First Wilshire Securities Management Inc. Has $9.11 Million Position in Gilat Satellite Networks Ltd. $GILT

First Wilshire Securities Management Inc. lowered its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 35.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 606,189 shares of the communications equipment provider’s stock after selling 328,518 shares during the quarter. Gilat Satellite Networks comprises 2.1% of First Wilshire Securities Management Inc.’s portfolio, making the stock its 16th largest holding. First Wilshire Securities Management Inc.’s holdings in Gilat Satellite Networks were worth $9,105,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GILT. SBI Securities Co. Ltd. raised its position in shares of Gilat Satellite Networks by 82.1% in the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 960 shares during the period. Huntington National Bank boosted its holdings in shares of 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 buying an additional 2,000 shares during the period. Signaturefd LLC grew its stake in Gilat Satellite Networks by 104.5% in the 4th 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. Raymond James Financial Inc. grew its stake in Gilat Satellite Networks by 9.8% in the 3rd quarter. Raymond James Financial Inc. now owns 24,412 shares of the communications equipment provider’s stock valued at $318,000 after buying an additional 2,173 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Gilat Satellite Networks by 7.9% in the 4th quarter. Geode Capital Management LLC now owns 33,650 shares of the communications equipment provider’s stock worth $435,000 after acquiring an additional 2,460 shares during the period. Institutional investors and hedge funds own 35.72% of the company’s stock.

Gilat Satellite Networks Trading Up 7.4%

GILT opened at $11.64 on Wednesday. The business has a 50 day moving average of $13.93 and a 200-day moving average of $15.95. The stock has a market capitalization of $859.38 million, a price-to-earnings ratio of 22.82 and a beta of 1.04. Gilat Satellite Networks Ltd. has a 1-year low of $7.22 and a 1-year high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last announced its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. The business had revenue of $110.47 million for the quarter. Gilat Satellite Networks had a net margin of 6.80% and a return on equity of 11.65%. Equities analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Insider Transactions at Gilat Satellite Networks

In other news, insider Arieh Rohrstock sold 17,568 shares of the business’s 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 transaction, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.