Viasat (NASDAQ:VSAT) Stock Price Down 5.7% Following Insider Selling

Shares of Viasat Inc. (NASDAQ:VSAT) were down 5.7% during mid-day trading on Thursday following insider selling activity. The company traded as low as $58.41 and last traded at $58.7050. Approximately 739,454 shares changed hands during trading, a decline of 63% from the average session volume of 1,975,399 shares. The stock had previously closed at $62.23.

Specifically, CFO Garrett L. Chase sold 4,000 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $62.41, for a total value of $249,640.00. Following the completion of the sale, the chief financial officer directly owned 34,239 shares of the company’s stock, valued at $2,136,855.99. This represents a 10.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Barclays set a $49.00 price objective on Viasat in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $97.00 price objective on shares of Viasat in a research note on Monday, June 1st. B. Riley Financial raised their price objective on Viasat from $94.00 to $106.00 and gave the stock a “buy” rating in a research note on Friday, May 29th. New Street Research assumed coverage on shares of Viasat in a report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 price target on the stock. Finally, Raymond James Financial set a $74.00 target price on shares of Viasat and gave the stock an “outperform” rating in a report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $77.12.

Viasat Stock Performance

The stock has a 50-day moving average price of $67.94 and a 200 day moving average price of $52.28. The firm has a market capitalization of $8.11 billion, a price-to-earnings ratio of -204.78 and a beta of 1.71. The company has a quick ratio of 2.19, a current ratio of 2.41 and a debt-to-equity ratio of 1.35.

Viasat (NASDAQ:VSAT) last announced its quarterly earnings data on Thursday, May 28th. The communications equipment provider reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). The firm had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.20 billion. Viasat had a negative net margin of 0.73% and a positive return on equity of 1.58%. The company’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.02) earnings per share. On average, analysts forecast that Viasat Inc. will post -0.35 EPS for the current year.

Institutional Investors Weigh In On Viasat

Several hedge funds and other institutional investors have recently made changes to their positions in VSAT. Royal Bank of Canada lifted its position in Viasat by 483.2% in the first quarter. Royal Bank of Canada now owns 109,448 shares of the communications equipment provider’s stock valued at $1,140,000 after purchasing an additional 90,680 shares during the period. AQR Capital Management LLC lifted its holdings in Viasat by 189.7% in the 1st quarter. AQR Capital Management LLC now owns 452,933 shares of the communications equipment provider’s stock valued at $4,692,000 after purchasing an additional 296,612 shares in the last quarter. Millennium Management LLC grew its position in Viasat by 673.7% during the first quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider’s stock valued at $14,443,000 after acquiring an additional 1,206,935 shares during the period. Goldman Sachs Group Inc. grew its position in Viasat by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 2,866,242 shares of the communications equipment provider’s stock valued at $29,866,000 after acquiring an additional 1,128,338 shares in the last quarter. Finally, Empowered Funds LLC increased its position in shares of Viasat by 6.9% during the first quarter. Empowered Funds LLC now owns 226,184 shares of the communications equipment provider’s stock worth $2,357,000 after acquiring an additional 14,575 shares during the last quarter. Institutional investors and hedge funds own 86.05% of the company’s stock.

Viasat Company Profile

Viasat, Inc (NASDAQ: VSAT) provides high?capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.

Viasat’s product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.