Gilat Satellite Networks (NASDAQ:GILT) Sets New 12-Month High - Here's What Happened

Gilat Satellite Networks Ltd. (NASDAQ:GILT - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $20.56 and last traded at $20.07, with a volume of 1452610 shares changing hands. The stock had previously closed at $18.34.

Wall Street Analyst Weigh In

GILT has been the topic of several recent research reports. Needham & Company LLC restated a "buy" rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Freedom Capital upgraded Gilat Satellite Networks from a "hold" rating to a "strong-buy" rating in a research report on Thursday, February 12th. Finally, Wall Street Zen downgraded Gilat Satellite Networks from a "buy" rating to a "hold" rating in a research report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Gilat Satellite Networks presently has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Gilat Satellite Networks Stock Up 9.4%

The stock has a market capitalization of $1.48 billion, a price-to-earnings ratio of 60.82 and a beta of 1.05. The company has a 50 day moving average of $17.07 and a 200 day moving average of $15.23.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last released its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $136.96 million during the quarter, compared to analyst estimates of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. On average, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Gilat Satellite Networks

In related news, CEO Adi Sfadia sold 48,978 shares of the company's stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Doron Kerbel sold 7,500 shares of the company's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.13% of the company's stock.

Hedge Funds Weigh In On Gilat Satellite Networks

Several institutional investors have recently added to or reduced their stakes in the business. SBI Securities Co. Ltd. increased its stake in Gilat Satellite Networks by 82.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider's stock valued at $28,000 after purchasing an additional 960 shares during the last quarter. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks during the third quarter worth about $26,000. Huntington National Bank increased its stake in Gilat Satellite Networks by 200,000.0% during the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider's stock worth $26,000 after acquiring an additional 2,000 shares during the last quarter. Signaturefd LLC increased its stake in Gilat Satellite Networks by 104.5% during the fourth quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider's stock worth $53,000 after acquiring an additional 2,105 shares during the last quarter. Finally, Raymond James Financial Inc. increased its stake in Gilat Satellite Networks by 9.8% during the third quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider's stock worth $318,000 after acquiring an additional 2,173 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors and hedge funds.

About Gilat Satellite Networks

Gilat Satellite Networks is a leading provider of satellite-based broadband connectivity solutions, specializing in the design, development and deployment of ground segment equipment and network services. The company's core offerings include Very Small Aperture Terminal (VSAT) modems and hub systems, network management software, and end-to-end satellite communication platforms. These technologies enable broadband Internet access, enterprise networking, and cellular backhaul in regions where terrestrial infrastructure is limited or non-existent.

Founded in 1987 and headquartered in Petah Tikva, Israel, Gilat has established a track record of innovation in satellite communications.

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