Essex Investment Management Co. LLC Reduces Holdings in Ceragon Networks Ltd. (NASDAQ:CRNT)

Essex Investment Management Co. LLC trimmed its position in shares of Ceragon Networks Ltd. (NASDAQ:CRNT) by 11.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 approximately 0.9% of Essex Investment Management Co. LLC’s investment portfolio, making the stock its 27th largest position. Essex Investment Management Co. LLC owned 1.29% of Ceragon Networks worth $5,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bravias Capital Group LLC purchased a new position in Ceragon Networks during the fourth quarter worth $71,000. Perigon Wealth Management LLC purchased a new position in Ceragon Networks during the fourth quarter worth $90,000. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Ceragon Networks during the fourth quarter worth $166,000. JPMorgan Chase & Co. purchased a new position in Ceragon Networks during the third quarter worth $104,000. Finally, State of New Jersey Common Pension Fund D bought a new stake in shares of Ceragon Networks during the fourth quarter worth $182,000. 13.31% of the stock is owned by hedge funds and other institutional investors.

Ceragon Networks Price Performance

CRNT stock opened at $2.55 on Friday. The business has a 50-day moving average price of $4.13 and a 200 day moving average price of $3.52. The company has a market capitalization of $217.82 million, a P/E ratio of 9.44 and a beta of 1.62. Ceragon Networks Ltd. has a 1-year low of $2.33 and a 1-year high of $5.73.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CRNT shares. Litchfield Hills Research started coverage on Ceragon Networks in a research report on Tuesday, December 3rd. They set a “buy” rating and a $10.00 target price for the company. StockNews.com downgraded Ceragon Networks from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $6.00 target price on shares of Ceragon Networks in a research report on Wednesday, February 12th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $6.83.

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.