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 price objective reduced by research analysts at Needham & Company LLC from $4.50 to $3.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's price objective indicates a potential upside of 57.48% from the company's previous close.

Several other equities research analysts have also issued reports on CRNT. Wall Street Zen lowered shares of Ceragon Networks from a "buy" rating to a "hold" rating in a research note on Thursday, May 8th. Roth Capital decreased 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 data from MarketBeat, Ceragon Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.30.

Ceragon Networks Price Performance

CRNT stock traded down $0.09 during midday trading on Wednesday, hitting $1.91. The company's stock had a trading volume of 516,557 shares, compared to its average volume of 1,346,847. Ceragon Networks has a twelve month low of $1.82 and a twelve month high of $5.73. The company's fifty day moving average price is $2.35 and its 200 day moving average price is $2.63. The stock has a market capitalization of $169.41 million, a P/E ratio of 11.97 and a beta of 1.00.

Institutional Trading of Ceragon Networks

Hedge funds and other institutional investors have recently modified their holdings of the stock. Axis Wealth Partners LLC bought a new stake in shares of Ceragon Networks during the 2nd quarter worth about $26,000. Bank of Montreal Can bought a new stake in shares of Ceragon Networks during the 2nd quarter worth about $35,000. Worth Venture Partners LLC bought a new stake in shares of Ceragon Networks during the 1st quarter worth about $47,000. Penn Capital Management Company LLC bought a new stake in shares of Ceragon Networks during the 4th quarter worth about $54,000. Finally, Commonwealth Equity Services LLC bought a new stake in shares of Ceragon Networks during the 4th quarter worth about $58,000. Institutional investors own 13.31% of the company's stock.

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.