Gilat Satellite Networks (NASDAQ:GILT) Insider Sells $267,560.64 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the sale, the insider directly owned 7,531 shares of the company’s stock, valued at $114,697.13. This represents a 69.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Gilat Satellite Networks Stock Down 4.1%

Shares of GILT traded down $0.62 during midday trading on Monday, reaching $14.38. 800,934 shares of the stock were exchanged, compared to its average volume of 920,725. Gilat Satellite Networks Ltd. has a twelve month low of $6.20 and a twelve month high of $20.93. The company has a market cap of $1.06 billion, a P/E ratio of 28.27 and a beta of 1.00. The stock’s 50 day simple moving average is $17.08 and its 200 day simple moving average is $15.89.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The company had revenue of $110.47 million during the quarter. As a group, analysts predict that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current year.

Institutional Trading of Gilat Satellite Networks

Institutional investors and hedge funds have recently modified their holdings of the business. Y.D. More Investments Ltd lifted its position in shares of Gilat Satellite Networks by 913.0% during the 4th quarter. Y.D. More Investments Ltd now owns 403,746 shares of the communications equipment provider’s stock worth $5,235,000 after buying an additional 363,890 shares during the last quarter. LBP AM SA lifted its position in shares of Gilat Satellite Networks by 31.7% during the 4th 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 last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Gilat Satellite Networks during the 4th quarter worth $1,693,000. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Gilat Satellite Networks by 118.2% during the 3rd quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock worth $51,992,000 after buying an additional 2,250,000 shares during the last quarter. Finally, Royce & Associates LP lifted its position in shares of Gilat Satellite Networks by 12.4% during the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock worth $15,605,000 after buying an additional 132,599 shares during the last quarter. 35.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

GILT has been the subject of a number of recent analyst reports. Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 15th. Wall Street Zen downgraded Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target 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.