Clal Insurance Enterprises Holdings Ltd Acquires 1,402,035 Shares of Gilat Satellite Networks Ltd. $GILT

Clal Insurance Enterprises Holdings Ltd raised its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 33.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,556,155 shares of the communications equipment provider’s stock after acquiring an additional 1,402,035 shares during the quarter. Clal Insurance Enterprises Holdings Ltd owned about 0.10% of Gilat Satellite Networks worth $71,476,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of GILT. Cetera Investment Advisers acquired a new stake in Gilat Satellite Networks in the second quarter worth $191,000. Russell Investments Group Ltd. raised its holdings in shares of Gilat Satellite Networks by 39.6% during the second quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider’s stock worth $870,000 after acquiring an additional 34,810 shares during the period. Marshall Wace LLP raised its holdings in shares of Gilat Satellite Networks by 1.6% during the second quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after acquiring an additional 8,105 shares during the period. Jane Street Group LLC raised its holdings in shares of Gilat Satellite Networks by 298.7% during the second quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock worth $484,000 after acquiring an additional 51,109 shares during the period. Finally, Bank of America Corp DE raised its holdings in shares of Gilat Satellite Networks by 23.2% during the second quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after acquiring an additional 22,817 shares during the period. 35.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GILT has been the topic of a number of research analyst reports. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Zacks Research upgraded shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Two analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Trading Down 2.4%

Shares of GILT stock opened at $15.00 on Friday. Gilat Satellite Networks Ltd. has a 1 year low of $6.07 and a 1 year high of $20.93. The firm’s fifty day moving average price is $17.08 and its two-hundred day moving average price is $15.86. The firm has a market capitalization of $1.11 billion, a P/E ratio of 29.41 and a beta of 1.00.

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

Insider Transactions at Gilat Satellite Networks

In other news, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Adi Sfadia sold 48,978 shares of Gilat Satellite Networks stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total transaction of $825,279.30. The disclosure for this sale is available in the SEC filing. Company insiders own 1.13% of the company’s stock.

Gilat Satellite Networks 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.