Needham & Company LLC Cuts Ceragon Networks (NASDAQ:CRNT) Price Target to $3.00

Key Points

• Needham & Company LLC has reduced its price target for Ceragon Networks from $4.50 to $3.00, while still maintaining a "buy" rating on the stock.
• The stock currently has a consensus rating of "Moderate Buy" with a price target of $5.30, despite a recent downgrade by Wall Street Zen from "buy" to "hold."
• Ceragon Networks shares have seen a significant decline of 14.6%, with the stock trading at $1.93, well below its 12-month high of $5.73.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) had its target price decreased by investment analysts at Needham & Company LLC from $4.50 to $3.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's price target points to a potential upside of 50.75% from the stock's previous close.

Several other analysts also recently issued reports on CRNT. Wall Street Zen downgraded shares of Ceragon Networks from a "buy" rating to a "hold" rating in a research report on Thursday, May 8th. 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 research report on Friday, July 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Ceragon Networks currently has an average rating of "Moderate Buy" and a consensus price target of $5.30.

Ceragon Networks Stock Performance

Ceragon Networks stock traded up $0.15 during trading on Wednesday, reaching $1.99. 1,418,326 shares of the company's stock were exchanged, compared to its average volume of 1,023,921. Ceragon Networks has a 52-week low of $1.82 and a 52-week high of $5.73. The firm has a market cap of $176.97 million, a price-to-earnings ratio of 12.44 and a beta of 1.00. The company's 50-day moving average is $2.35 and its two-hundred day moving average is $2.66.

Ceragon Networks (NASDAQ:CRNT - Get Free Report) last issued its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. Ceragon Networks had a return on equity of 13.71% and a net margin of 3.57%. Analysts anticipate that Ceragon Networks will post 0.26 EPS for the current year.

Hedge Funds Weigh In On Ceragon Networks

Several institutional investors and hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. raised its holdings in Ceragon Networks by 481.7% in the fourth quarter. JPMorgan Chase & Co. now owns 221,539 shares of the communications equipment provider's stock valued at $1,035,000 after acquiring an additional 183,452 shares in the last quarter. Two Sigma Advisers LP increased its position in shares of Ceragon Networks by 404.9% in the 4th quarter. Two Sigma Advisers LP now owns 71,700 shares of the communications equipment provider's stock worth $335,000 after purchasing an additional 57,500 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Ceragon Networks by 1,419.4% in 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 in the last quarter. Two Sigma Investments LP raised its stake in shares of Ceragon Networks by 951.7% in the 4th quarter. Two Sigma Investments LP now owns 296,588 shares of the communications equipment provider's stock valued at $1,385,000 after purchasing an additional 268,388 shares in the last quarter. Finally, Russell Investments Group Ltd. acquired a new stake in shares of Ceragon Networks in the 4th quarter valued at about $526,000. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

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.