Gilat Satellite Networks (NASDAQ:GILT) Announces Quarterly Earnings Results

Gilat Satellite Networks (NASDAQ:GILT) issued its quarterly earnings results on Tuesday. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07, FiscalAI reports. Gilat Satellite Networks had a net margin of 6.03% and a return on equity of 10.40%. The company had revenue of $136.96 million for the quarter, compared to analyst estimates of $133.56 million.

Gilat Satellite Networks Price Performance

Shares of GILT opened at $19.27 on Tuesday. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of 47.00 and a beta of 0.82. The firm’s fifty day simple moving average is $15.16 and its 200-day simple moving average is $12.69. Gilat Satellite Networks has a twelve month low of $5.30 and a twelve month high of $20.38. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14.

Institutional Trading of Gilat Satellite Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of GILT. Raymond James Financial Inc. lifted its holdings in Gilat Satellite Networks by 9.8% during the 3rd quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider’s stock worth $318,000 after buying an additional 2,173 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Gilat Satellite Networks by 7.9% during the 4th quarter. Geode Capital Management LLC now owns 33,650 shares of the communications equipment provider’s stock worth $435,000 after acquiring an additional 2,460 shares in the last quarter. Tidal Investments LLC lifted its stake in Gilat Satellite Networks by 6.8% during the second quarter. Tidal Investments LLC now owns 66,474 shares of the communications equipment provider’s stock worth $471,000 after purchasing an additional 4,250 shares during the last quarter. Millennium Management LLC boosted its holdings in Gilat Satellite Networks by 40.7% in the third quarter. Millennium Management LLC now owns 20,215 shares of the communications equipment provider’s stock valued at $263,000 after purchasing an additional 5,852 shares in the last quarter. Finally, Marshall Wace LLP boosted its holdings in Gilat Satellite Networks by 1.6% in the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock valued at $3,643,000 after purchasing an additional 8,105 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GILT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Friday, January 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, November 25th. Finally, Freedom Capital lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Gilat Satellite Networks has a consensus rating of “Hold” and an average price target of $16.00.

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.