Swiss National Bank Takes Position in Gilat Satellite Networks Ltd. $GILT

Key Points

• Swiss National Bank acquired a new 146,261-share position in Gilat Satellite Networks during the first quarter, valued at approximately $2.16 million and representing about 0.20% of the company.
• Several institutional investors increased their holdings, with institutional and hedge-fund ownership reaching 35.72% of GILT’s shares. However, company insider Arieh Rohrstock sold 17,568 shares under a pre-arranged Rule 10b5-1 plan.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and a $20 price target. Gilat recently reported $0.18 in quarterly EPS on $110.47 million in revenue, while its shares opened at $11.00.

Swiss National Bank acquired a new position in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 146,261 shares of the communications equipment provider's stock, valued at approximately $2,159,000. Swiss National Bank owned approximately 0.20% of Gilat Satellite Networks as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Cetera Investment Advisers acquired a new stake in shares of Gilat Satellite Networks during the second quarter worth $191,000. Russell Investments Group Ltd. boosted its position in shares of Gilat Satellite Networks by 39.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider's stock valued at $870,000 after purchasing an additional 34,810 shares during the period. Marshall Wace LLP increased its stake in Gilat Satellite Networks by 1.6% in the 2nd quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider's stock worth $3,643,000 after purchasing an additional 8,105 shares in the last quarter. Jane Street Group LLC increased its stake in Gilat Satellite Networks by 298.7% in the 2nd quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider's stock worth $484,000 after purchasing an additional 51,109 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Gilat Satellite Networks by 23.2% during the 2nd quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider's stock worth $860,000 after buying an additional 22,817 shares during the period. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Gilat Satellite Networks Trading Up 5.2%

Shares of Gilat Satellite Networks stock opened at $11.00 on Friday. Gilat Satellite Networks Ltd. has a 1 year low of $7.22 and a 1 year high of $20.93. The company has a market cap of $812.13 million, a P/E ratio of 21.57 and a beta of 1.04. The stock has a 50-day moving average price of $13.29 and a 200 day moving average price of $15.78.

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

Insider Buying and Selling

In other Gilat Satellite Networks news, insider Arieh Rohrstock sold 17,568 shares of the company's stock in a transaction that occurred 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 transaction, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.13% of the company's stock.

Wall Street Analysts Forecast Growth

GILT has been the subject of several recent analyst reports. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. Finally, Zacks Research downgraded shares of Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, Gilat Satellite Networks has an average rating of "Moderate Buy" and a consensus price target of $20.00.

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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