Insider Selling: Gilat Satellite Networks (NASDAQ:GILT) Insider Sells $135,225.00 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) insider Doron Kerbel sold 7,500 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Gilat Satellite Networks Price Performance

GILT opened at $17.39 on Thursday. The stock’s 50 day moving average price is $16.94 and its 200 day moving average price is $14.26. The stock has a market cap of $1.28 billion, a P/E ratio of 52.70 and a beta of 0.82. 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 announced its quarterly earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%.The company had revenue of $136.96 million during the quarter, compared to analyst estimates of $133.56 million. Equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Institutional Trading of Gilat Satellite Networks

Hedge funds and other institutional investors have recently modified their holdings of the company. XTX Topco Ltd lifted its holdings in shares of Gilat Satellite Networks by 31.3% in the fourth quarter. XTX Topco Ltd now owns 32,176 shares of the communications equipment provider’s stock valued at $416,000 after buying an additional 7,666 shares during the period. Quadrature Capital Ltd bought a new stake in Gilat Satellite Networks in the fourth quarter worth about $444,000. Numerai GP LLC raised its position in Gilat Satellite Networks by 224.0% in the fourth quarter. Numerai GP LLC now owns 58,049 shares of the communications equipment provider’s stock worth $751,000 after acquiring an additional 40,133 shares in the last quarter. Millennium Management LLC lifted its holdings in Gilat Satellite Networks by 1,809.5% in the 4th quarter. Millennium Management LLC now owns 386,014 shares of the communications equipment provider’s stock valued at $4,995,000 after acquiring an additional 365,799 shares during the last quarter. Finally, Altshuler Shaham Ltd lifted its holdings in Gilat Satellite Networks by 4,494.6% in the 4th quarter. Altshuler Shaham Ltd now owns 475,171 shares of the communications equipment provider’s stock valued at $5,686,000 after acquiring an additional 464,829 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GILT shares. Freedom Capital raised shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Wall Street Zen cut shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

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.