Gilat Satellite Networks (NASDAQ:GILT) Price Target Raised 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 target price upped by Needham & Company LLC from $8.50 to $11.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the communications equipment provider's stock.

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

Gilat Satellite Networks Stock Up 0.3%

Shares of NASDAQ:GILT traded up $0.03 during mid-day trading on Wednesday, reaching $8.82. 479,498 shares of the stock were exchanged, compared to its average volume of 443,512. The company has a quick ratio of 1.17, a current ratio of 1.50 and a debt-to-equity ratio of 0.18. The company has a market cap of $504.61 million, a P/E ratio of 22.63 and a beta of 0.46. Gilat Satellite Networks has a one year low of $4.30 and a one year high of $9.40. The stock's 50 day simple moving average is $7.14 and its 200-day simple moving average is $6.78.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last issued its earnings results on Wednesday, August 6th. The communications equipment provider reported $0.21 EPS for the quarter, topping the consensus estimate 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 company had revenue of $105.00 million during the quarter, compared to the consensus estimate of $100.99 million. As a group, equities research analysts predict that Gilat Satellite Networks will post 0.5 EPS for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

Institutional investors have recently made changes to their positions in the stock. Covestor Ltd acquired a new position in shares of Gilat Satellite Networks in the 4th quarter valued at about $29,000. Blue Bell Private Wealth Management LLC acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at about $67,000. Quarry LP acquired a new position in shares of Gilat Satellite Networks in the 4th quarter valued at about $68,000. Boothbay Fund Management LLC acquired a new position in shares of Gilat Satellite Networks in the 4th quarter valued at about $86,000. Finally, State of Wyoming acquired a new position in shares of Gilat Satellite Networks in the 1st quarter valued at about $101,000. Institutional investors own 35.72% of the company's stock.

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.