Viasat Inc. $VSAT Shares Sold by P Schoenfeld Asset Management LP

Key Points

• P Schoenfeld Asset Management cut its Viasat position by 61.3% in the fourth quarter, selling 153,368 shares and leaving it with 96,632 shares worth about $3.33 million.
• Insider selling was also notable, with directors John P. Stenbit and Richard A. Baldridge both selling shares on June 3; insiders have sold 439,535 shares valued at $28.6 million over the last three months.
• Viasat reported a mixed quarter, missing EPS and revenue estimates, though revenue still rose 2.1% year over year; analysts currently rate the stock a Moderate Buy with a consensus price target of $77.13.

P Schoenfeld Asset Management LP lowered its holdings in Viasat Inc. (NASDAQ:VSAT - Free Report) by 61.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 96,632 shares of the communications equipment provider's stock after selling 153,368 shares during the period. Viasat makes up 1.2% of P Schoenfeld Asset Management LP's holdings, making the stock its 20th biggest holding. P Schoenfeld Asset Management LP owned approximately 0.07% of Viasat worth $3,330,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in Viasat by 8.2% in the third quarter. Vanguard Group Inc. now owns 16,962,958 shares of the communications equipment provider's stock worth $497,015,000 after acquiring an additional 1,289,024 shares during the last quarter. Millennium Management LLC lifted its stake in Viasat by 673.7% in the first quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider's stock worth $14,443,000 after acquiring an additional 1,206,935 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Viasat by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 2,866,242 shares of the communications equipment provider's stock worth $29,866,000 after acquiring an additional 1,128,338 shares during the last quarter. American Century Companies Inc. lifted its stake in Viasat by 38.5% in the third quarter. American Century Companies Inc. now owns 3,713,581 shares of the communications equipment provider's stock worth $108,808,000 after acquiring an additional 1,033,194 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Viasat by 43.5% in the third quarter. Dimensional Fund Advisors LP now owns 3,307,187 shares of the communications equipment provider's stock worth $96,890,000 after acquiring an additional 1,002,737 shares during the last quarter. Institutional investors and hedge funds own 86.05% of the company's stock.

Viasat Price Performance

Shares of NASDAQ:VSAT opened at $70.17 on Monday. The company's fifty day moving average price is $66.47 and its 200 day moving average price is $50.60. Viasat Inc. has a 12 month low of $11.44 and a 12 month high of $89.79. The company has a debt-to-equity ratio of 1.35, a current ratio of 2.41 and a quick ratio of 2.19. The firm has a market capitalization of $9.58 billion, a P/E ratio of -241.97 and a beta of 1.70.

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 the consensus estimate of $0.32 by ($0.34). Viasat had a positive return on equity of 1.58% and a negative net margin of 0.73%.The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same quarter in the prior year, the business earned ($0.02) earnings per share. Viasat's revenue was up 2.1% compared to the same quarter last year. As a group, sell-side analysts predict that Viasat Inc. will post -0.35 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently issued reports on VSAT. B. Riley Financial lifted their price target on shares of Viasat from $94.00 to $106.00 and gave the stock a "buy" rating in a research note on Friday, May 29th. Barclays set a $49.00 price target on shares of Viasat in a research note on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $97.00 price target on shares of Viasat in a research note on Monday, June 1st. New Street Research began coverage on shares of Viasat in a research note on Wednesday, May 13th. They issued a "buy" rating and a $100.00 price target for the company. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Viasat in a research note on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $77.13.

Insider Activity

In related news, Director John P. Stenbit sold 653 shares of Viasat stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $71.74, for a total transaction of $46,846.22. Following the sale, the director directly owned 29,597 shares in the company, valued at $2,123,288.78. This trade represents a 2.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard A. Baldridge sold 27,122 shares of the company's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the completion of the sale, the director owned 213,355 shares of the company's stock, valued at approximately $15,306,087.70. This trade represents a 11.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 439,535 shares of company stock worth $28,622,079 over the last three months. Company insiders own 2.20% of the company's stock.

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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