Viasat Inc. $VSAT Shares Sold by Algert Global LLC

Key Points

• Algert Global reduced its Viasat stake by 18.3% in the second quarter, selling 27,922 shares and retaining 125,063 shares worth approximately $11.2 million. Institutional investors and hedge funds collectively own 86.05% of Viasat.
• Viasat’s latest quarterly results missed expectations, with an adjusted loss of $0.02 per share versus the $0.32 consensus estimate and revenue of $1.17 billion compared with $1.20 billion expected. Analysts project a full-year loss of $0.36 per share.
• Despite the earnings shortfall, analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $90.67; several firms recently raised targets to between $97 and $106.

Algert Global LLC lessened its stake in Viasat Inc. (NASDAQ:VSAT - Free Report) by 18.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 125,063 shares of the communications equipment provider's stock after selling 27,922 shares during the quarter. Algert Global LLC owned approximately 0.09% of Viasat worth $11,232,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the company. Sanctuary Advisors LLC acquired a new position in Viasat during the second quarter worth about $6,538,000. Compass Financial Management LLC bought a new stake in shares of Viasat in the 2nd quarter worth approximately $2,517,000. Elevation Point Wealth Partners LLC acquired a new stake in Viasat during the second quarter valued at approximately $202,000. Pinnbrook Capital Management LP bought a new stake in Viasat during the second quarter worth approximately $3,009,000. Finally, Quantbot Technologies LP acquired a new position in Viasat in the second quarter worth approximately $1,069,000. 86.05% of the stock is currently owned by institutional investors and hedge funds.

Viasat Trading Up 0.2%

Viasat stock opened at $72.46 on Wednesday. Viasat Inc. has a 52 week low of $26.10 and a 52 week high of $93.03. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.52 and a current ratio of 1.68. The firm has a market capitalization of $9.98 billion, a price-to-earnings ratio of -301.92 and a beta of 1.72. The company has a 50 day moving average price of $74.95 and a 200 day moving average price of $63.80.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.34). The firm had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.20 billion. Viasat had a negative net margin of 0.64% and a positive return on equity of 1.44%. Viasat's revenue for the quarter was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) earnings per share. Research analysts forecast that Viasat Inc. will post -0.36 EPS for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on VSAT. Needham & Company LLC upped their price target on Viasat from $90.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, August 5th. Morgan Stanley set a $95.00 target price on Viasat in a report on Monday, August 10th. New Street Research assumed coverage on Viasat in a research report on Wednesday, May 13th. They set a "buy" rating and a $100.00 target price on the stock. B. Riley Financial upped their target price on Viasat from $94.00 to $106.00 and gave the company a "buy" rating in a report on Friday, May 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $97.00 price target on shares of Viasat in a research report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $90.67.

Insider Buying and Selling at Viasat

In related news, Director Richard A. Baldridge sold 223,542 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $80.62, for a total value of $18,021,956.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark D. Dankberg sold 400,000 shares of the firm's stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $64.76, for a total value of $25,904,000.00. Following the sale, the chief executive officer owned 1,082,196 shares of the company's stock, valued at $70,083,012.96. The trade was a 26.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 675,861 shares of company stock valued at $47,705,388 in the last ninety days. Company insiders own 1.40% of the company's stock.

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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