Viasat (NASDAQ:VSAT) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Viasat from “strong sell” to “hold,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $84.11.
• Viasat shares opened at $77.60, near their 52-week high of $93.03, but the company’s latest quarterly results missed expectations: adjusted EPS was a loss of $0.02 versus the expected $0.32, and revenue came in at $1.17 billion.
• Insiders sold heavily, disposing of 442,803 shares worth approximately $28.9 million during the quarter; institutional investors nonetheless own 86.05% of the company.

Viasat (NASDAQ:VSAT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other brokerages have also recently issued reports on VSAT. Needham & Company LLC lifted their target price on shares of Viasat from $58.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Barclays set a $49.00 target price on shares of Viasat in a research note on Friday, May 29th. Oppenheimer assumed coverage on shares of Viasat in a research report on Monday, June 29th. They set an "outperform" rating and a $140.00 target price on the stock. Weiss Ratings reiterated a "sell (d-)" rating on shares of Viasat in a research note on Friday, July 17th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $97.00 price objective on shares of Viasat in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $84.11.

Viasat Stock Performance

Shares of VSAT opened at $77.60 on Wednesday. The company has a quick ratio of 2.19, a current ratio of 2.41 and a debt-to-equity ratio of 1.35. The company has a 50-day simple moving average of $72.21 and a 200-day simple moving average of $59.22. Viasat has a 52-week low of $15.27 and a 52-week high of $93.03. The company has a market capitalization of $10.69 billion, a PE ratio of -267.59 and a beta of 1.70.

Viasat (NASDAQ:VSAT - Get Free Report) last announced its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.32 by ($0.34). The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.20 billion. Viasat had a positive return on equity of 1.58% and a negative net margin of 0.73%.Viasat's revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.02) EPS. Equities research analysts predict that Viasat will post -0.39 earnings per share for the current fiscal year.

Insider Activity

In other Viasat news, Director Theresa Wise sold 2,500 shares of the business's stock in a transaction that occurred on Monday, June 8th. The shares were sold at an average price of $69.00, for a total transaction of $172,500.00. Following the completion of the sale, the director directly owned 11,000 shares in the company, valued at $759,000. The trade was a 18.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard A. Baldridge sold 27,122 shares of Viasat stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the transaction, the director owned 213,355 shares in the company, valued at $15,306,087.70. The trade was a 11.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 442,803 shares of company stock valued at $28,944,520 over the last quarter. 2.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Viasat

A number of large investors have recently added to or reduced their stakes in the company. Valued Wealth Advisors LLC purchased a new stake in shares of Viasat during the first quarter worth about $25,000. Elevation Wealth Partners LLC increased its holdings in Viasat by 935.3% during the 2nd quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider's stock worth $32,000 after purchasing an additional 318 shares during the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Viasat in the 4th quarter valued at approximately $36,000. Los Angeles Capital Management LLC purchased a new position in shares of Viasat during the 4th quarter valued at approximately $38,000. Finally, EFG International AG acquired a new stake in shares of Viasat during the fourth quarter worth approximately $41,000. 86.05% of the stock is owned by institutional investors and hedge funds.

About Viasat

Viasat, Inc NASDAQ: VSAT provides high‐capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.

Viasat's product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.

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