Ceragon Networks (NASDAQ:CRNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, 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. “

Several other research analysts also recently issued reports on CRNT. BidaskClub downgraded Ceragon Networks from a “hold” rating to a “sell” rating in a research note on Friday, May 3rd. ValuEngine raised shares of Ceragon Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, May 1st. Finally, TheStreet downgraded shares of Ceragon Networks from a “b” rating to a “c+” rating in a research report on Friday, May 10th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $4.66.

Shares of NASDAQ:CRNT traded down $0.03 on Wednesday, hitting $2.82. The company had a trading volume of 381,705 shares, compared to its average volume of 668,837. Ceragon Networks has a 1-year low of $2.67 and a 1-year high of $5.04. The company has a market cap of $235.36 million, a P/E ratio of 14.10, a P/E/G ratio of 1.02 and a beta of 1.33.

Ceragon Networks (NASDAQ:CRNT) last announced its earnings results on Monday, May 6th. The communications equipment provider reported $0.03 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.03. Ceragon Networks had a net margin of 6.61% and a return on equity of 9.63%. The company had revenue of $69.16 million during the quarter, compared to analysts’ expectations of $73.74 million. On average, equities research analysts expect that Ceragon Networks will post 0.19 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC lifted its holdings in Ceragon Networks by 6.0% in the first quarter. Renaissance Technologies LLC now owns 4,295,100 shares of the communications equipment provider’s stock valued at $15,419,000 after acquiring an additional 242,442 shares during the last quarter. Delek Group Ltd. purchased a new position in Ceragon Networks in the first quarter valued at $186,000. State of Tennessee Treasury Department increased its holdings in Ceragon Networks by 163.2% in the first quarter. State of Tennessee Treasury Department now owns 42,554 shares of the communications equipment provider’s stock valued at $153,000 after buying an additional 26,388 shares during the last quarter. AJO LP increased its holdings in Ceragon Networks by 2.0% in the first quarter. AJO LP now owns 693,898 shares of the communications equipment provider’s stock valued at $2,491,000 after buying an additional 13,282 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Ceragon Networks by 2.3% during 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 purchasing an additional 71,937 shares during the last quarter. 20.83% of the stock is owned by institutional investors and hedge funds.

Ceragon Networks Company Profile

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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