Sterling Capital Management LLC Sells 13,858 Shares of Viasat Inc. $VSAT

Key Points

• Sterling Capital Management cut its Viasat stake by 50.7% in the first quarter, selling 13,858 shares and ending with 13,467 shares valued at about $617,000.
• Viasat insiders also sold stock, including CEO Mark D. Dankberg and Director Richard A. Baldridge; insiders sold 438,275 shares worth about $28.6 million over the last quarter.
• Analyst sentiment remains mixed but mostly positive, with the consensus rating at “Moderate Buy” and an average price target of $84.11, while Viasat recently reported earnings that missed estimates despite modest revenue growth.

Sterling Capital Management LLC lessened its position in shares of Viasat Inc. (NASDAQ:VSAT - Free Report) by 50.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,467 shares of the communications equipment provider's stock after selling 13,858 shares during the period. Sterling Capital Management LLC's holdings in Viasat were worth $617,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of VSAT. Vise Technologies Inc. boosted its position in Viasat by 4.8% during the fourth quarter. Vise Technologies Inc. now owns 7,446 shares of the communications equipment provider's stock valued at $257,000 after acquiring an additional 342 shares during the last quarter. CWM LLC raised its position in shares of Viasat by 1.8% in the 4th quarter. CWM LLC now owns 19,360 shares of the communications equipment provider's stock worth $667,000 after acquiring an additional 349 shares in the last quarter. State of Tennessee Department of Treasury lifted its stake in shares of Viasat by 0.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 46,952 shares of the communications equipment provider's stock valued at $1,618,000 after purchasing an additional 350 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Viasat by 1.9% in the 3rd quarter. Victory Capital Management Inc. now owns 19,145 shares of the communications equipment provider's stock valued at $561,000 after purchasing an additional 361 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Viasat by 5.2% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,039 shares of the communications equipment provider's stock valued at $277,000 after purchasing an additional 396 shares in the last quarter. Institutional investors and hedge funds own 86.05% of the company's stock.

Insider Activity at Viasat

In other Viasat news, CEO Mark D. Dankberg sold 400,000 shares of the firm's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $64.76, for a total transaction of $25,904,000.00. Following the transaction, the chief executive officer directly owned 1,082,196 shares in the company, valued at approximately $70,083,012.96. This trade represents a 26.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Richard A. Baldridge sold 27,122 shares of Viasat stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the transaction, the director directly owned 213,355 shares in the company, valued at $15,306,087.70. This represents a 11.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 438,275 shares of company stock valued at $28,608,719 over the last quarter. 2.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VSAT shares. B. Riley Financial lifted their target price on Viasat from $94.00 to $106.00 and gave the stock a "buy" rating in a report on Friday, May 29th. New Street Research started coverage on Viasat in a report on Wednesday, May 13th. They set a "buy" rating and a $100.00 price target on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Viasat in a research report on Monday, April 20th. Oppenheimer started coverage on shares of Viasat in a research note on Monday. They issued an "outperform" rating and a $140.00 price objective for the company. Finally, Barclays set a $49.00 target price on shares of Viasat in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $84.11.

Viasat Price Performance

Shares of VSAT opened at $83.02 on Thursday. Viasat Inc. has a 12-month low of $14.00 and a 12-month high of $93.03. The business's fifty day moving average is $69.27 and its 200 day moving average is $53.60. The company has a quick ratio of 2.19, a current ratio of 2.41 and a debt-to-equity ratio of 1.35. The stock has a market cap of $11.34 billion, a P/E ratio of -286.28 and a beta of 1.69.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.34). Viasat had a negative net margin of 0.73% and a positive return on equity of 1.58%. The business had revenue of $1.17 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm posted ($0.02) EPS. The business's revenue for the quarter was up 2.1% compared to the same quarter last year. Sell-side analysts anticipate that Viasat Inc. will post -0.39 earnings per share for the current fiscal year.

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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