Oppenheimer Holdings, Inc. Reiterates Hold Rating for Ceragon Networks Ltd. (CRNT)
Oppenheimer Holdings, Inc. reissued their hold rating on shares of Ceragon Networks Ltd. (NASDAQ:CRNT) in a research note issued to investors on Tuesday morning. Oppenheimer Holdings also issued estimates for Ceragon Networks’ Q1 2018 earnings at $0.03 EPS, Q4 2018 earnings at $0.10 EPS and FY2018 earnings at $0.23 EPS.
Separately, Zacks Investment Research downgraded shares of Ceragon Networks from a buy rating to a hold rating in a report on Tuesday, July 11th. Four equities research analysts have rated the stock with a hold rating, The stock currently has an average rating of Hold and a consensus price target of $3.25.
Shares of Ceragon Networks (NASDAQ CRNT) traded down 2.79% during midday trading on Tuesday, reaching $2.09. 282,948 shares of the company’s stock were exchanged. The stock has a market cap of $162.59 million, a price-to-earnings ratio of 13.84 and a beta of 1.13. Ceragon Networks has a one year low of $1.89 and a one year high of $4.23. The firm has a 50 day moving average of $2.55 and a 200-day moving average of $3.14.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings results on Monday, August 7th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.01. Ceragon Networks had a net margin of 5.00% and a return on equity of 13.80%. The company had revenue of $93.30 million for the quarter, compared to the consensus estimate of $87.84 million. During the same period in the previous year, the firm posted $0.02 EPS. Ceragon Networks’s revenue for the quarter was up 33.3% compared to the same quarter last year. On average, equities research analysts anticipate that Ceragon Networks will post $0.20 earnings per share for the current year.
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Several institutional investors have recently added to or reduced their stakes in CRNT. Parametric Portfolio Associates LLC raised its position in shares of Ceragon Networks by 51.8% in the first quarter. Parametric Portfolio Associates LLC now owns 47,722 shares of the communications equipment provider’s stock worth $156,000 after buying an additional 16,294 shares during the period. Russell Investments Group Ltd. purchased a new position in shares of Ceragon Networks during the fourth quarter worth $143,000. State of New Jersey Common Pension Fund D raised its position in shares of Ceragon Networks by 64.6% in the second quarter. State of New Jersey Common Pension Fund D now owns 60,871 shares of the communications equipment provider’s stock worth $155,000 after buying an additional 23,880 shares during the period. Eagle Global Advisors LLC raised its position in shares of Ceragon Networks by 113.0% in the second quarter. Eagle Global Advisors LLC now owns 98,000 shares of the communications equipment provider’s stock worth $250,000 after buying an additional 52,000 shares during the period. Finally, Spark Investment Management LLC purchased a new position in shares of Ceragon Networks during the second quarter worth $305,000. 22.27% of the stock is owned by hedge funds and other institutional investors.
About Ceragon Networks
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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