Ceragon Networks (NASDAQ:CRNT) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Ceragon Networks (NASDAQ:CRNT) from a buy rating to a hold rating in a report published on Thursday.

Several other brokerages have also recently issued reports on CRNT. Litchfield Hills Research assumed coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target on the stock. Needham & Company LLC reissued a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a report on Wednesday, February 12th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ceragon Networks presently has an average rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Stock Performance

Shares of Ceragon Networks stock opened at $2.79 on Thursday. The company’s fifty day moving average is $4.35 and its two-hundred day moving average is $3.53. Ceragon Networks has a 1 year low of $2.33 and a 1 year high of $5.73. The company has a market capitalization of $238.32 million, a P/E ratio of 10.33 and a beta of 1.59.

Institutional Trading of Ceragon Networks

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Squarepoint Ops LLC increased its holdings in Ceragon Networks by 429.5% in the fourth quarter. Squarepoint Ops LLC now owns 250,000 shares of the communications equipment provider’s stock valued at $1,168,000 after buying an additional 202,790 shares in the last quarter. Two Sigma Advisers LP increased its stake in Ceragon Networks by 404.9% in the 4th quarter. Two Sigma Advisers LP now owns 71,700 shares of the communications equipment provider’s stock valued at $335,000 after purchasing an additional 57,500 shares in the last quarter. Two Sigma Investments LP increased its stake in Ceragon Networks by 951.7% in the 4th quarter. Two Sigma Investments LP now owns 296,588 shares of the communications equipment provider’s stock valued at $1,385,000 after purchasing an additional 268,388 shares in the last quarter. Millennium Management LLC raised its holdings in Ceragon Networks by 123.9% during the fourth quarter. Millennium Management LLC now owns 962,898 shares of the communications equipment provider’s stock worth $4,497,000 after purchasing an additional 532,798 shares during the last quarter. Finally, Lazard Asset Management LLC boosted its position in Ceragon Networks by 26.7% during the fourth quarter. Lazard Asset Management LLC now owns 570,288 shares of the communications equipment provider’s stock worth $2,663,000 after purchasing an additional 120,106 shares in the last quarter. 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.