Gilat Satellite Networks’ (GILT) Buy Rating Reaffirmed at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Gilat Satellite Networks (NASDAQ:GILT) in a research report report published on Friday morning, Benzinga reports. The firm currently has a $8.50 target price on the communications equipment provider’s stock.

Separately, StockNews.com raised shares of Gilat Satellite Networks from a buy rating to a strong-buy rating in a report on Friday, November 10th.

Gilat Satellite Networks Stock Performance

Shares of NASDAQ GILT opened at $6.30 on Friday. The firm’s 50 day moving average price is $6.23 and its 200-day moving average price is $6.16. The company has a market cap of $356.71 million, a PE ratio of 25.20 and a beta of 0.62. Gilat Satellite Networks has a 52-week low of $4.51 and a 52-week high of $7.16.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Millennium Management LLC grew its position in Gilat Satellite Networks by 736.4% during the 4th quarter. Millennium Management LLC now owns 695,690 shares of the communications equipment provider’s stock worth $4,035,000 after purchasing an additional 612,515 shares during the last quarter. Wellington Management Group LLP grew its position in Gilat Satellite Networks by 42.0% during the 1st quarter. Wellington Management Group LLP now owns 1,833,700 shares of the communications equipment provider’s stock worth $9,389,000 after purchasing an additional 542,800 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Gilat Satellite Networks by 381.5% in the 3rd quarter. Acadian Asset Management LLC now owns 451,343 shares of the communications equipment provider’s stock valued at $2,894,000 after acquiring an additional 357,609 shares during the last quarter. State Street Corp boosted its holdings in shares of Gilat Satellite Networks by 93.9% in the 2nd quarter. State Street Corp now owns 701,302 shares of the communications equipment provider’s stock valued at $4,236,000 after acquiring an additional 339,586 shares during the last quarter. Finally, Kent Lake Capital LLC boosted its holdings in shares of Gilat Satellite Networks by 1,063.8% in the 3rd quarter. Kent Lake Capital LLC now owns 350,000 shares of the communications equipment provider’s stock valued at $2,250,000 after acquiring an additional 319,926 shares during the last quarter. Institutional investors own 32.55% of the company’s stock.

Gilat Satellite Networks Company Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. The company designs and manufactures ground-based satellite communications equipment; and provides solutions and end-to-end services.