Needham & Company LLC Increases Gilat Satellite Networks (NASDAQ:GILT) Price Target to $11.00

Key Points

• Needham & Company LLC has raised its price target for Gilat Satellite Networks from $8.50 to $11.00, indicating a potential upside of 20.22% from the stock's previous close.
• Wall Street Zen downgraded Gilat Satellite Networks from a "buy" rating to a "hold" rating on the same day, signaling mixed sentiments among analysts.
• Gilat reported earnings of $0.21 per share for the last quarter, significantly surpassing analysts' expectations of $0.04, with revenue of $105 million compared to the anticipated $100.99 million.

Gilat Satellite Networks (NASDAQ:GILT - Free Report) had its price objective hoisted by Needham & Company LLC from $8.50 to $11.00 in a report issued on Wednesday morning,Benzinga reports. They currently have a buy rating on the communications equipment provider's stock.

Separately, Wall Street Zen downgraded Gilat Satellite Networks from a "buy" rating to a "hold" rating in a research report on Wednesday, May 28th.

Gilat Satellite Networks Stock Down 2.2%

Shares of GILT stock traded down $0.20 during trading hours on Wednesday, reaching $8.79. 784,528 shares of the company's stock were exchanged, compared to its average volume of 677,433. The stock's 50 day moving average is $7.14 and its 200-day moving average is $6.79. The company has a market cap of $502.88 million, a price-to-earnings ratio of 22.54 and a beta of 0.46. The company has a current ratio of 1.50, a quick ratio of 1.06 and a debt-to-equity ratio of 0.18. Gilat Satellite Networks has a fifty-two week low of $4.30 and a fifty-two week high of $9.40.

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

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds have recently made changes to their positions in the company. Tidal Investments LLC increased its position in shares of Gilat Satellite Networks by 3.4% in the 4th quarter. Tidal Investments LLC now owns 65,779 shares of the communications equipment provider's stock valued at $405,000 after acquiring an additional 2,158 shares during the period. PDT Partners LLC increased its position in shares of Gilat Satellite Networks by 8.4% in the 4th quarter. PDT Partners LLC now owns 29,758 shares of the communications equipment provider's stock valued at $183,000 after acquiring an additional 2,305 shares during the period. Covestor Ltd acquired a new position in shares of Gilat Satellite Networks in the 4th quarter valued at $29,000. Schonfeld Strategic Advisors LLC increased its position in shares of Gilat Satellite Networks by 22.9% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 53,600 shares of the communications equipment provider's stock valued at $330,000 after acquiring an additional 10,000 shares during the period. Finally, Blue Bell Private Wealth Management LLC acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at $67,000. 35.72% of the stock is owned by institutional investors and hedge funds.

Gilat Satellite Networks Company Profile

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.