Everett Harris & Co. CA Acquires Shares of 60,380 Viasat Inc. $VSAT

Key Points

• Everett Harris & Co. CA acquired 60,380 Viasat shares worth approximately $5.4 million during the second quarter. Institutional investors and hedge funds collectively own 86.05% of VSAT.
• Viasat’s latest quarterly results missed expectations, with an adjusted loss of $0.02 per share versus analysts’ projected $0.32 profit, while revenue rose 2.1% year over year to $1.17 billion.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and average price target of $90.67, although insiders sold roughly $47.4 million of shares over the past three months.

Everett Harris & Co. CA bought a new position in Viasat Inc. (NASDAQ:VSAT - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 60,380 shares of the communications equipment provider's stock, valued at approximately $5,423,000.

A number of other hedge funds have also made changes to their positions in VSAT. Elevation Wealth Partners LLC lifted its holdings in Viasat by 935.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider's stock valued at $32,000 after purchasing an additional 318 shares during the last quarter. Valued Wealth Advisors LLC bought a new stake in Viasat during the first quarter worth about $25,000. Pilgrim Partners Asia Pte Ltd bought a new stake in Viasat during the fourth quarter worth about $36,000. Los Angeles Capital Management LLC acquired a new stake in shares of Viasat during the fourth quarter worth approximately $38,000. Finally, International Assets Investment Management LLC acquired a new stake in shares of Viasat during the first quarter worth approximately $51,000. Institutional investors and hedge funds own 86.05% of the company's stock.

Viasat Price Performance

VSAT opened at $82.87 on Friday. Viasat Inc. has a one year low of $25.50 and a one year high of $93.03. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.68 and a quick ratio of 1.52. The company's 50 day simple moving average is $73.64 and its 200-day simple moving average is $62.14. The stock has a market capitalization of $11.42 billion, a P/E ratio of -345.29 and a beta of 1.72.

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

Analyst Ratings Changes

Several research analysts have recently commented on the company. Oppenheimer started coverage on Viasat in a report on Monday, June 29th. They issued an "outperform" rating and a $140.00 target price on the stock. Zacks Research raised Viasat from a "strong sell" rating to a "hold" rating in a report on Wednesday, July 29th. Raymond James Financial set a $74.00 price objective on Viasat and gave the stock an "outperform" rating in a research note on Friday, April 24th. Needham & Company LLC increased their target price on Viasat from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, August 5th. Finally, B. Riley Financial raised their target price on Viasat from $94.00 to $106.00 and gave the company a "buy" rating in a research note on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Viasat has a consensus rating of "Moderate Buy" and an average target price of $90.67.

Insider Buying and Selling

In other news, SVP Benjamin Edward Palmer sold 2,400 shares of the business's stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $75.46, for a total transaction of $181,104.00. Following the completion of the sale, the senior vice president owned 21,159 shares in the company, valued at $1,596,658.14. The trade was a 10.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John P. Stenbit sold 616 shares of the company's stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $75.46, for a total value of $46,483.36. Following the transaction, the director directly owned 634 shares in the company, valued at $47,841.64. This trade represents a 49.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 671,861 shares of company stock worth $47,405,788. 1.40% of the stock is currently owned by company insiders.

Viasat Company Profile

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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