Millennium Management LLC Raises Stake in Ceragon Networks Ltd. (NASDAQ:CRNT)

Millennium Management LLC lifted its holdings in shares of Ceragon Networks Ltd. (NASDAQ:CRNT - Free Report) by 123.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 962,898 shares of the communications equipment provider's stock after buying an additional 532,798 shares during the quarter. Millennium Management LLC owned about 1.13% of Ceragon Networks worth $4,497,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Renaissance Technologies LLC grew its position in Ceragon Networks by 47.1% during the fourth quarter. Renaissance Technologies LLC now owns 1,333,295 shares of the communications equipment provider's stock worth $6,226,000 after buying an additional 426,760 shares in the last quarter. Marshall Wace LLP grew its position in Ceragon Networks by 598.1% during the fourth quarter. Marshall Wace LLP now owns 703,091 shares of the communications equipment provider's stock worth $3,283,000 after buying an additional 602,383 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Ceragon Networks by 26.7% in the 4th quarter. Lazard Asset Management LLC now owns 570,288 shares of the communications equipment provider's stock worth $2,663,000 after buying an additional 120,106 shares during the last quarter. Navellier & Associates Inc. bought a new position in shares of Ceragon Networks in the 4th quarter worth $1,804,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Ceragon Networks by 481.7% in the 4th quarter. JPMorgan Chase & Co. now owns 221,539 shares of the communications equipment provider's stock worth $1,035,000 after buying an additional 183,452 shares during the last quarter. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Stock Down 2.2%

Shares of NASDAQ:CRNT traded down $0.05 on Friday, hitting $2.26. The company had a trading volume of 473,313 shares, compared to its average volume of 1,086,079. The firm's 50-day simple moving average is $2.24 and its two-hundred day simple moving average is $3.35. Ceragon Networks Ltd. has a 1 year low of $1.95 and a 1 year high of $5.73. The firm has a market capitalization of $200.98 million, a price-to-earnings ratio of 8.37 and a beta of 1.04.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last posted its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. Ceragon Networks had a net margin of 6.10% and a return on equity of 21.32%. Equities research analysts anticipate that Ceragon Networks Ltd. will post 0.26 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Needham & Company LLC reduced their target price on shares of Ceragon Networks from $6.00 to $4.50 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Craig Hallum assumed coverage on shares of Ceragon Networks in a report on Thursday, March 13th. They set a "buy" rating and a $5.00 target price on the stock. Finally, Wall Street Zen lowered shares of Ceragon Networks from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. One investment analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ceragon Networks presently has a consensus rating of "Buy" and a consensus target price of $6.00.

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.