Gilat Satellite Networks Ltd. $GILT Shares Sold by Renaissance Technologies LLC

Renaissance Technologies LLC lowered its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 10.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 598,946 shares of the communications equipment provider’s stock after selling 68,400 shares during the quarter. Renaissance Technologies LLC owned approximately 0.81% of Gilat Satellite Networks worth $8,996,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of GILT. Clal Insurance Enterprises Holdings Ltd raised its holdings in shares of Gilat Satellite Networks by 33.8% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after acquiring an additional 1,402,035 shares during the period. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks during the fourth quarter worth $13,555,000. UBS Group AG boosted its holdings in Gilat Satellite Networks by 613.4% during the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after acquiring an additional 828,489 shares during the period. Arrowstreet Capital Limited Partnership grew its holdings in shares of Gilat Satellite Networks by 995.8% in the third quarter. Arrowstreet Capital Limited Partnership now owns 907,794 shares of the communications equipment provider’s stock valued at $11,755,000 after purchasing an additional 824,949 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of 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 acquiring an additional 815,360 shares in the last quarter. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Gilat Satellite Networks Price Performance

GILT stock opened at $11.05 on Monday. The business has a fifty day simple moving average of $13.20 and a 200-day simple moving average of $15.74. The company has a market cap of $815.82 million, a price-to-earnings ratio of 21.67 and a beta of 1.06. Gilat Satellite Networks Ltd. has a 52 week low of $7.22 and a 52 week high of $20.93.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share 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 during the quarter. As a group, analysts expect that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GILT. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Thursday, June 18th. Zacks Research downgraded shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. One 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.00.

Insider Transactions at Gilat Satellite Networks

In other news, insider Arieh Rohrstock sold 17,568 shares of Gilat Satellite Networks stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the transaction, the insider directly owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. The trade was a 69.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is owned by company insiders.

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.