Gilat Satellite Networks (NASDAQ:GILT) Stock Price Target Lowered at Freedom Broker

Key Points

• Freedom Broker cut Gilat Satellite Networks’ price target to $13.30 from $18.40 but maintained a Buy rating; the new target implies 140.29% upside from the prior close.
• Analyst views were mixed: William Blair downgraded the stock to Market Perform and Needham lowered its target to $11 while keeping a Buy rating. The consensus is Moderate Buy, with a $12.15 target.
• Shares fell 3.4% to $5.54. The company beat quarterly EPS estimates ($0.18 versus $0.14) but revenue missed forecasts ($116.23 million versus $126.54 million).

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) had its target price cut by analysts at Freedom Broker from $18.40 to $13.30 in a report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the communications equipment provider's stock. Freedom Broker's price target would suggest a potential upside of 140.29% from the company's previous close.

Several other research analysts have also recently issued reports on the stock. William Blair cut shares of Gilat Satellite Networks from an "outperform" rating to a "market perform" rating in a report on Tuesday. Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Monday, September 14th. Finally, Needham & Company LLC lowered their price target on shares of Gilat Satellite Networks from $20.00 to $11.00 and set a "buy" rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Gilat Satellite Networks has an average rating of "Moderate Buy" and a consensus target price of $12.15.

Gilat Satellite Networks Trading Down 3.4%

NASDAQ:GILT traded down $0.20 during midday trading on Friday, hitting $5.54. The stock had a trading volume of 968,292 shares, compared to its average volume of 849,190. Gilat Satellite Networks has a one year low of $5.40 and a one year high of $20.93. The company has a market capitalization of $408.65 million, a price-to-earnings ratio of 13.51 and a beta of 1.15. The stock has a 50-day moving average of $8.68 and a 200 day moving average of $13.34. The company has a quick ratio of 1.65, a current ratio of 2.57 and a debt-to-equity ratio of 0.17.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its earnings results on Tuesday, November 10th. The communications equipment provider reported $0.18 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.04. Gilat Satellite Networks had a return on equity of 9.55% and a net margin of 6.34%. The business had revenue of $116.23 million during the quarter, compared to analyst estimates of $126.54 million. As a group, sell-side analysts forecast that Gilat Satellite Networks will post 0.53 EPS for the current year.

Hedge Funds Weigh In On Gilat Satellite Networks

Large investors have recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in shares of Gilat Satellite Networks by 103.4% in the 2nd quarter. NewEdge Advisors LLC now owns 2,091 shares of the communications equipment provider's stock worth $28,000 after buying an additional 1,063 shares during the last quarter. Seven Mile Advisory purchased a new stake in Gilat Satellite Networks during the third quarter valued at approximately $105,000. StoneX Group Inc. purchased a new stake in Gilat Satellite Networks during the third quarter valued at approximately $120,000. Focus Advisor Solutions LLC boosted its stake in Gilat Satellite Networks by 80.5% in the third quarter. Focus Advisor Solutions LLC now owns 20,709 shares of the communications equipment provider's stock valued at $204,000 after acquiring an additional 9,238 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Gilat Satellite Networks by 47.4% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 25,384 shares of the communications equipment provider's stock valued at $251,000 after acquiring an additional 8,163 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

About Gilat Satellite Networks

Gilat Satellite Networks is an Israel-based provider of satellite communications technology and services. Founded in 1987, the company develops equipment and network solutions that enable broadband connectivity in areas where terrestrial networks are limited or unavailable. Its offerings include very small aperture terminal (VSAT) equipment, satellite modems, hubs, gateways and network management systems. Gilat also provides satellite communications solutions for cellular backhaul, enterprise and rural broadband, in-flight and maritime connectivity, and government and defense applications.

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