Viasat (NASDAQ:VSAT) Price Target Cut to $85.00 by Analysts at Needham & Company LLC

Viasat (NASDAQ:VSAT) had its target price decreased by Needham & Company LLC from $105.00 to $85.00 in a report issued on Friday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the communications equipment provider’s stock.

Several other research firms have also issued reports on VSAT. Wall Street Zen lowered shares of Viasat from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Zacks Research upgraded Viasat from a “strong sell” rating to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reissued a “sell (d-)” rating on shares of Viasat in a research report on Thursday, October 15th. Morgan Stanley set a $95.00 price objective on Viasat in a research report on Monday, August 10th. Finally, Raymond James Financial reissued an “outperform” rating and issued a $95.00 price objective on shares of Viasat in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Viasat currently has an average rating of “Moderate Buy” and a consensus price target of $90.78.

Viasat Price Performance

Shares of NASDAQ VSAT opened at $63.95 on Friday. The company’s 50 day moving average price is $69.77 and its 200-day moving average price is $64.26. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.49 and a current ratio of 1.65. Viasat has a 52-week low of $29.13 and a 52-week high of $93.03. The company has a market capitalization of $8.81 billion, a P/E ratio of -88.82 and a beta of 1.76.

Viasat (NASDAQ:VSAT) last posted its quarterly earnings data on Thursday, November 5th. The communications equipment provider reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.42) by $0.10. Viasat had a negative net margin of 2.07% and a negative return on equity of 0.05%. The company had revenue of $1.18 billion during the quarter, compared to analysts’ expectations of $1.20 billion. During the same period in the prior year, the company posted $0.09 earnings per share. Viasat’s revenue for the quarter was up 3.4% compared to the same quarter last year. Equities analysts forecast that Viasat will post -0.38 earnings per share for the current year.

Insider Activity at Viasat

In related news, SVP Craig Miller sold 22,500 shares of the business’s stock in a transaction on Wednesday, November 4th. The shares were sold at an average price of $70.19, for a total transaction of $1,579,275.00. Following the transaction, the senior vice president owned 41,570 shares in the company, valued at $2,917,798.30. The trade was a 35.12% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Stenbit sold 705 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $66.75, for a total transaction of $47,058.75. Following the transaction, the director directly owned 545 shares in the company, valued at approximately $36,378.75. This represents a 56.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 51,098 shares of company stock worth $3,593,911. Corporate insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Viasat

A number of large investors have recently bought and sold shares of VSAT. Danske Bank A S raised its holdings in Viasat by 14.4% during the third quarter. Danske Bank A S now owns 2,387 shares of the communications equipment provider’s stock worth $168,000 after buying an additional 301 shares during the last quarter. Clearwater Capital Advisors LLC bought a new position in shares of Viasat in the third quarter valued at $591,000. Russell Investments Group Ltd. increased its position in shares of Viasat by 56.3% during the third quarter. Russell Investments Group Ltd. now owns 118,242 shares of the communications equipment provider’s stock worth $8,322,000 after acquiring an additional 42,610 shares in the last quarter. Maryland State Retirement & Pension System raised its holdings in shares of Viasat by 55.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 30,764 shares of the communications equipment provider’s stock worth $2,165,000 after acquiring an additional 11,008 shares during the last quarter. Finally, Parallel Advisors LLC raised its holdings in shares of Viasat by 169.3% in the 3rd quarter. Parallel Advisors LLC now owns 412 shares of the communications equipment provider’s stock worth $29,000 after acquiring an additional 259 shares during the last quarter. 86.05% of the stock is currently owned by institutional investors and hedge funds.

About Viasat

Viasat, Inc is a global communications company that designs, develops and operates satellite and wireless communications systems. Its services support consumers, businesses, governments and other organizations that need connectivity in areas where terrestrial networks may be limited.

The company provides satellite broadband for homes and businesses, in-flight connectivity for commercial and business aircraft, and communications services for maritime customers. Viasat also supplies secure communications, networking equipment and related services to government and defense customers.

Founded in 1986 and headquartered in Carlsbad, California, Viasat serves customers in the Americas and internationally.