Gilat Satellite Networks (NASDAQ:GILT) Cut to "Buy" at Wall Street Zen

Key Points

• Gilat Satellite Networks was downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, reflecting a shift in investor sentiment.
• Needham & Company increased the target price for Gilat from $8.50 to $11.00, while Zacks Research adjusted its rating from "strong-buy" to "hold."
• The company reported quarterly earnings of $0.21 per share, significantly exceeding analysts' estimates by $0.17, indicating strong financial performance.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

GILT has been the topic of a number of other reports. Needham & Company LLC raised their target price on Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Zacks Research cut Gilat Satellite Networks from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $11.00.

Gilat Satellite Networks Stock Performance

NASDAQ GILT opened at $13.71 on Friday. The stock has a 50-day simple moving average of $11.23 and a two-hundred day simple moving average of $8.23. The firm has a market capitalization of $784.35 million, a P/E ratio of 35.15 and a beta of 0.58. Gilat Satellite Networks has a fifty-two week low of $4.82 and a fifty-two week high of $14.95. 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 (NASDAQ:GILT - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.04 by $0.17. The business had revenue of $105.00 million during the quarter, compared to analyst estimates of $100.99 million. Gilat Satellite Networks had a return on equity of 10.05% and a net margin of 6.41%. On average, equities analysts forecast that Gilat Satellite Networks will post 0.5 earnings per share for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

Institutional investors have recently bought and sold shares of the company. First Wilshire Securities Management Inc. boosted its holdings in shares of Gilat Satellite Networks by 1.0% during the 2nd quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider's stock worth $10,408,000 after purchasing an additional 14,782 shares during the last quarter. CSM Advisors LLC purchased a new stake in shares of Gilat Satellite Networks during the 2nd quarter valued at approximately $6,214,000. Royce & Associates LP purchased a new stake in Gilat Satellite Networks in the first quarter valued at approximately $4,434,000. Acadian Asset Management LLC raised its position in Gilat Satellite Networks by 24.3% in the first quarter. Acadian Asset Management LLC now owns 638,854 shares of the communications equipment provider's stock valued at $4,044,000 after purchasing an additional 124,794 shares during the period. Finally, LBP AM SA raised its position in Gilat Satellite Networks by 33.3% in the second quarter. LBP AM SA now owns 566,075 shares of the communications equipment provider's stock valued at $4,013,000 after purchasing an additional 141,378 shares during the period. 35.72% of the stock is currently owned by institutional investors and hedge funds.

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.

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