Gilat Satellite Networks (NASDAQ:GILT) Sets New 52-Week High – What’s Next?

Gilat Satellite Networks Ltd. (NASDAQ:GILT)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $20.93 and last traded at $20.85, with a volume of 1780579 shares. The stock had previously closed at $19.39.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen lowered shares of Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research note on Tuesday, February 10th. Finally, Freedom Capital raised shares of Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Price Performance

The firm has a market capitalization of $1.54 billion, a P/E ratio of 63.18 and a beta of 1.05. The stock’s fifty day simple moving average is $17.42 and its 200 day simple moving average is $15.40.

Gilat Satellite Networks (NASDAQ:GILT) last announced its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The business had revenue of $136.96 million during the quarter, compared to the consensus estimate of $133.56 million. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. As a group, sell-side analysts forecast that Gilat Satellite Networks Ltd. will post 0.47 EPS for the current fiscal year.

Insider Transactions at Gilat Satellite Networks

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

Hedge Funds Weigh In On Gilat Satellite Networks

A number of large investors have recently added to or reduced their stakes in GILT. Clal Insurance Enterprises Holdings Ltd raised its holdings in Gilat Satellite Networks by 118.2% in the third quarter. Clal Insurance Enterprises Holdings Ltd now owns 4,154,120 shares of the communications equipment provider’s stock worth $51,992,000 after purchasing an additional 2,250,000 shares in the last quarter. Penserra Capital Management LLC raised its holdings in Gilat Satellite Networks by 831.1% in the third quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after purchasing an additional 1,064,959 shares in the last quarter. Defiance ETFs LLC acquired a new position in shares of Gilat Satellite Networks during the fourth quarter valued at about $13,555,000. UBS Group AG increased its holdings in shares of Gilat Satellite Networks by 613.4% during the third 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of 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 valued at $11,755,000 after acquiring an additional 824,949 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

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.