additional 532,798 shares during the period. KLCM Advisors Inc. acquired a new position in Ceragon Networks in the 1st quarter valued at $1,871,000. First Eagle Investment Management LLC increased its stake in Ceragon Networks by 30.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 590,860 shares of the communications equipment provider's stock valued at $1,454,000 after buying an additional 139,528 shares during the period. Finally, Qube Research & Technologies Ltd increased its stake in Ceragon Networks by 100.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 580,093 shares of the communications equipment provider's stock valued at $1,427,000 after buying an additional 290,695 shares during the period. 13.31% of the stock is owned by institutional investors and hedge funds.

About Ceragon Networks

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.

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