Clal Insurance Enterprises Holdings Ltd Lowers Position in Gilat Satellite Networks Ltd. $GILT

Clal Insurance Enterprises Holdings Ltd reduced its position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 20.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,413,627 shares of the communications equipment provider’s stock after selling 1,142,528 shares during the quarter. Clal Insurance Enterprises Holdings Ltd owned 0.06% of Gilat Satellite Networks worth $65,481,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Cetera Investment Advisers purchased a new stake in shares of Gilat Satellite Networks during the second quarter worth about $191,000. Russell Investments Group Ltd. raised its position 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 valued at $870,000 after buying an additional 34,810 shares during the last quarter. Marshall Wace LLP raised its holdings in shares of Gilat Satellite Networks by 1.6% during the 2nd quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after acquiring an additional 8,105 shares during the period. Jane Street Group LLC boosted its holdings in Gilat Satellite Networks by 298.7% in the 2nd quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock valued at $484,000 after purchasing an additional 51,109 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in 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 valued at $860,000 after acquiring an additional 22,817 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Gilat Satellite Networks

In related news, insider Arieh Rohrstock sold 17,568 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total transaction of $267,560.64. Following the sale, the insider directly owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company’s stock.

Gilat Satellite Networks Stock Up 7.4%

Shares of GILT stock opened at $11.64 on Wednesday. The firm has a 50 day moving average of $13.93 and a two-hundred day moving average of $15.95. The stock has a market capitalization of $859.38 million, a PE ratio of 22.82 and a beta of 1.04. Gilat Satellite Networks Ltd. has a 52 week low of $7.22 and a 52 week high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. The company had revenue of $110.47 million for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. Analysts expect that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

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.