Macquarie Group Ltd. cut its position in Ceragon Networks Ltd (NASDAQ:CRNT) by 67.5% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 82,217 shares of the communications equipment provider’s stock after selling 170,900 shares during the quarter. Macquarie Group Ltd. owned 0.11% of Ceragon Networks worth $277,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of CRNT. BlackRock Inc. bought a new stake in shares of Ceragon Networks during the 2nd quarter valued at approximately $286,000. Renaissance Technologies LLC grew its holdings in shares of Ceragon Networks by 13.8% during the 2nd quarter. Renaissance Technologies LLC now owns 2,696,700 shares of the communications equipment provider’s stock valued at $9,627,000 after purchasing an additional 327,900 shares during the last quarter. Millennium Management LLC grew its holdings in shares of Ceragon Networks by 15.9% during the 2nd quarter. Millennium Management LLC now owns 1,150,148 shares of the communications equipment provider’s stock valued at $4,106,000 after purchasing an additional 158,072 shares during the last quarter. Putnam Investments LLC bought a new stake in shares of Ceragon Networks during the 2nd quarter valued at approximately $1,424,000. Finally, Jane Street Group LLC grew its holdings in shares of Ceragon Networks by 221.1% during the 2nd quarter. Jane Street Group LLC now owns 50,518 shares of the communications equipment provider’s stock valued at $180,000 after purchasing an additional 34,787 shares during the last quarter. Institutional investors own 23.76% of the company’s stock.
CRNT opened at $3.88 on Monday. Ceragon Networks Ltd has a fifty-two week low of $1.95 and a fifty-two week high of $4.95. The company has a market cap of $312.56 million, a price-to-earnings ratio of 21.56, a price-to-earnings-growth ratio of 1.16 and a beta of 0.94.
Ceragon Networks (NASDAQ:CRNT) last posted its earnings results on Monday, November 5th. The communications equipment provider reported $0.07 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.04 by $0.03. Ceragon Networks had a net margin of 5.41% and a return on equity of 11.15%. The firm had revenue of $86.53 million for the quarter, compared to analyst estimates of $82.59 million. On average, equities analysts predict that Ceragon Networks Ltd will post 0.21 earnings per share for the current fiscal year.
CRNT has been the topic of several research reports. ValuEngine raised shares of Ceragon Networks from a “hold” rating to a “buy” rating in a report on Friday, September 28th. Oppenheimer set a $5.00 price target on shares of Ceragon Networks and gave the company a “buy” rating in a report on Monday, November 5th. Zacks Investment Research raised shares of Ceragon Networks from a “hold” rating to a “buy” rating and set a $4.75 price target on the stock in a report on Friday, December 7th. Needham & Company LLC lowered shares of Ceragon Networks from a “buy” rating to a “hold” rating in a report on Wednesday, November 28th. They noted that the move was a valuation call. Finally, BidaskClub raised shares of Ceragon Networks from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Ceragon Networks has an average rating of “Buy” and an average target price of $4.60.
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About Ceragon Networks
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 radio technology to transfer telecommunication traffic between base stations, small sells, and the core of the service provider's network.
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