Gilat Satellite Networks (NASDAQ:GILT) Rating Increased to Strong-Buy at Wall Street Zen

Key Points

• Gilat Satellite Networks has been upgraded to a "strong-buy" rating by Wall Street Zen, moving up from a previous "hold" rating.
• Needham & Company LLC raised the target price for Gilat's shares from $8.50 to $11.00, maintaining a "buy" rating.
• The company's recent quarterly earnings exceeded estimates, reporting $0.21 EPS against a consensus of $0.04, with revenue of $105 million compared to expectations of $100.99 million.

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

Separately, Needham & Company LLC boosted their price objective on shares of Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a report on Wednesday, August 6th.

Gilat Satellite Networks Stock Down 0.8%

NASDAQ:GILT traded down $0.08 on Friday, reaching $9.03. 307,210 shares of the stock traded hands, compared to its average volume of 447,327. The company has a market capitalization of $516.32 million, a price-to-earnings ratio of 23.21 and a beta of 0.46. The company has a current ratio of 1.50, a quick ratio of 1.17 and a debt-to-equity ratio of 0.18. Gilat Satellite Networks has a 12 month low of $4.30 and a 12 month high of $9.40. The company's fifty day simple moving average is $7.27 and its 200 day simple moving average is $6.81.

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 the consensus estimate of $0.04 by $0.17. Gilat Satellite Networks had a net margin of 6.41% and a return on equity of 10.05%. The firm had revenue of $105.00 million during the quarter, compared to analysts' expectations of $100.99 million. Equities analysts predict that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in GILT. Raymond James Financial Inc. bought a new stake in Gilat Satellite Networks during the fourth quarter valued at approximately $226,000. LPL Financial LLC purchased a new position in shares of Gilat Satellite Networks during the 4th quarter worth $132,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Gilat Satellite Networks by 43.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 215,597 shares of the communications equipment provider's stock worth $1,329,000 after acquiring an additional 65,374 shares during the last quarter. National Bank of Canada FI purchased a new position in shares of Gilat Satellite Networks during the 4th quarter worth $154,000. Finally, Covestor Ltd purchased a new position in shares of Gilat Satellite Networks during the 4th quarter worth $29,000. 35.72% of the stock is owned by hedge funds and other institutional investors.

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.