Ceragon Networks (NASDAQ:CRNT) Given “Buy” Rating at Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued on Tuesday, Benzinga reports. They currently have a $5.25 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price points to a potential upside of 88.85% from the company’s previous close.

Separately, StockNews.com downgraded Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, March 2nd.

Ceragon Networks Stock Performance

Shares of CRNT traded down $0.37 during midday trading on Tuesday, hitting $2.78. 1,613,115 shares of the stock traded hands, compared to its average volume of 587,067. Ceragon Networks has a 1-year low of $1.56 and a 1-year high of $3.38. The business’s 50 day moving average price is $2.99 and its two-hundred day moving average price is $2.45. The firm has a market capitalization of $237.47 million, a PE ratio of 39.86 and a beta of 1.50.

Ceragon Networks (NASDAQ:CRNT) last posted its earnings results on Tuesday, February 20th. The communications equipment provider reported $0.03 EPS for the quarter, topping the consensus estimate of $0.02 by $0.01. The firm had revenue of $90.36 million during the quarter. Ceragon Networks had a net margin of 1.79% and a return on equity of 9.95%. During the same quarter last year, the company posted ($0.01) EPS. As a group, equities research analysts forecast that Ceragon Networks will post 0.18 EPS for the current fiscal year.

Institutional Investors Weigh In On Ceragon Networks

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of Ceragon Networks in the 3rd quarter worth $1,291,000. First Wilshire Securities Management Inc. grew its position in Ceragon Networks by 18.4% in the third quarter. First Wilshire Securities Management Inc. now owns 3,011,562 shares of the communications equipment provider’s stock worth $6,174,000 after buying an additional 467,998 shares during the last quarter. Essex Investment Management Co. LLC grew its position in Ceragon Networks by 33.4% in the third quarter. Essex Investment Management Co. LLC now owns 1,137,973 shares of the communications equipment provider’s stock worth $2,333,000 after buying an additional 284,960 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in shares of Ceragon Networks by 33.0% in the third quarter. First Eagle Investment Management LLC now owns 677,251 shares of the communications equipment provider’s stock valued at $1,388,000 after buying an additional 168,036 shares in the last quarter. Finally, ARK Investment Management LLC lifted its position in shares of Ceragon Networks by 12.2% during the 4th quarter. ARK Investment Management LLC now owns 1,144,114 shares of the communications equipment provider’s stock valued at $2,471,000 after acquiring an additional 124,647 shares during the last quarter. Institutional investors own 13.31% of the company’s stock.

Ceragon Networks Company Profile

Ceragon Networks Ltd., together with its subsidiaries, provides wireless transport solutions for cellular operators and other wireless service providers in North America, Europe, Africa, the Asia Pacific, the Middle East, India, and Latin America. The company's solutions use microwave and millimeter wave radio technology to transfer telecommunication traffic between base stations, small/distributed cells, and the service provider's network.