Cubist Systematic Strategies LLC Makes New Investment 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 stake in shares of Ceragon Networks Ltd. (NASDAQ:CRNT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund 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 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of CRNT. Wells Fargo & Company MN increased its position in shares of Ceragon Networks by 1,419.4% during the fourth 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. Northern Trust Corp increased its position in shares of Ceragon Networks by 105.4% during the fourth quarter. Northern Trust Corp now owns 83,522 shares of the communications equipment provider's stock valued at $390,000 after purchasing an additional 42,854 shares during the period. Algert Global LLC increased its position 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 purchasing an additional 11,310 shares during the period. BNP Paribas Financial Markets bought a new stake in shares of Ceragon Networks during the fourth quarter valued at approximately $173,000. Finally, Graham Capital Management L.P. bought a new stake in shares of Ceragon Networks during the fourth quarter valued at approximately $136,000. 13.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CRNT has been the topic of several recent analyst reports. Needham & Company LLC decreased their price target on 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 decreased their price target 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 research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $5.30.

Ceragon Networks Trading Down 0.2%

Shares of CRNT traded down $0.01 during trading hours on Friday, hitting $2.00. 359,403 shares of the stock traded hands, compared to its average volume of 1,248,454. The business has a fifty day moving average of $2.15 and a 200-day moving average of $2.29. The firm has a market capitalization of $177.42 million, a PE ratio of 12.47 and a beta of 1.08. Ceragon Networks Ltd. has a 1-year low of $1.82 and a 1-year high of $5.73.

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.