StockNews.com Downgrades Ceragon Networks (NASDAQ:CRNT) to Buy

StockNews.com cut shares of Ceragon Networks (NASDAQ:CRNT) from a strong-buy rating to a buy rating in a research note published on Thursday morning.

A number of other brokerages have also commented on CRNT. Needham & Company LLC reaffirmed a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research report on Wednesday. Litchfield Hills Research started coverage on Ceragon Networks in a report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price objective for the company. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a research report on Monday, October 28th. Finally, Roth Mkm started coverage on shares of Ceragon Networks in a research report on Monday, October 28th. They issued a “buy” rating and a $4.50 price target for the company. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $6.83.

Ceragon Networks Stock Down 2.3 %

Shares of NASDAQ CRNT opened at $3.46 on Thursday. The firm has a market cap of $295.55 million, a PE ratio of 15.73 and a beta of 1.59. The company’s fifty day simple moving average is $4.65 and its 200 day simple moving average is $3.50. Ceragon Networks has a 12-month low of $2.33 and a 12-month high of $5.73.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CRNT. Renaissance Technologies LLC lifted its stake in Ceragon Networks by 47.1% during the 4th quarter. Renaissance Technologies LLC now owns 1,333,295 shares of the communications equipment provider’s stock valued at $6,226,000 after acquiring an additional 426,760 shares in the last quarter. Marshall Wace LLP grew its position in Ceragon Networks by 598.1% in the 4th quarter. Marshall Wace LLP now owns 703,091 shares of the communications equipment provider’s stock worth $3,283,000 after purchasing an additional 602,383 shares in the last quarter. Navellier & Associates Inc. purchased a new stake in Ceragon Networks in the 4th quarter valued at about $1,804,000. Walleye Capital LLC lifted its position in shares of Ceragon Networks by 95.1% during the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after buying an additional 138,411 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Ceragon Networks by 481.7% in the 4th quarter. JPMorgan Chase & Co. now owns 221,539 shares of the communications equipment provider’s stock worth $1,035,000 after buying an additional 183,452 shares during the last quarter. Hedge funds and other institutional investors own 13.31% of the company’s stock.

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.