Ceragon Networks (NASDAQ:CRNT) Earns Buy Rating from Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating restated by stock analysts at Needham & Company LLC in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $6.00 price objective on the communications equipment provider’s stock, up from their prior price objective of $4.50. Needham & Company LLC’s price objective would indicate a potential upside of 41.84% from the stock’s previous close.

A number of other equities research analysts have also commented on the stock. Roth Capital upgraded shares of Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Roth Mkm initiated coverage on Ceragon Networks in a report on Monday, October 28th. They set a “buy” rating and a $4.50 target price on the stock. Finally, Litchfield Hills Research started coverage on shares of Ceragon Networks in a report on Tuesday. They set a “buy” rating and a $10.00 target price on the stock. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Stock Performance

Shares of CRNT opened at $4.23 on Wednesday. Ceragon Networks has a fifty-two week low of $1.82 and a fifty-two week high of $4.70. The firm has a market cap of $361.32 million, a price-to-earnings ratio of 19.23 and a beta of 1.61. The firm has a 50 day moving average price of $2.94 and a 200-day moving average price of $2.77.

Institutional Trading of Ceragon Networks

A number of institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC increased its holdings in Ceragon Networks by 25.7% in the 2nd quarter. Acadian Asset Management LLC now owns 1,955,161 shares of the communications equipment provider’s stock worth $4,878,000 after buying an additional 400,161 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Ceragon Networks by 35.4% during the second quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock valued at $1,610,000 after purchasing an additional 168,416 shares during the last quarter. Walleye Capital LLC boosted its holdings in Ceragon Networks by 95.1% in the third quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after purchasing an additional 138,411 shares during the last quarter. XTX Topco Ltd bought a new stake in Ceragon Networks in the 3rd quarter worth approximately $152,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Ceragon Networks during the 2nd quarter valued at $56,000. Institutional investors 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.