Penserra Capital Management LLC Increases Stake in Gilat Satellite Networks Ltd. $GILT

Penserra Capital Management LLC boosted its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 831.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,193,094 shares of the communications equipment provider’s stock after buying an additional 1,064,959 shares during the quarter. Penserra Capital Management LLC owned 2.09% of Gilat Satellite Networks worth $15,533,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. First Wilshire Securities Management Inc. increased its position in shares of Gilat Satellite Networks by 1.0% during the second quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider’s stock worth $10,408,000 after acquiring an additional 14,782 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its stake in Gilat Satellite Networks by 62.6% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,091,053 shares of the communications equipment provider’s stock worth $14,206,000 after purchasing an additional 419,843 shares in the last quarter. CSM Advisors LLC purchased a new stake in Gilat Satellite Networks during the 2nd quarter worth about $6,214,000. LBP AM SA raised its position in Gilat Satellite Networks by 29.0% in the 3rd quarter. LBP AM SA now owns 730,461 shares of the communications equipment provider’s stock valued at $9,511,000 after purchasing an additional 164,386 shares in the last quarter. Finally, Yelin Lapidot Holdings Management Ltd. boosted its stake in shares of Gilat Satellite Networks by 275.4% in the 3rd quarter. Yelin Lapidot Holdings Management Ltd. now owns 681,549 shares of the communications equipment provider’s stock valued at $8,874,000 after buying an additional 500,000 shares during the period. Institutional investors and hedge funds own 35.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on GILT shares. Weiss Ratings restated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Needham & Company LLC reiterated a “buy” rating and issued a $16.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, November 25th. Freedom Capital downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. Finally, Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Friday, January 23rd. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Gilat Satellite Networks currently has an average rating of “Hold” and an average target price of $16.00.

Gilat Satellite Networks Stock Down 4.9%

GILT stock opened at $18.70 on Thursday. The company has a current ratio of 1.72, a quick ratio of 1.45 and a debt-to-equity ratio of 0.14. Gilat Satellite Networks Ltd. has a twelve month low of $5.30 and a twelve month high of $20.38. The company’s 50 day moving average is $14.71 and its two-hundred day moving average is $12.42. The stock has a market cap of $1.07 billion, a P/E ratio of 45.61 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last issued its earnings results on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06. Gilat Satellite Networks had a net margin of 6.03% and a return on equity of 10.40%. The business had revenue of $117.69 million during the quarter, compared to analysts’ expectations of $112.19 million. Research analysts expect that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

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.