Essex Investment Management Co. LLC Purchases 137,173 Shares of Ceragon Networks Ltd. (NASDAQ:CRNT)
Essex Investment Management Co. LLC increased its position in Ceragon Networks Ltd. (NASDAQ:CRNT) by 35.5% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 523,772 shares of the communications equipment provider’s stock after buying an additional 137,173 shares during the period. Essex Investment Management Co. LLC owned about 0.67% of Ceragon Networks worth $1,336,000 as of its most recent SEC filing.
Several other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC boosted its position in Ceragon Networks by 0.5% in the first quarter. Acadian Asset Management LLC now owns 3,130,253 shares of the communications equipment provider’s stock worth $10,234,000 after buying an additional 15,385 shares during the period. Norges Bank bought a new position in Ceragon Networks during the fourth quarter worth $1,291,000. Systematic Financial Management LP bought a new position in Ceragon Networks during the first quarter worth $1,579,000. Oxford Asset Management boosted its position in Ceragon Networks by 345.1% in the first quarter. Oxford Asset Management now owns 464,213 shares of the communications equipment provider’s stock worth $1,518,000 after buying an additional 359,910 shares during the period. Finally, Zweig DiMenna Associates LLC bought a new position in Ceragon Networks during the first quarter worth $1,194,000. 22.27% of the stock is owned by institutional investors.
Shares of Ceragon Networks Ltd. (NASDAQ:CRNT) traded up 4.61% during midday trading on Friday, reaching $2.27. The company’s stock had a trading volume of 428,938 shares. Ceragon Networks Ltd. has a 52 week low of $1.95 and a 52 week high of $4.23. The stock has a 50-day moving average price of $2.49 and a 200 day moving average price of $3.10. The stock has a market capitalization of $176.81 million, a PE ratio of 10.66 and a beta of 1.13.
Ceragon Networks (NASDAQ:CRNT) last announced its quarterly earnings data on Monday, August 7th. The communications equipment provider reported $0.07 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. Ceragon Networks had a return on equity of 13.52% and a net margin of 5.00%. The business had revenue of $93.30 million during the quarter, compared to analyst estimates of $87.84 million. During the same period last year, the company earned $0.02 earnings per share. Ceragon Networks’s quarterly revenue was up 33.3% compared to the same quarter last year. Equities analysts forecast that Ceragon Networks Ltd. will post $0.20 earnings per share for the current year.
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CRNT has been the subject of several analyst reports. Zacks Investment Research upgraded Ceragon Networks from a “hold” rating to a “buy” rating and set a $2.50 target price for the company in a research note on Wednesday. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Ceragon Networks in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, The stock has an average rating of “Hold” and a consensus price target of $2.83.
About Ceragon Networks
Ceragon Networks Ltd. offers wireless backhaul solutions. The Company’s products include FibeAir IP-20 Platform, FibeAir IP-20 Assured Platform and Network Management. The Company provides its services to wireless service providers, public safety organizations, government agencies and utility companies, among others.
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