Ceragon Networks' (CRNT) Buy Rating Reaffirmed 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.

Needham & Company LLC reaffirmed their buy rating on shares of Ceragon Networks (NASDAQ:CRNT - Free Report) in a research report sent to investors on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $3.00 price objective on the communications equipment provider's stock.

Separately, Roth Capital cut their target price on Ceragon Networks from $5.00 to $4.00 and set a "buy" rating on the stock in a research note on Friday, July 18th. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $5.30.

Ceragon Networks Price Performance

Shares of NASDAQ CRNT traded up $0.01 during trading on Thursday, hitting $2.50. 428,668 shares of the company were exchanged, compared to its average volume of 1,249,508. Ceragon Networks has a 1 year low of $1.82 and a 1 year high of $5.73. The firm's fifty day moving average price is $2.12 and its 200 day moving average price is $2.27. The company has a market cap of $221.88 million, a price-to-earnings ratio of 15.59 and a beta of 1.08.

Hedge Funds Weigh In On Ceragon Networks

A number of large investors have recently made changes to their positions in the company. Wedbush Securities Inc. boosted its holdings in shares of Ceragon Networks by 58.4% in the 2nd quarter. Wedbush Securities Inc. now owns 23,664 shares of the communications equipment provider's stock valued at $58,000 after acquiring an additional 8,727 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Ceragon Networks in the second quarter valued at approximately $26,000. Axis Wealth Partners LLC acquired a new stake in shares of Ceragon Networks in the 2nd quarter worth about $26,000. Bank of Montreal Can acquired a new position in shares of Ceragon Networks in the 2nd quarter valued at $35,000. Finally, Worth Venture Partners LLC acquired a new stake in shares of Ceragon Networks during the 1st quarter valued at about $47,000. 13.31% of the stock is owned by hedge funds and other institutional investors.

Ceragon Networks Company Profile

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.