Hennessy Advisors Inc. Sells 37,300 Shares of Viasat Inc. $VSAT

Hennessy Advisors Inc. reduced its stake in shares of Viasat Inc. (NASDAQ:VSAT) by 3.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,167,400 shares of the communications equipment provider’s stock after selling 37,300 shares during the period. Viasat accounts for approximately 3.0% of Hennessy Advisors Inc.’s portfolio, making the stock its biggest holding. Hennessy Advisors Inc. owned 0.85% of Viasat worth $82,162,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Viasat during the second quarter valued at approximately $1,863,374,000. Dimensional Fund Advisors LP grew its stake in Viasat by 18.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,789,539 shares of the communications equipment provider’s stock valued at $219,346,000 after buying an additional 738,656 shares during the last quarter. Van ECK Associates Corp grew its stake in Viasat by 53.1% in the 2nd quarter. Van ECK Associates Corp now owns 2,243,040 shares of the communications equipment provider’s stock valued at $201,447,000 after buying an additional 777,761 shares during the last quarter. Bank of America Corp DE bought a new position in Viasat in the 2nd quarter worth $127,283,000. Finally, Tidal Investments LLC raised its holdings in Viasat by 8,261.7% in the 2nd quarter. Tidal Investments LLC now owns 976,646 shares of the communications equipment provider’s stock worth $87,713,000 after acquiring an additional 964,966 shares during the period. Institutional investors and hedge funds own 86.05% of the company’s stock.

Viasat Price Performance

NASDAQ:VSAT opened at $77.02 on Monday. The stock has a market cap of $10.61 billion, a P/E ratio of -320.92 and a beta of 1.76. Viasat Inc. has a one year low of $29.13 and a one year high of $93.03. The company has a fifty day moving average price of $70.26 and a 200 day moving average price of $63.65. The company has a debt-to-equity ratio of 1.23, a current ratio of 1.68 and a quick ratio of 1.52.

Viasat (NASDAQ:VSAT) last issued its quarterly earnings results on Tuesday, August 4th. The communications equipment provider reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.07. Viasat had a negative net margin of 0.64% and a positive return on equity of 1.44%. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period in the prior year, the firm earned $0.17 EPS. The business’s revenue was down 1.2% on a year-over-year basis. Analysts anticipate that Viasat Inc. will post -0.38 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Morgan Stanley set a $95.00 price target on shares of Viasat in a report on Monday, August 10th. Wall Street Zen lowered Viasat from a “hold” rating to a “sell” rating in a research note on Saturday, August 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Viasat in a research note on Thursday, October 15th. Zacks Research raised Viasat from a “strong sell” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Needham & Company LLC increased their target price on Viasat from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Viasat currently has an average rating of “Moderate Buy” and an average price target of $90.67.

Insider Activity

In other news, SVP Craig Miller sold 11,893 shares of Viasat stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $71.61, for a total transaction of $851,657.73. Following the sale, the senior vice president owned 41,570 shares of the company’s stock, valued at approximately $2,976,827.70. This trade represents a 22.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard A. Baldridge sold 223,542 shares of Viasat stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $80.62, for a total value of $18,021,956.04. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 254,640 shares of company stock valued at $20,248,318. Corporate insiders own 1.40% of the company’s stock.

About Viasat

Viasat, Inc is a communications technology company that provides satellite-based connectivity and related services to commercial, government and consumer customers. The company’s offerings include high-speed broadband, satellite communications, network services and connectivity solutions designed for locations where terrestrial networks may be limited or unavailable.

Viasat serves the aviation, maritime, residential broadband, enterprise and government markets. Its services support in-flight internet for commercial and business aircraft, connectivity for ships and offshore operations, broadband access for homes and communities, and secure communications for government and defense customers.