Wells Fargo & Company MN Increases Position in Ceragon Networks Ltd. (NASDAQ:CRNT)

Wells Fargo & Company MN raised its holdings in shares of Ceragon Networks Ltd. (NASDAQ:CRNT) by 1,419.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 23,550 shares of the communications equipment provider’s stock after purchasing an additional 22,000 shares during the period. Wells Fargo & Company MN’s holdings in Ceragon Networks were worth $110,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC purchased a new position in Ceragon Networks during the 4th quarter valued at about $58,000. Bravias Capital Group LLC purchased a new position in Ceragon Networks during the 4th quarter valued at about $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Ceragon Networks during the 4th quarter valued at about $81,000. Perigon Wealth Management LLC purchased a new position in Ceragon Networks during the 4th quarter valued at about $90,000. Finally, JPMorgan Chase & Co. purchased a new position in Ceragon Networks during the 3rd quarter valued at about $104,000. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

Ceragon Networks Stock Performance

Shares of NASDAQ:CRNT opened at $2.17 on Monday. The stock has a market capitalization of $192.98 million, a price-to-earnings ratio of 8.04 and a beta of 1.04. Ceragon Networks Ltd. has a 1-year low of $1.95 and a 1-year high of $5.73. The company’s fifty day moving average is $2.30 and its two-hundred day moving average is $3.38.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings data on Wednesday, May 7th. The communications equipment provider reported $0.02 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.02. Ceragon Networks had a net margin of 6.10% and a return on equity of 21.32%. Sell-side analysts expect that Ceragon Networks Ltd. will post 0.26 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CRNT shares. Needham & Company LLC lowered their price target on shares of Ceragon Networks from $6.00 to $4.50 and set a “buy” rating for the company in a report on Wednesday, May 7th. Craig Hallum started coverage on shares of Ceragon Networks in a report on Thursday, March 13th. They set a “buy” rating and a $5.00 price target for the company. Finally, StockNews.com downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday. One analyst has rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ceragon Networks currently has an average rating of “Buy” and a consensus price target of $6.00.

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.