Royce & Associates LP Lowers Holdings in Gilat Satellite Networks Ltd. $GILT

Royce & Associates LP trimmed its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 14.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,028,620 shares of the communications equipment provider’s stock after selling 169,940 shares during the period. Royce & Associates LP’s holdings in Gilat Satellite Networks were worth $13,310,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Y.D. More Investments Ltd grew its position in Gilat Satellite Networks by 913.0% in the fourth quarter. Y.D. More Investments Ltd now owns 403,746 shares of the communications equipment provider’s stock worth $5,235,000 after acquiring an additional 363,890 shares during the period. LBP AM SA grew its position in Gilat Satellite Networks by 31.7% in the fourth quarter. LBP AM SA now owns 961,719 shares of the communications equipment provider’s stock worth $12,445,000 after acquiring an additional 231,258 shares during the period. Assenagon Asset Management S.A. purchased a new position in Gilat Satellite Networks in the fourth quarter worth approximately $1,693,000. Penserra Capital Management LLC grew its position 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 acquiring an additional 1,064,959 shares during the period. Finally, Clal Insurance Enterprises Holdings Ltd grew its position 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 acquiring an additional 2,250,000 shares during the period. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gilat Satellite Networks

In other news, insider Doron Kerbel sold 7,500 shares of the stock in a transaction on Friday, March 20th. The stock was sold at an average price of $18.03, for a total value of $135,225.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Adi Sfadia sold 48,978 shares of the stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $16.85, for a total value of $825,279.30. The SEC filing for this sale provides additional information. 1.13% of the stock is currently owned by company insiders.

Gilat Satellite Networks Trading Down 2.2%

Shares of NASDAQ GILT opened at $17.43 on Thursday. The stock has a market cap of $1.29 billion, a P/E ratio of 34.18 and a beta of 1.05. Gilat Satellite Networks Ltd. has a 12-month low of $5.46 and a 12-month high of $20.93. The business’s fifty day simple moving average is $17.28 and its 200-day simple moving average is $15.58.

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

Analyst Upgrades and Downgrades

A number of research firms have commented on GILT. Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Freedom Capital upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Thursday, February 12th. Zacks Research upgraded Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. 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, February 10th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $20.00.

Gilat Satellite Networks Company 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.