Arrowstreet Capital Limited Partnership Sells 689,614 Shares of Gilat Satellite Networks Ltd. $GILT

Arrowstreet Capital Limited Partnership cut its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 66.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 345,475 shares of the communications equipment provider's stock after selling 689,614 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.47% of Gilat Satellite Networks worth $5,179,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Gilat Satellite Networks by 33.8% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider's stock worth $71,476,000 after buying an additional 1,402,035 shares during the last quarter. Van ECK Associates Corp grew its position in Gilat Satellite Networks by 77.3% in the fourth quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider's stock valued at $13,822,000 after acquiring an additional 465,775 shares during the last quarter. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks during the fourth quarter worth about $13,555,000. UBS Group AG raised its stake in Gilat Satellite Networks by 613.4% during the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider's stock worth $12,545,000 after acquiring an additional 828,489 shares in the last quarter. Finally, LBP AM SA lifted its holdings in shares of Gilat Satellite Networks by 31.7% in the fourth quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider's stock worth $12,445,000 after acquiring an additional 231,258 shares during the last quarter. Institutional investors and hedge funds own 35.72% of the company's stock.

Insider Transactions at Gilat Satellite Networks

In other news, insider Arieh Rohrstock sold 17,568 shares of the business'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 value of $267,560.64. Following the transaction, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.13% of the company's stock.

Gilat Satellite Networks Stock Performance

Shares of GILT opened at $11.05 on Monday. The company has a market capitalization of $815.82 million, a PE ratio of 21.67 and a beta of 1.06. Gilat Satellite Networks Ltd. has a 12 month low of $7.22 and a 12 month high of $20.93. The stock's 50-day moving average price is $13.20 and its two-hundred day moving average price is $15.74.

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

Wall Street Analyst Weigh In

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

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