Gilat Satellite Networks (NASDAQ:GILT) Stock Rating Lowered by Zacks Research

Gilat Satellite Networks (NASDAQ:GILT) was downgraded by investment analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other brokerages have also commented on GILT. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Stock Performance

NASDAQ:GILT opened at $13.58 on Tuesday. The firm has a market cap of $1.00 billion, a P/E ratio of 26.63 and a beta of 1.00. Gilat Satellite Networks has a fifty-two week low of $6.24 and a fifty-two week high of $20.93. The firm has a 50-day simple moving average of $16.91 and a two-hundred day simple moving average of $15.94.

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

Insider Buying and Selling

In related news, insider Doron Kerbel sold 7,500 shares of the firm’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Arieh Rohrstock sold 17,568 shares of the firm’s stock in a transaction that occurred 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 directly owned 7,531 shares in the company, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.13% of the company’s stock.

Hedge Funds Weigh In On Gilat Satellite Networks

A number of institutional investors and hedge funds have recently made changes to their positions in GILT. Cetera Investment Advisers purchased a new position in shares of Gilat Satellite Networks in the second quarter worth approximately $191,000. Russell Investments Group Ltd. boosted its holdings in shares of Gilat Satellite Networks by 39.6% in the second quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider’s stock worth $870,000 after buying an additional 34,810 shares during the last quarter. Marshall Wace LLP boosted its holdings in shares of 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 worth $3,643,000 after buying an additional 8,105 shares during the last quarter. Jane Street Group LLC boosted its holdings in shares of Gilat Satellite Networks by 298.7% in the second quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock worth $484,000 after buying an additional 51,109 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Gilat Satellite Networks by 23.2% in the second quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after buying an additional 22,817 shares during the last quarter. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.