Cubist Systematic Strategies LLC Invests $983,000 in Ceragon Networks Ltd. $CRNT

Key Points

• Cubist Systematic Strategies LLC invested approximately $983,000 in Ceragon Networks, acquiring 418,454 shares during the first quarter.
• Several other institutional investors also increased their stakes in Ceragon Networks, including Algert Global LLC, which raised its holdings by 32.2% in the fourth quarter.
• Analysts maintain a consensus "Buy" rating for Ceragon Networks, with a target price around $5.30, despite recent reductions from some firms.

Cubist Systematic Strategies LLC acquired a new position in Ceragon Networks Ltd. (NASDAQ:CRNT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 418,454 shares of the communications equipment provider's stock, valued at approximately $983,000. Cubist Systematic Strategies LLC owned 0.47% of Ceragon Networks as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CRNT. Algert Global LLC raised its holdings in shares of Ceragon Networks by 32.2% during the fourth quarter. Algert Global LLC now owns 46,454 shares of the communications equipment provider's stock valued at $217,000 after acquiring an additional 11,310 shares in the last quarter. Worth Venture Partners LLC bought a new stake in Ceragon Networks in the first quarter valued at $47,000. Wells Fargo & Company MN increased its position in Ceragon Networks by 1,419.4% during the 4th quarter. Wells Fargo & Company MN now owns 23,550 shares of the communications equipment provider's stock valued at $110,000 after purchasing an additional 22,000 shares during the period. State of Wyoming bought a new position in Ceragon Networks in the 1st quarter worth $58,000. Finally, Russell Investments Group Ltd. raised its holdings in Ceragon Networks by 25.7% in the 1st quarter. Russell Investments Group Ltd. now owns 141,589 shares of the communications equipment provider's stock worth $333,000 after purchasing an additional 28,920 shares in the last quarter. 13.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CRNT. Needham & Company LLC cut their target price on shares of Ceragon Networks from $4.50 to $3.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Roth Capital lowered their price objective on shares of Ceragon Networks from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday, July 18th. Five analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $5.30.

Ceragon Networks Price Performance

NASDAQ CRNT traded down $0.01 during trading hours on Friday, reaching $1.99. 641,990 shares of the company's stock traded hands, compared to its average volume of 531,099. Ceragon Networks Ltd. has a 52-week low of $1.82 and a 52-week high of $5.73. The firm has a 50-day simple moving average of $2.14 and a 200 day simple moving average of $2.28. The firm has a market cap of $176.97 million, a PE ratio of 12.44 and a beta of 1.08.

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.