Gilat Satellite Networks (NASDAQ:GILT) Insider Sells $267,560.64 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the completion of the transaction, the insider owned 7,531 shares of the company’s stock, valued at $114,697.13. This trade represents a 69.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Gilat Satellite Networks Trading Up 0.2%

Shares of NASDAQ GILT opened at $13.58 on Thursday. Gilat Satellite Networks Ltd. has a 12 month low of $6.24 and a 12 month high of $20.93. The firm has a market capitalization of $1.00 billion, a PE ratio of 26.63 and a beta of 1.00. The firm has a fifty day simple moving average of $16.91 and a two-hundred day simple moving average of $15.94.

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

Analysts Set New Price Targets

Several research analysts have commented on GILT shares. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Two investment analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $20.00.

Institutional Trading of Gilat Satellite Networks

Hedge funds and other institutional investors have recently modified their holdings of the business. Huntington National Bank grew its position in shares of Gilat Satellite Networks by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after buying an additional 2,000 shares during the period. SBI Securities Co. Ltd. grew its position in shares of Gilat Satellite Networks by 82.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after buying an additional 960 shares during the period. Smartleaf Asset Management LLC purchased a new stake in shares of Gilat Satellite Networks in the 4th quarter worth about $39,000. Summit Securities Group LLC purchased a new stake in shares of Gilat Satellite Networks in the 1st quarter worth about $48,000. Finally, Signaturefd LLC grew its position in shares of Gilat Satellite Networks by 104.5% in the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock worth $53,000 after buying an additional 2,105 shares during the period. 35.72% of the stock is owned by hedge funds and other institutional investors.

Gilat Satellite Networks Company Profile

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.