Ceragon Networks (NASDAQ:CRNT) Earns Buy Rating from Needham & Company LLC

Ceragon Networks (NASDAQ:CRNT - Get Free Report)'s stock had its "buy" rating restated by Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports. They currently have a $6.00 price target on the communications equipment provider's stock. Needham & Company LLC's target price would suggest a potential upside of 73.41% from the company's current price.

Several other research analysts have also commented on CRNT. Roth Capital upgraded Ceragon Networks to a "strong-buy" rating in a research report on Monday, October 28th. Litchfield Hills Research began coverage on Ceragon Networks in a research note on Tuesday, December 3rd. They issued a "buy" rating and a $10.00 price objective on the stock. Finally, Roth Mkm began coverage on Ceragon Networks in a research note on Monday, October 28th. They issued a "buy" rating and a $4.50 price objective on the stock. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $6.83.

Ceragon Networks Stock Performance

Shares of CRNT traded down $0.08 during midday trading on Wednesday, hitting $3.46. 2,003,814 shares of the stock were exchanged, compared to its average volume of 1,752,991. Ceragon Networks has a 52-week low of $2.33 and a 52-week high of $5.73. The stock has a fifty day simple moving average of $4.65 and a 200 day simple moving average of $3.50. The firm has a market cap of $295.55 million, a P/E ratio of 15.73 and a beta of 1.59.

Institutional Trading of Ceragon Networks

Several hedge funds have recently modified their holdings of the stock. Penn Capital Management Company LLC acquired a new stake in Ceragon Networks in the fourth quarter valued at $54,000. Cubist Systematic Strategies LLC acquired a new stake in Ceragon Networks in the second quarter valued at $56,000. Commonwealth Equity Services LLC acquired a new stake in Ceragon Networks in the fourth quarter valued at $58,000. Bravias Capital Group LLC acquired a new stake in Ceragon Networks in the fourth quarter valued at $71,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Ceragon Networks in the fourth quarter valued at $81,000. 13.31% of the stock is currently owned by institutional investors and hedge funds.

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.