Viasat (NASDAQ:VSAT) Stock Price Target Cut by Needham & Company LLC

Viasat (NASDAQ:VSAT) had its target price reduced by Needham & Company LLC from $105.00 to $85.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the communications equipment provider’s stock. Needham & Company LLC‘s price target indicates a potential upside of 32.92% from the stock’s current price.

A number of other analysts have also recently issued reports on the stock. Zacks Research upgraded shares of Viasat from a “strong sell” rating to a “hold” rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Viasat in a research note on Thursday, October 15th. Morgan Stanley set a $95.00 price target on shares of Viasat in a report on Monday, August 10th. Wall Street Zen downgraded shares of Viasat from a “hold” rating to a “sell” rating in a research report on Saturday, August 8th. Finally, Raymond James Financial restated an “outperform” rating and set a $95.00 price objective on shares of Viasat in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $90.78.

Viasat Price Performance

VSAT stock opened at $63.95 on Friday. Viasat has a 1-year low of $29.13 and a 1-year high of $93.03. The business’s 50 day simple moving average is $69.77 and its 200 day simple moving average is $64.26. The company has a current ratio of 1.65, a quick ratio of 1.49 and a debt-to-equity ratio of 1.26. The firm has a market capitalization of $8.81 billion, a PE ratio of -88.82 and a beta of 1.76.

Viasat (NASDAQ:VSAT) last announced its quarterly earnings results on Thursday, November 5th. The communications equipment provider reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.10. Viasat had a negative return on equity of 0.05% and a negative net margin of 2.07%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter last year, the firm posted $0.09 EPS. The company’s quarterly revenue was up 3.4% on a year-over-year basis. As a group, research analysts anticipate that Viasat will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, Director John Stenbit sold 705 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $66.75, for a total transaction of $47,058.75. Following the sale, the director directly owned 545 shares of the company’s stock, valued at approximately $36,378.75. This represents a 56.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Benjamin Palmer sold 2,000 shares of the firm’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $69.87, for a total value of $139,740.00. Following the completion of the transaction, the senior vice president owned 28,087 shares in the company, valued at $1,962,438.69. The trade was a 6.65% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 51,098 shares of company stock valued at $3,593,911. 1.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Viasat

A number of large investors have recently bought and sold shares of the company. Aberdeen Wealth Management LLC acquired a new stake in Viasat in the second quarter valued at about $30,000. Elevation Wealth Partners LLC raised its stake in Viasat by 935.3% during the second quarter. Elevation Wealth Partners LLC now owns 352 shares of the communications equipment provider’s stock worth $32,000 after acquiring an additional 318 shares in the last quarter. Bullseye Investment Management LLC bought a new position in shares of Viasat in the second quarter worth about $37,000. Parallel Advisors LLC lifted its holdings in shares of Viasat by 169.3% in the third quarter. Parallel Advisors LLC now owns 412 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 259 shares during the last quarter. Finally, Rakuten Securities Inc. bought a new position in shares of Viasat in the second quarter worth about $43,000. 86.05% of the stock is currently owned by institutional investors and hedge funds.

About Viasat

Viasat, Inc is a global communications company that designs, develops and operates satellite and wireless communications systems. Its services support consumers, businesses, governments and other organizations that need connectivity in areas where terrestrial networks may be limited.

The company provides satellite broadband for homes and businesses, in-flight connectivity for commercial and business aircraft, and communications services for maritime customers. Viasat also supplies secure communications, networking equipment and related services to government and defense customers.

Founded in 1986 and headquartered in Carlsbad, California, Viasat serves customers in the Americas and internationally.