Ceragon Networks (CRNT) Lowered to Hold at Zacks Investment Research
Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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. “
Several other research firms have also recently weighed in on CRNT. Oppenheimer set a $5.00 price objective on shares of Ceragon Networks and gave the company a “buy” rating in a research report on Monday, November 5th. Needham & Company LLC cut shares of Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, November 28th. They noted that the move was a valuation call. Finally, BidaskClub cut shares of Ceragon Networks from a “sell” rating to a “strong sell” rating in a research report on Friday, November 2nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $4.79.
Several hedge funds have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. grew its holdings in Ceragon Networks by 1,581.7% in the 3rd quarter. Panagora Asset Management Inc. now owns 36,475 shares of the communications equipment provider’s stock worth $123,000 after acquiring an additional 34,306 shares during the last quarter. Jane Street Group LLC grew its holdings in Ceragon Networks by 221.1% in the 2nd quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock worth $180,000 after acquiring an additional 34,787 shares during the last quarter. Harvest Management LLC grew its holdings in Ceragon Networks by 5.8% in the 4th quarter. Harvest Management LLC now owns 58,200 shares of the communications equipment provider’s stock worth $220,000 after acquiring an additional 3,200 shares during the last quarter. BlackRock Inc. bought a new stake in Ceragon Networks in the 2nd quarter worth $286,000. Finally, GSA Capital Partners LLP bought a new stake in Ceragon Networks in the 3rd quarter worth $404,000. 22.72% of the stock is currently owned by institutional investors.
About Ceragon Networks
Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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