Gilat Satellite Networks Ltd. $GILT Position Trimmed by First Wilshire Securities Management Inc.

Key Points

• First Wilshire Securities Management cut its stake in Gilat Satellite Networks by 35.1% in the first quarter, selling 328,518 shares and leaving it with 606,189 shares valued at about $9.1 million.
• Other institutions were active in the stock too, with several firms sharply adding to or initiating positions; overall, hedge funds and other institutional investors own 35.72% of Gilat shares.
• Analyst sentiment is mixed but leans positive: the stock currently has a Moderate Buy consensus and a $20.00 average price target, though some firms recently downgraded their ratings.

First Wilshire Securities Management Inc. decreased its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 35.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 606,189 shares of the communications equipment provider's stock after selling 328,518 shares during the period. Gilat Satellite Networks comprises 2.1% of First Wilshire Securities Management Inc.'s portfolio, making the stock its 16th largest holding. First Wilshire Securities Management Inc. owned about 0.82% of Gilat Satellite Networks worth $9,105,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in GILT. Clal Insurance Enterprises Holdings Ltd boosted its holdings in shares of Gilat Satellite Networks by 33.8% during the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider's stock worth $71,476,000 after purchasing an additional 1,402,035 shares during the period. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks in the 4th quarter valued at approximately $13,555,000. UBS Group AG lifted its position in Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider's stock worth $12,545,000 after buying an additional 828,489 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Gilat Satellite Networks by 995.8% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider's stock worth $11,755,000 after buying an additional 824,949 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Gilat Satellite Networks by 1,205.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider's stock valued at $11,426,000 after buying an additional 815,360 shares during the period. 35.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on GILT. Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Finally, Zacks Research cut Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $20.00.

Insider Transactions at Gilat Satellite Networks

In related news, insider Arieh Rohrstock sold 17,568 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company's stock.

Gilat Satellite Networks Stock Performance

Shares of GILT opened at $11.64 on Wednesday. The firm has a market cap of $859.38 million, a PE ratio of 22.82 and a beta of 1.04. The firm's 50 day moving average price is $13.93 and its 200 day moving average price is $15.95. Gilat Satellite Networks Ltd. has a twelve month low of $7.22 and a twelve month high of $20.93.

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

Gilat Satellite Networks 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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