Needham & Company LLC Cuts Ceragon Networks (NASDAQ:CRNT) Price Target to $4.50

Ceragon Networks (NASDAQ:CRNT) had its price target decreased by Needham & Company LLC from $6.00 to $4.50 in a research report report published on Wednesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

CRNT has been the subject of a number of other reports. StockNews.com raised Ceragon Networks from a “hold” rating to a “buy” rating in a research note on Wednesday, April 9th. Craig Hallum initiated coverage on Ceragon Networks in a research note on Thursday, March 13th. They set a “buy” rating and a $5.00 target price for the company. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $6.00.

Ceragon Networks Price Performance

Shares of CRNT stock opened at $2.17 on Wednesday. The business has a 50 day simple moving average of $2.30 and a 200 day simple moving average of $3.37. The firm has a market capitalization of $192.98 million, a price-to-earnings ratio of 8.04 and a beta of 1.04. Ceragon Networks has a 12-month low of $1.95 and a 12-month high of $5.73.

Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Wednesday, May 7th. The communications equipment provider reported $0.02 EPS 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%. On average, equities analysts anticipate that Ceragon Networks will post 0.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Ceragon Networks

A number of institutional investors and hedge funds have recently modified their holdings of CRNT. Penn Capital Management Company LLC acquired a new stake in shares of Ceragon Networks during the fourth quarter worth $54,000. Commonwealth Equity Services LLC acquired a new stake in Ceragon Networks during the 4th quarter worth about $58,000. Bravias Capital Group LLC acquired a new stake in Ceragon Networks during the 4th quarter worth about $71,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Ceragon Networks during the fourth quarter valued at about $81,000. Finally, Perigon Wealth Management LLC acquired a new position in shares of Ceragon Networks in the fourth quarter worth about $90,000. Institutional investors and hedge funds own 13.31% of the company’s stock.

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.