Ceragon Networks (NASDAQ:CRNT) Stock Rating Reaffirmed by Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They presently have a $5.25 target price on the communications equipment provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 84.86% from the stock’s previous close.

Separately, StockNews.com cut shares of Ceragon Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, March 2nd.

Ceragon Networks Stock Up 2.5 %

Shares of NASDAQ CRNT opened at $2.84 on Tuesday. Ceragon Networks has a fifty-two week low of $1.56 and a fifty-two week high of $3.38. The firm’s 50-day simple moving average is $2.98 and its 200 day simple moving average is $2.46. The stock has a market cap of $242.59 million, a P/E ratio of 40.58 and a beta of 1.50.

Ceragon Networks (NASDAQ:CRNT) last issued its quarterly 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. Ceragon Networks had a net margin of 1.79% and a return on equity of 9.95%. The firm had revenue of $90.36 million for the quarter. During the same quarter last year, the firm posted ($0.01) earnings per share. On average, sell-side analysts anticipate that Ceragon Networks will post 0.18 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CRNT. Eagle Wealth Strategies LLC purchased a new stake in shares of Ceragon Networks in the 1st quarter valued at approximately $31,000. Worth Venture Partners LLC lifted its holdings in shares of Ceragon Networks by 13.3% in the third quarter. Worth Venture Partners LLC now owns 74,097 shares of the communications equipment provider’s stock valued at $152,000 after purchasing an additional 8,700 shares in the last quarter. Perritt Capital Management Inc. boosted its position in shares of Ceragon Networks by 14.9% in the third quarter. Perritt Capital Management Inc. now owns 204,000 shares of the communications equipment provider’s stock worth $418,000 after buying an additional 26,500 shares during the period. Inspire Investing LLC purchased a new position in shares of Ceragon Networks during the first quarter valued at $884,000. Finally, Acadian Asset Management LLC acquired a new position in Ceragon Networks during the third quarter valued at $1,291,000. 13.31% of the stock is currently owned by institutional investors and hedge funds.

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.