Lazard Asset Management LLC lowered its stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 89.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,202 shares of the communications equipment provider's stock after selling 146,986 shares during the period. Lazard Asset Management LLC's holdings in Gilat Satellite Networks were worth $258,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of GILT. Huntington National Bank increased its stake in Gilat Satellite Networks by 200,000.0% in the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider's stock valued at $26,000 after buying an additional 2,000 shares during the period. SBI Securities Co. Ltd. lifted its stake in shares of Gilat Satellite Networks by 82.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider's stock worth $28,000 after acquiring an additional 960 shares during the period. Smartleaf Asset Management LLC purchased a new stake in shares of Gilat Satellite Networks in the fourth quarter valued at about $39,000. Summit Securities Group LLC purchased a new stake in shares of Gilat Satellite Networks in the first quarter valued at about $48,000. Finally, Signaturefd LLC increased its stake in shares of Gilat Satellite Networks by 104.5% during the fourth quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider's stock worth $53,000 after acquiring an additional 2,105 shares during the period. 35.72% of the stock is currently owned by hedge funds and other institutional investors.
Gilat Satellite Networks Trading Down 0.5%
GILT stock opened at $11.23 on Friday. The company has a market cap of $829.11 million, a P/E ratio of 25.52 and a beta of 1.06. Gilat Satellite Networks Ltd. has a 52 week low of $8.52 and a 52 week high of $20.93. The company's 50-day moving average price is $12.64 and its 200 day moving average price is $15.55.
Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its earnings results on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a net margin of 6.21% and a return on equity of 10.12%. The company had revenue of $122.66 million during the quarter. On average, equities research analysts expect that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of brokerages recently commented on GILT. Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. Needham & Company LLC reissued a "buy" rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Finally, Zacks Research cut Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 16th. One investment 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $20.00.
Read Our Latest Stock Report on Gilat Satellite Networks
Insider Buying and Selling at Gilat Satellite Networks
In related news, insider Arieh Rohrstock sold 17,568 shares of the firm's stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the transaction, the insider directly owned 7,531 shares of the company's stock, valued at $114,697.13. This trade represents a 69.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is currently owned by corporate insiders.
About Gilat Satellite Networks
(
Free Report)
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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