Delek Group Ltd. raised its stake in Ceragon Networks Ltd (NASDAQ:CRNT) by 19.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,180 shares of the communications equipment provider’s stock after purchasing an additional 9,977 shares during the quarter. Delek Group Ltd. owned 0.08% of Ceragon Networks worth $178,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the business. Menta Capital LLC raised its holdings in Ceragon Networks by 177.6% during the second quarter. Menta Capital LLC now owns 131,765 shares of the communications equipment provider’s stock worth $386,000 after purchasing an additional 84,300 shares during the last quarter. ARK Investment Management LLC raised its holdings in shares of Ceragon Networks by 12.3% in the second quarter. ARK Investment Management LLC now owns 131,354 shares of the communications equipment provider’s stock worth $385,000 after acquiring an additional 14,381 shares during the last quarter. AJO LP raised its holdings in shares of Ceragon Networks by 2.0% in the first quarter. AJO LP now owns 693,898 shares of the communications equipment provider’s stock worth $2,491,000 after acquiring an additional 13,282 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Ceragon Networks by 2.3% in the first quarter. Acadian Asset Management LLC now owns 3,191,940 shares of the communications equipment provider’s stock worth $11,460,000 after acquiring an additional 71,937 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new position in shares of Ceragon Networks in the first quarter worth $61,000. Institutional investors own 17.90% of the company’s stock.
A number of research firms have recently weighed in on CRNT. Oppenheimer set a $4.00 price target on Ceragon Networks and gave the stock a “buy” rating in a report on Wednesday, July 3rd. ValuEngine raised Ceragon Networks from a “sell” rating to a “hold” rating in a research report on Wednesday, July 17th. Finally, Zacks Investment Research downgraded Ceragon Networks from a “buy” rating to a “sell” rating in a research report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Ceragon Networks presently has a consensus rating of “Hold” and an average price target of $3.83.
Shares of NASDAQ CRNT opened at $2.65 on Friday. Ceragon Networks Ltd has a 1-year low of $2.20 and a 1-year high of $5.04. The business has a 50-day moving average of $2.56 and a 200-day moving average of $3.10. The company has a market capitalization of $204.59 million, a price-to-earnings ratio of 13.25, a PEG ratio of 1.42 and a beta of 1.23.
Ceragon Networks (NASDAQ:CRNT) last released its quarterly earnings results on Monday, August 12th. The communications equipment provider reported $0.02 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.03 by ($0.01). Ceragon Networks had a return on equity of 8.33% and a net margin of 6.14%. The business had revenue of $73.00 million during the quarter, compared to analyst estimates of $72.62 million. Sell-side analysts expect that Ceragon Networks Ltd will post 0.12 earnings per share for the current fiscal year.
About Ceragon Networks
Ceragon Networks Ltd. provides wireless backhaul solutions that enable cellular operators and other wireless service providers to deliver voice and data services worldwide. Its wireless backhaul solutions use microwave and millimeter wave technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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