Ceragon Networks’ (CRNT) “Buy” Rating Reaffirmed at Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They currently have a $6.00 price objective on the communications equipment provider’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 33.63% from the stock’s previous close.

Several other research analysts have also recently weighed in on CRNT. Roth Mkm began coverage on shares of Ceragon Networks in a research report on Monday, October 28th. They set a “buy” rating and a $4.50 price target on the stock. Litchfield Hills Research began coverage on shares of Ceragon Networks in a report on Tuesday, December 3rd. They issued a “buy” rating and a $10.00 target price on the stock. Finally, Roth Capital upgraded shares of Ceragon Networks to a “strong-buy” rating in a report on Monday, October 28th. Three investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ceragon Networks currently has a consensus rating of “Buy” and a consensus target price of $6.83.

Ceragon Networks Stock Performance

NASDAQ CRNT opened at $4.49 on Thursday. The stock’s fifty day moving average is $4.28 and its two-hundred day moving average is $3.23. The firm has a market capitalization of $383.53 million, a P/E ratio of 20.41 and a beta of 1.60. 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

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Inspire Investing LLC purchased a new position in shares of Ceragon Networks during the 4th quarter worth approximately $903,000. Renaissance Technologies LLC raised its position in Ceragon Networks by 35.4% in the second quarter. Renaissance Technologies LLC now owns 643,816 shares of the communications equipment provider’s stock valued at $1,610,000 after purchasing an additional 168,416 shares during the period. Walleye Capital LLC lifted its stake in Ceragon Networks by 95.1% during the third 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 in the last quarter. XTX Topco Ltd purchased a new position in shares of Ceragon Networks during the third quarter worth $152,000. Finally, JPMorgan Chase & Co. acquired a new stake in shares of Ceragon Networks in the third quarter valued at $104,000. 13.31% of the stock is currently owned by hedge funds and other institutional investors.

About Ceragon Networks

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.