91,200 Shares in Gilat Satellite Networks Ltd. $GILT Acquired by Potomac Capital Management Inc.

Potomac Capital Management Inc. purchased a new position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) during the 4th quarter, Holdings Channel.com reports. The firm purchased 91,200 shares of the communications equipment provider’s stock, valued at approximately $1,180,000. Gilat Satellite Networks makes up about 0.9% of Potomac Capital Management Inc.’s holdings, making the stock its 25th biggest position.

Several other hedge funds and other institutional investors also recently made changes to their positions in GILT. Clal Insurance Enterprises Holdings Ltd grew its stake in shares of Gilat Satellite Networks by 118.2% in the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock worth $51,992,000 after buying an additional 2,250,000 shares during the last quarter. UBS Group AG lifted its stake in shares of 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Gilat Satellite Networks by 995.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock worth $11,755,000 after buying an additional 824,949 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Gilat Satellite Networks by 1,205.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider’s stock worth $11,426,000 after buying an additional 815,360 shares in the last quarter. Finally, Van ECK Associates Corp bought a new position in shares of Gilat Satellite Networks in the third quarter worth approximately $7,843,000. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on GILT. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $20.00.

Insiders Place Their Bets

In other news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Doron Kerbel sold 7,500 shares of the firm’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.03, for a total value of $135,225.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.13% of the company’s stock.

Gilat Satellite Networks Stock Down 5.3%

Shares of GILT stock opened at $13.79 on Wednesday. The company has a 50 day moving average price of $17.10 and a 200-day moving average price of $15.81. Gilat Satellite Networks Ltd. has a 52 week low of $6.07 and a 52 week high of $20.93. The firm has a market capitalization of $1.02 billion, a PE ratio of 27.04 and a beta of 1.00.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. The firm 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%. Analysts anticipate that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current year.

Gilat Satellite Networks 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.