Millennium Management LLC Increases Holdings in Ceragon Networks Ltd. (NASDAQ:CRNT)

Millennium Management LLC lifted its position in shares of Ceragon Networks Ltd. (NASDAQ:CRNT - Free Report) by 123.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 962,898 shares of the communications equipment provider's stock after purchasing an additional 532,798 shares during the quarter. Millennium Management LLC owned 1.13% of Ceragon Networks worth $4,497,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Penn Capital Management Company LLC bought a new stake in Ceragon Networks during the fourth quarter worth $54,000. Commonwealth Equity Services LLC bought a new position in Ceragon Networks in the 4th quarter valued at $58,000. Bravias Capital Group LLC bought a new position in shares of Ceragon Networks during the 4th quarter worth $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Ceragon Networks during the 4th quarter worth $81,000. Finally, Perigon Wealth Management LLC bought a new position in shares of Ceragon Networks during the 4th quarter worth $90,000. 13.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CRNT. Needham & Company LLC dropped their price objective on 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 started coverage on Ceragon Networks in a research report on Thursday, March 13th. They set a "buy" rating and a $5.00 price objective on the stock. Finally, Wall Street Zen lowered Ceragon Networks from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $6.00.

Ceragon Networks Trading Up 2.6%

Shares of CRNT stock traded up $0.06 during trading hours on Tuesday, reaching $2.40. The company's stock had a trading volume of 585,719 shares, compared to its average volume of 1,085,458. The stock has a market capitalization of $213.43 million, a P/E ratio of 8.89 and a beta of 1.04. Ceragon Networks Ltd. has a one year low of $1.95 and a one year high of $5.73. The firm's fifty day simple moving average is $2.24 and its 200 day simple moving average is $3.35.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last released its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 EPS for the quarter, meeting analysts' consensus estimates of $0.02. Ceragon Networks had a return on equity of 21.32% and a net margin of 6.10%. As a group, equities research analysts forecast that Ceragon Networks Ltd. will post 0.26 earnings per share for the current fiscal year.

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.