Zacks Research Downgrades Gilat Satellite Networks (NASDAQ:GILT) to Hold

Gilat Satellite Networks (NASDAQ:GILT) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on GILT. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

GILT opened at $13.58 on Tuesday. Gilat Satellite Networks has a 12 month low of $6.24 and a 12 month high of $20.93. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 26.63 and a beta of 1.00. The business has a fifty day moving average price of $16.91 and a 200 day moving average price of $15.94.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. The company had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. On average, research analysts anticipate that Gilat Satellite Networks will post 0.53 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Doron Kerbel sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $18.03, for a total value of $135,225.00. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the sale, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Gilat Satellite Networks by 33.8% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after purchasing an additional 1,402,035 shares during the period. Royce & Associates LP raised its position in shares of Gilat Satellite Networks by 12.4% in the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock worth $15,605,000 after buying an additional 132,599 shares during the period. Van ECK Associates Corp raised its position in shares of Gilat Satellite Networks by 77.3% in the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider’s stock worth $13,822,000 after buying an additional 465,775 shares during the period. Defiance ETFs LLC purchased a new position in shares of Gilat Satellite Networks in the 4th quarter worth $13,555,000. Finally, UBS Group AG raised its position in shares of Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after buying an additional 828,489 shares during the period. Hedge funds and other institutional investors own 35.72% of the company’s stock.

About Gilat Satellite Networks

Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company’s core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.

Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.