Ceragon Networks Ltd. (NASDAQ:CRNT) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) have been assigned a consensus recommendation of “Buy” from the five research firms that are currently covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $6.00.

A number of research firms have recently weighed in on CRNT. Wall Street Zen downgraded shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Thursday, May 8th. Needham & Company LLC cut their price target on shares of Ceragon Networks from $6.00 to $4.50 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Craig Hallum began coverage on shares of Ceragon Networks in a report on Thursday, March 13th. They set a “buy” rating and a $5.00 price target on the stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hillsdale Investment Management Inc. grew its stake in Ceragon Networks by 3.9% in the 4th quarter. Hillsdale Investment Management Inc. now owns 80,800 shares of the communications equipment provider’s stock valued at $377,000 after buying an additional 3,000 shares during the last quarter. Algert Global LLC grew its stake in Ceragon Networks by 32.2% in the 4th quarter. Algert Global LLC now owns 46,454 shares of the communications equipment provider’s stock valued at $217,000 after buying an additional 11,310 shares during the last quarter. Penn Capital Management Company LLC acquired a new position in Ceragon Networks in the 4th quarter valued at $54,000. Commonwealth Equity Services LLC acquired a new position in Ceragon Networks in the 4th quarter valued at $58,000. Finally, Sei Investments Co. grew its stake in Ceragon Networks by 21.6% in the 4th quarter. Sei Investments Co. now owns 78,180 shares of the communications equipment provider’s stock valued at $365,000 after buying an additional 13,909 shares during the last quarter. 13.31% of the stock is currently owned by institutional investors and hedge funds.

Ceragon Networks Stock Down 1.6%

CRNT stock opened at $2.42 on Friday. Ceragon Networks has a 12-month low of $1.95 and a 12-month high of $5.73. The company has a market cap of $215.21 million, a price-to-earnings ratio of 9.31 and a beta of 1.04. The company has a 50 day moving average of $2.29 and a two-hundred day moving average of $3.18.

Ceragon Networks (NASDAQ:CRNT) last released its earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. Ceragon Networks had a net margin of 5.75% and a return on equity of 19.04%. On average, research analysts anticipate that Ceragon Networks will post 0.26 EPS for the current year.

About Ceragon Networks

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.