Clal Insurance Enterprises Holdings Ltd Buys 2,250,000 Shares of Gilat Satellite Networks Ltd. $GILT

Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 118.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,154,120 shares of the communications equipment provider’s stock after purchasing an additional 2,250,000 shares during the quarter. Clal Insurance Enterprises Holdings Ltd owned about 7.26% of Gilat Satellite Networks worth $51,992,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GILT. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks in the third quarter valued at approximately $26,000. USA Financial Formulas acquired a new stake in Gilat Satellite Networks in the 3rd quarter valued at $39,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Gilat Satellite Networks in the 3rd quarter valued at $64,000. McIlrath & Eck LLC increased its stake in Gilat Satellite Networks by 383.1% during the 3rd quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock valued at $75,000 after purchasing an additional 4,586 shares in the last quarter. Finally, Assetmark Inc. acquired a new position in Gilat Satellite Networks during the third quarter worth $76,000. 35.72% of the stock is owned by institutional investors.

Gilat Satellite Networks Stock Performance

GILT stock opened at $15.90 on Friday. The company has a quick ratio of 1.62, a current ratio of 1.84 and a debt-to-equity ratio of 0.14. The firm has a market cap of $909.64 million, a PE ratio of 48.18 and a beta of 0.82. The business has a 50 day moving average of $15.91 and a 200-day moving average of $13.27. Gilat Satellite Networks Ltd. has a 12-month low of $5.30 and a 12-month high of $20.38.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $136.96 million for the quarter, compared to analysts’ expectations of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. As a group, sell-side analysts expect that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Analysts Set New Price Targets

GILT has been the subject of several recent research reports. Wall Street Zen downgraded shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday. Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, February 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Gilat Satellite Networks in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks 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.