State of New Jersey Common Pension Fund D Purchases New Position in Viasat Inc. $VSAT

Key Points

• State of New Jersey Common Pension Fund D opened a new position in Viasat during the fourth quarter, buying 61,153 shares worth about $2.1 million.
• Several other institutions also increased or initiated stakes in Viasat, and institutional ownership now stands at 86.05%. Meanwhile, insiders have been selling shares, including two senior vice presidents in March.
• Viasat shares recently traded near their 52-week high of $70.35, and analyst sentiment has improved, with multiple firms raising price targets. The stock currently carries a Moderate Buy consensus and an average price target of $60.57.

State of New Jersey Common Pension Fund D purchased a new stake in Viasat Inc. (NASDAQ:VSAT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 61,153 shares of the communications equipment provider's stock, valued at approximately $2,107,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in VSAT. Brightline Capital Management LLC boosted its position in shares of Viasat by 1.8% during the 3rd quarter. Brightline Capital Management LLC now owns 2,036,000 shares of the communications equipment provider's stock worth $59,655,000 after acquiring an additional 36,000 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Viasat during the third quarter valued at $4,230,000. Inspire Advisors LLC bought a new position in shares of Viasat during the third quarter valued at $4,498,000. Hudson Bay Capital Management LP bought a new position in shares of Viasat during the third quarter valued at $7,325,000. Finally, American Century Companies Inc. raised its stake in shares of Viasat by 38.5% during the third quarter. American Century Companies Inc. now owns 3,713,581 shares of the communications equipment provider's stock valued at $108,808,000 after acquiring an additional 1,033,194 shares during the last quarter. Institutional investors and hedge funds own 86.05% of the company's stock.

Insider Transactions at Viasat

In related news, SVP Craig Andrew Miller sold 5,260 shares of the company's stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $50.00, for a total transaction of $263,000.00. Following the completion of the sale, the senior vice president directly owned 21,252 shares in the company, valued at $1,062,600. This represents a 19.84% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Robert James Blair sold 30,411 shares of the company's stock in a transaction on Monday, March 16th. The shares were sold at an average price of $47.04, for a total transaction of $1,430,533.44. Following the sale, the senior vice president owned 38,108 shares of the company's stock, valued at $1,792,600.32. This represents a 44.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 38,071 shares of company stock worth $1,804,437. 2.20% of the stock is currently owned by insiders.

Viasat Price Performance

Shares of NASDAQ:VSAT opened at $70.01 on Friday. The company has a 50 day moving average of $53.13 and a 200 day moving average of $43.95. The stock has a market cap of $9.51 billion, a P/E ratio of -27.03 and a beta of 1.66. Viasat Inc. has a 12 month low of $8.61 and a 12 month high of $70.35. The company has a current ratio of 2.13, a quick ratio of 1.90 and a debt-to-equity ratio of 1.35.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on VSAT shares. Weiss Ratings restated a "sell (d-)" rating on shares of Viasat in a report on Monday, April 20th. Needham & Company LLC raised their price target on shares of Viasat from $45.00 to $58.00 and gave the company a "buy" rating in a research report on Friday, March 27th. Barclays raised shares of Viasat from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $23.00 to $49.00 in a research report on Wednesday, April 8th. Deutsche Bank Aktiengesellschaft raised shares of Viasat from a "hold" rating to a "buy" rating and raised their price target for the company from $36.00 to $48.00 in a research report on Friday, February 6th. Finally, Raymond James Financial set a $74.00 price target on shares of Viasat and gave the company an "outperform" rating in a research report on Friday, April 24th. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $60.57.

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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