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 the stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Gilat Satellite Networks Stock Performance

Shares of GILT stock opened at $11.23 on Monday. Gilat Satellite Networks Ltd. has a 12-month low of $8.52 and a 12-month high of $20.93. The business’s 50 day moving average is $12.64 and its two-hundred day moving average is $15.53. The company has a market capitalization of $829.11 million, a P/E ratio of 25.52 and a beta of 1.06.

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 firm 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%. On average, research analysts predict that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of GILT. Clal Insurance Enterprises Holdings Ltd grew 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 buying an additional 1,402,035 shares during the period. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks in the fourth quarter valued at approximately $13,555,000. UBS Group AG grew its position in Gilat Satellite Networks by 613.4% in the third quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after acquiring an additional 828,489 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Gilat Satellite Networks by 995.8% during the third quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock worth $11,755,000 after acquiring an additional 824,949 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in Gilat Satellite Networks by 1,205.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 882,983 shares of the communications equipment provider’s stock valued at $11,426,000 after purchasing an additional 815,360 shares during the period. Hedge funds and other institutional investors own 35.72% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on GILT shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a report on Tuesday, June 16th. Finally, Zacks Research lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average 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.