Gilat Satellite Networks Ltd. $GILT Stock Holdings Decreased by Renaissance Technologies LLC

Renaissance Technologies LLC decreased its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 10.2% during the first quarter, HoldingsChannel.com reports. 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’s holdings in Gilat Satellite Networks were worth $8,996,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in GILT. Public Employees Retirement System of Ohio raised its holdings in Gilat Satellite Networks by 57.2% during the first quarter. Public Employees Retirement System of Ohio now owns 42,085 shares of the communications equipment provider’s stock valued at $628,000 after buying an additional 15,316 shares in the last quarter. Sei Investments Co. boosted its holdings in Gilat Satellite Networks by 29.7% in the 1st quarter. Sei Investments Co. now owns 100,506 shares of the communications equipment provider’s stock valued at $1,510,000 after purchasing an additional 23,031 shares during the period. Swiss National Bank acquired a new stake in Gilat Satellite Networks during the first quarter worth about $2,159,000. Y.D. More Investments Ltd grew its holdings in shares of Gilat Satellite Networks by 77.3% during the 1st quarter. Y.D. More Investments Ltd now owns 715,697 shares of the communications equipment provider’s stock worth $10,560,000 after purchasing an additional 311,951 shares in the last quarter. Finally, Summit Securities Group LLC bought a new stake in Gilat Satellite Networks in the 1st quarter valued at $48,000. Institutional investors and hedge funds own 35.72% of the company’s stock.

Insiders Place Their Bets

In related news, insider Arieh Rohrstock sold 17,568 shares of the business’s stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the sale, the insider directly owned 7,531 shares in the company, valued at $114,697.13. The trade was a 69.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.13% of the company’s stock.

Analyst Ratings Changes

GILT has been the subject of several recent analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Thursday, June 18th. Zacks Research downgraded Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Gilat Satellite Networks presently has an average rating of “Moderate Buy” and an average target price of $20.00.

Gilat Satellite Networks Stock Performance

GILT opened at $11.05 on Monday. Gilat Satellite Networks Ltd. has a 52-week low of $7.22 and a 52-week high of $20.93. The firm has a market capitalization of $815.82 million, a PE ratio of 21.67 and a beta of 1.06. The business’s 50-day simple moving average is $13.20 and its 200 day simple moving average is $15.74.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The business had revenue of $110.47 million during the quarter. On average, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

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.