Essex Investment Management Co. LLC Sells 148,535 Shares of Ceragon Networks Ltd. (NASDAQ:CRNT)

Essex Investment Management Co. LLC lessened its stake in Ceragon Networks Ltd. (NASDAQ:CRNT) by 11.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 1,102,599 shares of the communications equipment provider’s stock after selling 148,535 shares during the quarter. Ceragon Networks accounts for 0.9% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 27th biggest holding. Essex Investment Management Co. LLC’s holdings in Ceragon Networks were worth $5,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bravias Capital Group LLC purchased a new position in Ceragon Networks in the fourth quarter valued at about $71,000. Navellier & Associates Inc. purchased a new position in Ceragon Networks in the fourth quarter valued at about $1,804,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Ceragon Networks in the fourth quarter valued at about $166,000. State of New Jersey Common Pension Fund D purchased a new position in Ceragon Networks in the fourth quarter valued at about $182,000. Finally, Perigon Wealth Management LLC purchased a new position in Ceragon Networks in the fourth quarter valued at about $90,000. Hedge funds and other institutional investors own 13.31% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRNT. Needham & Company LLC reiterated a “buy” rating and issued a $6.00 target price on shares of Ceragon Networks in a research note on Wednesday, February 12th. Litchfield Hills Research initiated coverage on Ceragon Networks in a research note on Tuesday, December 3rd. They set a “buy” rating and a $10.00 price target on the stock. Finally, StockNews.com lowered Ceragon Networks from a “buy” rating to a “hold” rating in a research note on Saturday. One investment analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ceragon Networks currently has an average rating of “Buy” and an average price target of $6.83.

Ceragon Networks Stock Performance

Shares of CRNT stock opened at $2.55 on Friday. Ceragon Networks Ltd. has a fifty-two week low of $2.33 and a fifty-two week high of $5.73. The firm has a market capitalization of $217.82 million, a price-to-earnings ratio of 9.44 and a beta of 1.62. The stock’s 50-day simple moving average is $4.13 and its 200-day simple moving average is $3.52.

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.