Ceragon Networks Ltd (CRNT) Receives $4.10 Average Price Target from Brokerages

Ceragon Networks Ltd (NASDAQ:CRNT) has been assigned an average rating of “Buy” from the nine brokerages that are currently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have covered the stock in the last year is $4.63.

A number of brokerages recently commented on CRNT. BidaskClub cut Ceragon Networks from a “hold” rating to a “sell” rating in a report on Thursday, August 23rd. Zacks Investment Research cut Ceragon Networks from a “hold” rating to a “sell” rating in a report on Wednesday, August 8th. Oppenheimer raised Ceragon Networks from a “market perform” rating to an “outperform” rating and set a $5.00 target price on the stock in a report on Friday, September 28th. Citigroup raised Ceragon Networks from a “market perform” rating to an “outperform” rating and set a $4.50 target price on the stock in a report on Friday, September 28th. Finally, ValuEngine raised Ceragon Networks from a “hold” rating to a “buy” rating in a report on Friday, September 28th.

Shares of CRNT stock traded up $0.08 on Monday, reaching $3.21. The stock had a trading volume of 283,330 shares, compared to its average volume of 529,561. The company has a market cap of $263.33 million, a P/E ratio of 17.83, a price-to-earnings-growth ratio of 1.60 and a beta of 0.61. Ceragon Networks has a 1 year low of $1.64 and a 1 year high of $4.15.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, August 6th. The communications equipment provider reported $0.05 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.01. The firm had revenue of $88.33 million for the quarter, compared to the consensus estimate of $86.61 million. Ceragon Networks had a return on equity of 10.61% and a net margin of 4.79%. Sell-side analysts expect that Ceragon Networks will post 0.14 earnings per share for the current year.

Large investors have recently bought and sold shares of the business. Jane Street Group LLC raised its holdings in Ceragon Networks by 221.1% during the second quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock valued at $180,000 after acquiring an additional 34,787 shares during the period. Putnam Investments LLC bought a new stake in Ceragon Networks during the second quarter valued at about $1,424,000. Millennium Management LLC raised its holdings in Ceragon Networks by 15.9% during the second quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock valued at $4,106,000 after acquiring an additional 158,072 shares during the period. Macquarie Group Ltd. raised its holdings in Ceragon Networks by 42.3% during the second quarter. Macquarie Group Ltd. now owns 253,117 shares of the communications equipment provider’s stock valued at $904,000 after acquiring an additional 75,277 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Ceragon Networks by 13.8% during the second quarter. Renaissance Technologies LLC now owns 2,696,700 shares of the communications equipment provider’s stock valued at $9,627,000 after acquiring an additional 327,900 shares during the period. 22.49% of the stock is currently owned by institutional investors and hedge funds.

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.

See Also: Intrinsic Value

Analyst Recommendations for Ceragon Networks (NASDAQ:CRNT)

Receive News & Ratings for Ceragon Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ceragon Networks and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply