Systematic Financial Management LP acquired a new stake in Ceragon Networks Ltd. (NASDAQ:CRNT) during the first quarter, Holdings Channel reports. The fund acquired 482,810 shares of the communications equipment provider’s stock, valued at approximately $1,579,000. Systematic Financial Management LP owned approximately 0.62% of Ceragon Networks at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Russell Investments Group Ltd. purchased a new position in Ceragon Networks during the fourth quarter valued at $143,000. Parametric Portfolio Associates LLC boosted its position in Ceragon Networks by 51.8% in the first quarter. Parametric Portfolio Associates LLC now owns 47,722 shares of the communications equipment provider’s stock valued at $156,000 after buying an additional 16,294 shares in the last quarter. State Street Corp boosted its position in Ceragon Networks by 2.8% in the fourth quarter. State Street Corp now owns 73,409 shares of the communications equipment provider’s stock valued at $193,000 after buying an additional 1,978 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its position in Ceragon Networks by 15.9% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 100,118 shares of the communications equipment provider’s stock valued at $262,000 after buying an additional 13,732 shares in the last quarter. Finally, Oxford Asset Management boosted its position in Ceragon Networks by 863.5% in the fourth quarter. Oxford Asset Management now owns 104,303 shares of the communications equipment provider’s stock valued at $273,000 after buying an additional 93,478 shares in the last quarter. 21.67% of the stock is owned by institutional investors.
Ceragon Networks Ltd. (NASDAQ CRNT) traded down 0.78% on Friday, hitting $2.54. The stock had a trading volume of 434,070 shares. The stock has a market capitalization of $197.60 million, a price-to-earnings ratio of 16.82 and a beta of 1.13. The company has a 50-day moving average price of $3.03 and a 200-day moving average price of $3.19. Ceragon Networks Ltd. has a 52 week low of $1.44 and a 52 week high of $4.23.
Ceragon Networks (NASDAQ:CRNT) last posted its quarterly earnings results on Thursday, May 11th. The communications equipment provider reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The company had revenue of $76.02 million for the quarter, compared to analysts’ expectations of $74.09 million. Ceragon Networks had a net margin of 3.79% and a return on equity of 10.27%. Ceragon Networks’s revenue was up 27.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 EPS. Equities research analysts anticipate that Ceragon Networks Ltd. will post $0.21 earnings per share for the current fiscal year.
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CRNT has been the subject of several recent research reports. TheStreet cut Ceragon Networks from a “b-” rating to a “c+” rating in a research report on Tuesday, March 14th. Oppenheimer Holdings, Inc. reaffirmed a “hold” rating on shares of Ceragon Networks in a research report on Thursday, May 11th. Finally, Zacks Investment Research cut Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, April 18th. Four research analysts have rated the stock with a hold rating, The company has an average rating of “Hold” and a consensus price target of $3.25.
About Ceragon Networks
Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.
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