Ceragon Networks Ltd. (CRNT) Rating Lowered to Hold at Zacks Investment Research
Ceragon Networks Ltd. (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.
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 investment analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and an average target price of $2.83.
Shares of Ceragon Networks (NASDAQ:CRNT) traded up 2.36% during trading on Thursday, hitting $2.17. The stock had a trading volume of 390,123 shares. The stock has a market capitalization of $169.02 million, a price-to-earnings ratio of 10.19 and a beta of 1.13. The firm has a 50 day moving average price of $2.51 and a 200-day moving average price of $3.11. Ceragon Networks has a 52 week low of $1.95 and a 52 week high of $4.23.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, August 7th. The communications equipment provider reported $0.07 earnings per share for the quarter, beating 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 company had revenue of $93.30 million for the quarter, compared to analyst estimates of $87.84 million. During the same period in the previous year, the company posted $0.02 earnings per share. The firm’s revenue was up 33.3% on a year-over-year basis. On average, equities research analysts forecast that Ceragon Networks will post $0.20 EPS for the current fiscal year.
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Several large investors have recently added to or reduced their stakes in the stock. KCG Holdings Inc. purchased a new stake in Ceragon Networks during the first quarter valued at $573,000. Lazard Asset Management LLC bought a new stake in Ceragon Networks during the first quarter valued at approximately $1,055,000. UBS Group AG bought a new stake in Ceragon Networks during the first quarter valued at approximately $965,000. Systematic Financial Management LP bought a new stake in Ceragon Networks during the first quarter valued at approximately $1,579,000. Finally, United Services Automobile Association bought a new stake in Ceragon Networks during the first quarter valued at approximately $1,050,000. Institutional investors own 22.27% of the company’s stock.
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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