Needham & Company LLC Reaffirms Buy Rating for Ceragon Networks (NASDAQ:CRNT)

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research note issued on Wednesday,Benzinga reports. They currently have a $6.00 target price on the communications equipment provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 59.15% from the company’s previous close.

A number of other research firms have also recently weighed in on CRNT. Roth Capital raised Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Roth Mkm began coverage on Ceragon Networks in a research note on Monday, October 28th. They set a “buy” rating and a $4.50 target price on the stock. Finally, Litchfield Hills Research initiated coverage on Ceragon Networks in a research note on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 price target for the company. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Stock Down 21.5 %

Shares of NASDAQ:CRNT opened at $3.77 on Wednesday. The company’s 50-day moving average price is $4.70 and its 200 day moving average price is $3.49. The company has a market cap of $322.03 million, a PE ratio of 17.14 and a beta of 1.59. Ceragon Networks has a fifty-two week low of $2.33 and a fifty-two week high of $5.73.

Institutional Trading of Ceragon Networks

A number of hedge funds and other institutional investors have recently modified their holdings of CRNT. Cubist Systematic Strategies LLC acquired a new position in Ceragon Networks during the second quarter worth about $56,000. Walleye Capital LLC grew its stake in shares of Ceragon Networks by 95.1% in the 3rd quarter. Walleye Capital LLC now owns 283,933 shares of the communications equipment provider’s stock worth $778,000 after purchasing an additional 138,411 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Ceragon Networks in the 3rd quarter worth approximately $152,000. JPMorgan Chase & Co. acquired a new stake in Ceragon Networks during the third quarter valued at approximately $104,000. Finally, Inspire Investing LLC bought a new stake in Ceragon Networks during the fourth quarter worth approximately $903,000. Institutional investors 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.