Amir Yechiel Ofek Sells 3,923 Shares of Gilat Satellite Networks (NASDAQ:GILT) Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) Director Amir Yechiel Ofek sold 3,923 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Gilat Satellite Networks Price Performance

GILT stock opened at $11.21 on Wednesday. The business has a 50 day simple moving average of $12.43 and a 200-day simple moving average of $15.44. The firm has a market capitalization of $827.63 million, a PE ratio of 25.48 and a beta of 1.06. Gilat Satellite Networks Ltd. has a 1 year low of $8.52 and a 1 year high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 EPS for the quarter. The firm had revenue of $122.66 million for the quarter. Gilat Satellite Networks had a return on equity of 10.12% and a net margin of 6.21%. On average, equities research analysts expect that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Gilat Satellite Networks

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Clal Insurance Enterprises Holdings Ltd grew its holdings in shares of Gilat Satellite Networks by 33.8% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after purchasing an additional 1,402,035 shares during the period. Van ECK Associates Corp raised its holdings in Gilat Satellite Networks by 77.3% in the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider’s stock valued at $13,822,000 after buying an additional 465,775 shares during the period. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks in the fourth quarter valued at about $13,555,000. UBS Group AG lifted its position in Gilat Satellite Networks by 613.4% in the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after buying an additional 828,489 shares during the last quarter. Finally, LBP AM SA boosted its stake in Gilat Satellite Networks by 31.7% during the fourth quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider’s stock worth $12,445,000 after buying an additional 231,258 shares during the period. Hedge funds and other institutional investors own 35.72% of the company’s stock.

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.