Clal Insurance Enterprises Holdings Ltd Reduces Position in Gilat Satellite Networks Ltd. $GILT

Clal Insurance Enterprises Holdings Ltd decreased its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 20.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,413,627 shares of the communications equipment provider’s stock after selling 1,142,528 shares during the period. Clal Insurance Enterprises Holdings Ltd owned about 5.98% of Gilat Satellite Networks worth $65,481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Huntington National Bank raised its stake in Gilat Satellite Networks by 200,000.0% during the 4th quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after acquiring an additional 2,000 shares during the period. SBI Securities Co. Ltd. lifted its holdings in Gilat Satellite Networks by 82.1% in the 4th quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock worth $28,000 after purchasing an additional 960 shares in the last quarter. Smartleaf Asset Management LLC bought a new position in Gilat Satellite Networks in the 4th quarter worth approximately $39,000. Summit Securities Group LLC bought a new stake in shares of Gilat Satellite Networks during the first quarter valued at approximately $48,000. Finally, Signaturefd LLC raised its position in shares of Gilat Satellite Networks by 104.5% during the fourth quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock valued at $53,000 after buying an additional 2,105 shares during the last quarter. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Trading Up 7.4%

Shares of GILT opened at $11.64 on Wednesday. The company has a market cap of $859.38 million, a P/E ratio of 22.82 and a beta of 1.04. Gilat Satellite Networks Ltd. has a twelve month low of $7.22 and a twelve month high of $20.93. The company’s fifty day simple moving average is $13.93 and its 200-day simple moving average is $15.95.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. The firm 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%. Analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have commented on GILT shares. Zacks Research cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 16th. Weiss Ratings reissued a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Thursday, June 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. One 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Insider Activity

In related news, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the sale, the insider directly owned 7,531 shares in the company, valued at $114,697.13. The trade was a 69.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.13% of the company’s stock.

Gilat Satellite Networks 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.