Corient Private Wealth LP Takes Position in Viasat Inc. $VSAT

Key Points

• Corient Private Wealth LP initiated a Viasat position by purchasing 202,759 shares worth approximately $18.2 million, while institutional investors collectively own 86.05% of the company.
• Viasat shares opened at $67.37 after declining 7.4%. The company reported quarterly revenue of $1.17 billion but missed earnings expectations, posting a loss of $0.02 per share versus the $0.32 consensus estimate.
• Analyst sentiment remains a “Moderate Buy”, with a consensus price target of $90.67; however, insiders sold 675,861 shares worth about $47.7 million over the past 90 days.

Corient Private Wealth LP bought a new position in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 202,759 shares of the communications equipment provider's stock, valued at approximately $18,210,000. Corient Private Wealth LP owned approximately 0.15% of Viasat as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in Viasat in the 2nd quarter worth $1,863,374,000. Jefferies Financial Group Inc. bought a new stake in Viasat during the fourth quarter valued at about $830,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Viasat in the second quarter worth about $11,902,000. South Dakota Investment Council increased its position in Viasat by 92.6% in the first quarter. South Dakota Investment Council now owns 336,056 shares of the communications equipment provider's stock worth $15,391,000 after buying an additional 161,552 shares in the last quarter. Finally, Everett Harris & Co. CA bought a new position in shares of Viasat in the second quarter worth about $5,423,000. Hedge funds and other institutional investors own 86.05% of the company's stock.

Viasat Trading Down 7.4%

Shares of VSAT stock opened at $67.37 on Friday. Viasat Inc. has a 12-month low of $26.10 and a 12-month high of $93.03. The company has a current ratio of 1.68, a quick ratio of 1.52 and a debt-to-equity ratio of 1.23. The stock's 50-day moving average price is $75.32 and its 200-day moving average price is $64.28. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of -280.71 and a beta of 1.72.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.34). The firm had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.20 billion. Viasat had a negative net margin of 0.64% and a positive return on equity of 1.44%. Viasat's quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company posted ($0.02) earnings per share. Equities research analysts predict that Viasat Inc. will post -0.36 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on VSAT. Oppenheimer initiated coverage on Viasat in a research note on Monday, June 29th. They set an "outperform" rating and a $140.00 price objective for the company. Needham & Company LLC lifted their price target on shares of Viasat from $90.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Barclays set a $49.00 price objective on shares of Viasat in a research note on Friday, May 29th. Weiss Ratings restated a "sell (d-)" rating on shares of Viasat in a research report on Friday, July 17th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating and set a $97.00 target price on shares of Viasat in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $90.67.

Insider Buying and Selling at Viasat

In other news, Director John P. Stenbit sold 616 shares of the stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $75.46, for a total transaction of $46,483.36. Following the completion of the transaction, the director directly owned 634 shares in the company, valued at approximately $47,841.64. This represents a 49.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Benjamin Edward Palmer sold 2,400 shares of the firm's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $75.46, for a total transaction of $181,104.00. Following the completion of the transaction, the senior vice president directly owned 21,159 shares of the company's stock, valued at approximately $1,596,658.14. This trade represents a 10.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 675,861 shares of company stock worth $47,705,388. Company insiders own 1.40% of the company's stock.

About Viasat

Viasat, Inc NASDAQ: VSAT provides high‐capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.

Viasat's product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.

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