Ceragon Networks (NASDAQ:CRNT) Rating Lowered to Strong Sell at Zacks Investment Research

Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Ceragon Networks Ltd. is a leading provider of high-capacity wireless backhaul solutions for cellular and fixed wireless operators, enterprises and government organizations. Ceragon’s modular FibeAir product family is recognized as the gold standard for backhaul transmission and is also one of the top solutions chosen by cellular operators for SONET/SDH rings. A scalable, future-proof solution for wireless transport of broadband services, FibeAir operates across multiple frequencies for IP and SONET/SDH protocols, supporting the emerging needs of next-generation networks that are evolving to all-IP based services, including triple-play. It leads the market in IP backhaul, offering a unique, native IP solution that provides the efficient, robust connectivity required for WiFi, WiMAX and converged networks. “

A number of other equities research analysts have also recently weighed in on CRNT. Needham & Company LLC restated a “hold” rating on shares of Ceragon Networks in a report on Monday, February 10th. Oppenheimer cut shares of Ceragon Networks from an “outperform” rating to a “market perform” rating in a report on Tuesday, November 5th. Finally, ValuEngine upgraded shares of Ceragon Networks from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Ceragon Networks has a consensus rating of “Hold” and an average target price of $3.50.

Shares of NASDAQ CRNT opened at $1.92 on Thursday. Ceragon Networks has a 1 year low of $1.67 and a 1 year high of $5.04. The company’s 50-day moving average is $2.13 and its 200 day moving average is $2.33.

Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Monday, February 10th. The communications equipment provider reported ($0.06) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.01) by ($0.05). The business had revenue of $71.26 million during the quarter, compared to analysts’ expectations of $72.16 million. Ceragon Networks had a negative return on equity of 1.21% and a negative net margin of 0.82%. As a group, equities analysts predict that Ceragon Networks will post -0.05 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. California Public Employees Retirement System grew its holdings in Ceragon Networks by 7.6% in the third quarter. California Public Employees Retirement System now owns 60,934 shares of the communications equipment provider’s stock worth $164,000 after purchasing an additional 4,281 shares during the period. Atria Investments LLC grew its holdings in Ceragon Networks by 62.4% in the second quarter. Atria Investments LLC now owns 25,039 shares of the communications equipment provider’s stock worth $59,000 after purchasing an additional 9,624 shares during the period. Goldman Sachs Group Inc. purchased a new stake in Ceragon Networks in the fourth quarter worth about $26,000. GHP Investment Advisors Inc. grew its holdings in Ceragon Networks by 8.7% in the fourth quarter. GHP Investment Advisors Inc. now owns 188,310 shares of the communications equipment provider’s stock worth $395,000 after purchasing an additional 15,000 shares during the period. Finally, Parametric Portfolio Associates LLC grew its holdings in Ceragon Networks by 17.8% in the second quarter. Parametric Portfolio Associates LLC now owns 103,026 shares of the communications equipment provider’s stock worth $302,000 after purchasing an additional 15,550 shares during the period. Institutional investors and hedge funds own 13.78% of the company’s stock.

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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