Zacks Research Downgrades Gilat Satellite Networks (NASDAQ:GILT) to Hold

Key Points

• Zacks Research has downgraded Gilat Satellite Networks (NASDAQ:GILT) from a "strong-buy" rating to a "hold" rating, indicating a shift in analysts' outlook on the stock.
• Despite the downgrade, Needham & Company LLC has raised their target price for GILT from $8.50 to $11.00, maintaining a "buy" rating, with a consensus rating currently at "hold".
• Gilat Satellite Networks reported earnings per share of $0.21 for the quarter, significantly surpassing the consensus estimate of $0.04, indicating strong revenue performance.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) was downgraded by analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

GILT has been the topic of a number of other research reports. Needham & Company LLC upped their target price on Gilat Satellite Networks from $8.50 to $11.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Weiss Ratings restated a "hold (c)" rating on shares of Gilat Satellite Networks in a research report on Saturday, September 27th. Finally, Wall Street Zen upgraded Gilat Satellite Networks from a "buy" rating to a "strong-buy" rating in a research report on Saturday. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $11.00.

Gilat Satellite Networks Stock Performance

GILT opened at $13.76 on Monday. Gilat Satellite Networks has a 52-week low of $4.82 and a 52-week high of $14.65. 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 $787.21 million, a P/E ratio of 35.28 and a beta of 0.58. The firm's 50-day moving average price is $10.28 and its 200-day moving average price is $7.83.

Gilat Satellite Networks (NASDAQ:GILT - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The communications equipment provider reported $0.21 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $100.99 million. As a group, equities analysts anticipate that Gilat Satellite Networks will post 0.5 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in GILT. Bank of America Corp DE raised its stake in shares of Gilat Satellite Networks by 83.4% during the 4th quarter. Bank of America Corp DE now owns 49,526 shares of the communications equipment provider's stock worth $305,000 after buying an additional 22,515 shares during the period. Hennessy Advisors Inc. acquired a new position in Gilat Satellite Networks in the 1st quarter valued at $139,000. Ritholtz Wealth Management acquired a new position in Gilat Satellite Networks in the 1st quarter valued at $111,000. Yelin Lapidot Holdings Management Ltd. raised its stake in Gilat Satellite Networks by 7.2% in the 1st quarter. Yelin Lapidot Holdings Management Ltd. now owns 181,549 shares of the communications equipment provider's stock valued at $1,153,000 after purchasing an additional 12,235 shares during the last quarter. Finally, LBP AM SA raised its stake in Gilat Satellite Networks by 22.3% in the 1st quarter. LBP AM SA now owns 424,697 shares of the communications equipment provider's stock valued at $2,697,000 after purchasing an additional 77,429 shares during the last quarter. 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.

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