Wellington Management Group LLP Has $6.40 Million Holdings in Gilat Satellite Networks Ltd. $GILT

Key Points

• Wellington Management Group LLP has reduced its stake in Gilat Satellite Networks Ltd. by 26.2%, selling 357,331 shares, and now owns a total of 1,007,907 shares worth approximately $6.4 million.
• Other hedge funds engaged with Gilat Satellite Networks recently include LPL Financial and Raymond James, both of which made new investments in the company during the fourth quarter.
• Gilat Satellite Networks reported better-than-expected earnings of $0.21 per share, surpassing the consensus estimate of $0.04, with revenues reaching $105 million for the quarter.

Wellington Management Group LLP cut its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT - Free Report) by 26.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,007,907 shares of the communications equipment provider's stock after selling 357,331 shares during the quarter. Wellington Management Group LLP owned about 1.77% of Gilat Satellite Networks worth $6,400,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GILT. LPL Financial LLC acquired a new position in shares of Gilat Satellite Networks during the 4th quarter worth approximately $132,000. Raymond James Financial Inc. acquired a new position in shares of Gilat Satellite Networks during the 4th quarter worth approximately $226,000. Boothbay Fund Management LLC acquired a new position in shares of Gilat Satellite Networks during the 4th quarter worth approximately $86,000. Quarry LP acquired a new position in shares of Gilat Satellite Networks during the 4th quarter worth approximately $68,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Gilat Satellite Networks by 22.9% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 53,600 shares of the communications equipment provider's stock worth $330,000 after acquiring an additional 10,000 shares during the last quarter. 35.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on GILT. Wall Street Zen raised Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 9th. Zacks Research upgraded Gilat Satellite Networks to a "strong-buy" rating in a research report on Friday, August 8th. Finally, Needham & Company LLC increased their price objective on Gilat Satellite Networks from $8.50 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat, Gilat Satellite Networks presently has a consensus rating of "Buy" and a consensus price target of $11.00.

Gilat Satellite Networks Price Performance

Shares of NASDAQ GILT traded down $0.15 during mid-day trading on Monday, reaching $9.41. The company had a trading volume of 475,145 shares, compared to its average volume of 895,224. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.17 and a current ratio of 1.50. Gilat Satellite Networks Ltd. has a one year low of $4.30 and a one year high of $10.09. The firm has a market cap of $538.35 million, a price-to-earnings ratio of 24.13 and a beta of 0.51. The business's 50-day simple moving average is $8.05 and its 200 day simple moving average is $6.99.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.04 by $0.17. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%.The firm had revenue of $105.00 million for the quarter, compared to analysts' expectations of $100.99 million. On average, research analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.