Gilat Satellite Networks Ltd. $GILT Shares Sold by UBS Group AG

UBS Group AG cut its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 44.9% in the fourth quarter, Holdings Channel reports. The firm owned 531,126 shares of the communications equipment provider’s stock after selling 432,421 shares during the period. UBS Group AG’s holdings in Gilat Satellite Networks were worth $6,873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in GILT. Migdal Insurance & Financial Holdings Ltd. lifted its position 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 acquiring an additional 419,843 shares during the period. Y.D. More Investments Ltd lifted its position in Gilat Satellite Networks by 913.0% during the 4th quarter. Y.D. More Investments Ltd now owns 403,746 shares of the communications equipment provider’s stock worth $5,235,000 after acquiring an additional 363,890 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Gilat Satellite Networks during the 4th quarter worth approximately $1,693,000. LBP AM SA lifted its position in Gilat Satellite Networks by 31.7% during the 4th quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider’s stock worth $12,445,000 after acquiring an additional 231,258 shares during the period. Finally, Penserra Capital Management LLC lifted its position in Gilat Satellite Networks by 831.1% during the 3rd quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after acquiring an additional 1,064,959 shares during the period. 35.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Finally, Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $20.00.

Insiders Place Their Bets

In other news, CEO Adi Sfadia sold 48,978 shares of Gilat Satellite Networks stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. Additional details regarding this sale are available in the official SEC disclosure. 1.13% of the stock is owned by insiders.

Gilat Satellite Networks Price Performance

NASDAQ GILT opened at $15.00 on Wednesday. Gilat Satellite Networks Ltd. has a 1-year low of $5.43 and a 1-year high of $20.93. The company has a market capitalization of $1.11 billion, a P/E ratio of 29.41 and a beta of 1.05. The business has a 50 day moving average price of $17.35 and a 200 day moving average price of $15.47.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. The company had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. On average, research analysts expect that Gilat Satellite Networks Ltd. will post 0.7 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.