Goldman Sachs Group Inc. Lowers Stock Position in Gilat Satellite Networks Ltd. $GILT

Key Points

• Goldman Sachs Group Inc. significantly reduced its stake in Gilat Satellite Networks Ltd. by 81.7% during Q1, owning approximately 0.06% of the company worth $218,000 after selling most of its shares.
• Multiple institutional investors, including Blue Bell Private Wealth and Ritholtz Wealth Management, have recently taken new positions in Gilat, indicating ongoing interest from the investment community.
• Analysts have a consensus rating of "Strong Buy" for Gilat Satellite Networks, with a target price of $11.00, supported by strong earnings that surpassed estimates.

Goldman Sachs Group Inc. lowered its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 81.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,352 shares of the communications equipment provider's stock after selling 153,578 shares during the period. Goldman Sachs Group Inc. owned about 0.06% of Gilat Satellite Networks worth $218,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Bell Private Wealth Management LLC purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $67,000. State of Wyoming purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $101,000. Flaharty Asset Management LLC purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $108,000. Walleye Capital LLC purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $111,000. Finally, Ritholtz Wealth Management purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $111,000. Hedge funds and other institutional investors own 35.72% of the company's stock.

Gilat Satellite Networks Price Performance

GILT opened at $11.74 on Monday. 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 firm has a market cap of $671.65 million, a P/E ratio of 30.10 and a beta of 0.51. Gilat Satellite Networks Ltd. has a fifty-two week low of $4.82 and a fifty-two week high of $12.45. The firm has a 50-day moving average of $9.49 and a 200 day moving average of $7.51.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share for the quarter, topping 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 net margin of 6.41% and a return on equity of 10.05%. On average, research analysts expect that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Zacks Research upgraded shares of Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. Needham & Company LLC increased their price target on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Finally, Wall Street Zen lowered shares of Gilat Satellite Networks from a "strong-buy" rating to a "buy" rating in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Strong 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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