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.

Several other analysts also recently weighed in on GILT. Wall Street Zen downgraded 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 target price on shares of Gilat Satellite Networks in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Trading Up 0.2%

Shares of NASDAQ 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 company has a market cap of $1.00 billion, a P/E ratio of 26.63 and a beta of 1.00. The stock 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. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The firm had revenue of $110.47 million during the quarter. On average, sell-side analysts forecast that Gilat Satellite Networks will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $18.03, for a total transaction of $135,225.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the sale, the insider directly owned 7,531 shares in the company, valued at approximately $114,697.13. This trade 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. Insiders own 1.13% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Clal Insurance Enterprises Holdings Ltd grew its position in Gilat Satellite Networks by 33.8% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after buying an additional 1,402,035 shares during the last quarter. Royce & Associates LP grew its position in Gilat Satellite Networks by 12.4% in the third 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 last quarter. Van ECK Associates Corp grew its position in Gilat Satellite Networks by 77.3% in the fourth 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 last quarter. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks in the fourth quarter worth approximately $13,555,000. Finally, UBS Group AG grew its position in Gilat Satellite Networks by 613.4% in the third 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 last quarter. Institutional investors and hedge funds own 35.72% of the company’s stock.

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.