Gilat Satellite Networks Ltd. $GILT Shares Bought by Wellington Management Group LLP

Wellington Management Group LLP increased its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 6.3% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,094,623 shares of the communications equipment provider’s stock after buying an additional 64,917 shares during the period. Wellington Management Group LLP’s holdings in Gilat Satellite Networks were worth $14,569,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Cetera Investment Advisers acquired a new position in Gilat Satellite Networks in the second quarter valued at approximately $191,000. Russell Investments Group Ltd. raised its position in shares of Gilat Satellite Networks by 39.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider’s stock worth $870,000 after purchasing an additional 34,810 shares during the period. Marshall Wace LLP raised its position in shares of Gilat Satellite Networks by 1.6% during the 2nd quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after purchasing an additional 8,105 shares during the period. Jane Street Group LLC lifted its holdings in shares of Gilat Satellite Networks by 298.7% in the 2nd quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock worth $484,000 after purchasing an additional 51,109 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Gilat Satellite Networks by 23.2% in the 2nd quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after purchasing an additional 22,817 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.

Wall Street Analysts Forecast Growth

GILT has been the subject of a number of recent research reports. Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $20.00.

Insider Buying and Selling at Gilat Satellite Networks

In related news, Director Amir Ofek sold 3,923 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $15.23, for a total transaction of $267,560.64. Following the completion of the transaction, the insider owned 7,531 shares of the company’s stock, valued at $114,697.13. This represents a 69.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company’s stock.

Gilat Satellite Networks Stock Performance

Shares of NASDAQ:GILT opened at $10.12 on Tuesday. The firm’s 50 day moving average is $11.23 and its two-hundred day moving average is $14.51. The firm has a market capitalization of $747.16 million, a P/E ratio of 23.00 and a beta of 1.05. Gilat Satellite Networks Ltd. has a 52 week low of $9.68 and a 52 week high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%.The business had revenue of $122.66 million during the quarter. Analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Gilat Satellite Networks Company Profile

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.