KLCM Advisors Inc. Makes New Investment in Ceragon Networks Ltd. (NASDAQ:CRNT)
KLCM Advisors Inc. has acquired a new position in Ceragon Networks Ltd. (NASDAQ:CRNT), purchasing 795,973 shares valued at approximately $1.87 million during the first quarter. This investment represents about 0.90% of Ceragon's shares. Other hedge funds have also increased their stakes in Ceragon. Analysts have recently adjusted their price targets for the stock, with a consensus rating of "Moderate Buy" and an average price target of $5.30. Ceragon Networks specializes in wireless transport solutions for cellular operators globally.
KLCM Advisors Inc. purchased a new position in shares of Ceragon Networks Ltd. (NASDAQ:CRNT - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 795,973 shares of the communications equipment provider's stock, valued at approximately $1,871,000. KLCM Advisors Inc. owned approximately 0.90% of Ceragon Networks at the end of the most recent quarter.
- Ceragon is the under-the-radar networking stock you should know
Several other hedge funds have also recently made changes to their positions in CRNT. Penn Capital Management Company LLC purchased a new stake in shares of Ceragon Networks during the 4th quarter worth about $54,000. LPL Financial LLC purchased a new position in Ceragon Networks in the 4th quarter valued at about $109,000. Wells Fargo & Company MN lifted its stake in Ceragon Networks by 1,419.4% in the 4th quarter. Wells Fargo & Company MN now owns 23,550 shares of the communications equipment provider's stock valued at $110,000 after buying an additional 22,000 shares in the last quarter. Graham Capital Management L.P. purchased a new position in Ceragon Networks in the 4th quarter valued at about $136,000. Finally, JBF Capital Inc. purchased a new position in Ceragon Networks in the 4th quarter valued at about $170,000. 13.31% of the stock is owned by institutional investors and hedge funds.
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Analysts Set New Price Targets
CRNT has been the subject of a number of recent research reports. Needham & Company LLC cut their price objective on shares of Ceragon Networks from $4.50 to $3.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Roth Capital cut their price objective on shares of Ceragon Networks from $5.00 to $4.00 and set a "buy" rating for the company in a report on Friday, July 18th. Finally, Wall Street Zen downgraded shares of Ceragon Networks from a "buy" rating to a "hold" rating in a report on Thursday, May 8th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $5.30.
- Supply Chain Hurdles Open Entry Into Ceragon Networks
Read Our Latest Report on CRNT
Ceragon Networks Price Performance
Shares of NASDAQ CRNT opened at $2.03 on Thursday. The company has a market capitalization of $180.53 million, a PE ratio of 12.69 and a beta of 1.00. The firm's 50-day moving average is $2.33 and its two-hundred day moving average is $2.60. Ceragon Networks Ltd. has a 12-month low of $1.82 and a 12-month high of $5.73.
Ceragon Networks Profile
(Free Report)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.
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