Acadian Asset Management LLC Buys 124,794 Shares of Gilat Satellite Networks Ltd. $GILT

Key Points

• Acadian Asset Management LLC increased its stake in Gilat Satellite Networks by 24.3%, acquiring an additional 124,794 shares, bringing its total ownership to approximately 1.12% valued at $4.04 million.
• Gilat Satellite Networks reported a quarterly earnings per share of $0.21, significantly beating analysts' estimates of $0.04, with revenues of $105 million.
• Following the positive earnings, several analysts upgraded Gilat Satellite Networks' rating to "strong-buy," reflecting increased confidence in the company's performance and potential growth.

Acadian Asset Management LLC raised its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 24.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 638,854 shares of the communications equipment provider's stock after acquiring an additional 124,794 shares during the period. Acadian Asset Management LLC owned about 1.12% of Gilat Satellite Networks worth $4,044,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Inspire Advisors LLC bought a new position in Gilat Satellite Networks during the 1st quarter valued at $308,000. Royce & Associates LP bought a new position in Gilat Satellite Networks during the 1st quarter valued at $4,434,000. Bank of America Corp DE lifted its stake in Gilat Satellite Networks by 83.4% during the 4th quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock valued at $305,000 after acquiring an additional 22,515 shares in the last quarter. Lazard Asset Management LLC lifted its stake in Gilat Satellite Networks by 62.9% during the 4th quarter. Lazard Asset Management LLC now owns 167,268 shares of the communications equipment provider's stock valued at $1,028,000 after acquiring an additional 64,610 shares in the last quarter. Finally, LBP AM SA lifted its stake in Gilat Satellite Networks by 22.3% during the 1st quarter. LBP AM SA now owns 424,697 shares of the communications equipment provider's stock valued at $2,697,000 after acquiring an additional 77,429 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Stock Performance

NASDAQ:GILT opened at $10.82 on Monday. The firm has a market cap of $619.03 million, a PE ratio of 27.74 and a beta of 0.51. Gilat Satellite Networks Ltd. has a fifty-two week low of $4.45 and a fifty-two week high of $11.06. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.17 and a current ratio of 1.50. The business has a 50 day moving average price of $8.68 and a 200-day moving average price of $7.19.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.17. The firm had revenue of $105.00 million during the quarter, compared to analyst estimates of $100.99 million. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%. Equities research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

GILT has been the topic of a number of recent analyst reports. Wall Street Zen upgraded Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research note on Saturday, August 9th. Zacks Research raised Gilat Satellite Networks to a "strong-buy" rating in a report on Friday, August 8th. Finally, Needham & Company LLC upped their price objective on Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $11.00.

Gilat Satellite Networks Profile

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.

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