Ceragon Networks Ltd. (NASDAQ:CRNT) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Ceragon Networks Ltd. (NASDAQ:CRNT) from a hold rating to a buy rating in a research report released on Wednesday, August 9th. Zacks Investment Research currently has $2.50 price target on the communications equipment provider’s stock.

According to Zacks, “Ceragon Networks Ltd. is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. Ceragon’s modular FibeAir product family is recognized as the gold standard for backhaul transmission and is also one of the top solutions chosen by cellular operators for SONET/SDH rings. A scalable, future-proof solution for wireless transport of broadband services, FibeAir operates across multiple frequencies for IP and SONET/SDH protocols, supporting the emerging needs of next-generation networks that are evolving to all-IP based services, including triple-play. It leads the market in IP backhaul, offering a unique, native IP solution that provides the efficient, robust connectivity required for WiFi, WiMAX and converged networks. “

Separately, Oppenheimer Holdings, Inc. restated a hold rating on shares of Ceragon Networks in a research report on Thursday, May 11th. Four equities research analysts have rated the stock with a hold rating, Ceragon Networks has an average rating of Hold and a consensus price target of $2.83.

Ceragon Networks (NASDAQ:CRNT) traded up 1.46% during trading on Wednesday, hitting $2.09. 239,357 shares of the company were exchanged. The stock has a market capitalization of $162.79 million, a PE ratio of 9.81 and a beta of 1.13. Ceragon Networks has a 1-year low of $1.95 and a 1-year high of $4.23. The firm’s 50 day moving average price is $2.43 and its 200-day moving average price is $3.04.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Monday, August 7th. The communications equipment provider reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Ceragon Networks had a return on equity of 13.52% and a net margin of 5.00%. The business had revenue of $93.30 million for the quarter, compared to analyst estimates of $87.84 million. During the same quarter in the prior year, the firm posted $0.02 EPS. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. Equities analysts predict that Ceragon Networks will post $0.20 EPS for the current year.

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Several hedge funds and other institutional investors have recently made changes to their positions in CRNT. KCG Holdings Inc. acquired a new position in shares of Ceragon Networks during the first quarter worth about $573,000. Lazard Asset Management LLC acquired a new position in shares of Ceragon Networks during the first quarter worth about $1,055,000. UBS Group AG acquired a new position in shares of Ceragon Networks during the first quarter worth about $965,000. Systematic Financial Management LP acquired a new position in shares of Ceragon Networks during the first quarter worth about $1,579,000. Finally, United Services Automobile Association acquired a new position in shares of Ceragon Networks during the first quarter worth about $1,050,000. Hedge funds and other institutional investors own 22.48% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.

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