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

Gilat Satellite Networks Ltd. (NASDAQ:GILT) Director Amir Yechiel Ofek sold 3,923 shares of Gilat Satellite Networks stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.41, for a total value of $44,761.43. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Gilat Satellite Networks Trading Down 1.8%

Shares of GILT stock opened at $11.03 on Tuesday. The company has a market capitalization of $814.34 million, a price-to-earnings ratio of 25.07 and a beta of 1.06. The firm has a 50-day moving average price of $12.53 and a 200 day moving average price of $15.49. Gilat Satellite Networks Ltd. has a twelve month low of $8.52 and a twelve month high of $20.93.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Clal Insurance Enterprises Holdings Ltd raised its stake in shares of Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock valued at $71,476,000 after purchasing an additional 1,402,035 shares in the last quarter. Defiance ETFs LLC bought a new stake in Gilat Satellite Networks in the fourth quarter valued at about $13,555,000. UBS Group AG raised its stake in Gilat Satellite Networks by 613.4% during 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 in the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in Gilat Satellite Networks by 995.8% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock worth $11,755,000 after buying an additional 824,949 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in shares of Gilat Satellite Networks by 1,205.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider’s stock worth $11,426,000 after acquiring an additional 815,360 shares in the last quarter. Institutional investors and hedge funds own 35.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on GILT. 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. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $20.00.

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.