Ceragon Networks Ltd. (CRNT) Posts Earnings Results, Beats Estimates By $0.01 EPS
Ceragon Networks Ltd. (NASDAQ:CRNT) posted its quarterly earnings data on Wednesday. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The business had revenue of $84.70 million for the quarter, compared to the consensus estimate of $80.64 million. Ceragon Networks had a net margin of 3.23% and a return on equity of 6.93%. The company’s revenue was up 12.0% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share.
Shares of Ceragon Networks (NASDAQ:CRNT) opened at 3.78 on Friday. The stock has a 50 day moving average of $3.54 and a 200-day moving average of $2.68. Ceragon Networks has a 12 month low of $1.04 and a 12 month high of $4.23. The firm has a market capitalization of $293.75 million, a PE ratio of 38.18 and a beta of 1.20.
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Several research firms have issued reports on CRNT. Needham & Company LLC downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Tuesday, January 17th. Zacks Investment Research cut shares of Ceragon Networks from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 16th. Finally, Jefferies Group LLC increased their target price on shares of Ceragon Networks from $2.50 to $3.00 and gave the company a “hold” rating in a research report on Thursday, January 19th.
Several institutional investors have recently made changes to their positions in the stock. Renaissance Group LLC boosted its position in shares of Ceragon Networks by 23.8% in the fourth quarter. Renaissance Group LLC now owns 138,969 shares of the company’s stock worth $364,000 after buying an additional 26,705 shares during the last quarter. Acadian Asset Management LLC boosted its position in shares of Ceragon Networks by 490.8% in the third quarter. Acadian Asset Management LLC now owns 3,122,880 shares of the company’s stock worth $7,370,000 after buying an additional 2,594,321 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Ceragon Networks during the third quarter worth approximately $617,000. Renaissance Technologies LLC boosted its position in shares of Ceragon Networks by 12.3% in the fourth quarter. Renaissance Technologies LLC now owns 2,335,470 shares of the company’s stock worth $6,119,000 after buying an additional 254,990 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC boosted its position in shares of Ceragon Networks by 15.9% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 100,118 shares of the company’s stock worth $262,000 after buying an additional 13,732 shares during the last quarter. 16.79% of the stock is currently owned by institutional investors and hedge funds.
About Ceragon Networks
Ceragon Networks Ltd. is a provider of wireless backhaul solutions. The Company’s solutions enable cellular operators and other wireless service providers to deliver voice and data services, enabling smart-phone applications, such as Internet browsing, social networking applications, image sharing, music and video applications.
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