ViaSat Inc. (VSAT) Stock Rating Upgraded by Zacks Investment Research
ViaSat Inc. (NASDAQ:VSAT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The firm currently has a $84.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 15.50% from the stock’s current price.
According to Zacks, “ViaSat has posted a decent earnings performance, beating estimates twice in the four trailing quarters, led by consistent strength of its Satellite Services and Government Systems segments. For the last reported quarter, steady growth in government and commercial air, in-flight Internet services, mobile broadband, consumer ARPU gains and cost reductions initiatives proved conducive to growth. Going forward, the company intends to expand its ViaSat-2 satellites and also launch ViaSat-3 satellites. These developments are expected to support and drive its growth momentum. ViaSat is also ramping up investments on its ViaSat-3 class satellites, which holds tremendous potential in the long run. However, on the flip side, strong competition and huge rise in research and development expenses will likely weigh on the company’s financials in the near term.”
Several other analysts have also commented on VSAT. B. Riley reissued a “buy” rating and set a $89.00 price target on shares of ViaSat in a research report on Tuesday, August 9th. Jefferies Group assumed coverage on shares of ViaSat in a research report on Monday, August 1st. They issued a “hold” rating and a $85.00 price objective for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $73.80.
ViaSat (NASDAQ:VSAT) opened at 72.73 on Monday. The firm has a 50 day moving average of $74.41 and a 200-day moving average of $73.41. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 169.93 and a beta of 0.97. ViaSat has a 52-week low of $56.02 and a 52-week high of $79.15.
ViaSat (NASDAQ:VSAT) last released its quarterly earnings results on Tuesday, August 9th. The company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by $0.03. The firm had revenue of $363.10 million for the quarter, compared to analysts’ expectations of $371.89 million. ViaSat had a net margin of 1.46% and a return on equity of 2.59%. The business’s quarterly revenue was up 5.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 earnings per share. Equities analysts expect that ViaSat will post $1.20 EPS for the current year.
In other ViaSat news, CFO Shawn Lynn Duffy sold 1,875 shares of the firm’s stock in a transaction that occurred on Wednesday, July 13th. The shares were sold at an average price of $75.00, for a total transaction of $140,625.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark D. Dankberg sold 26,250 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $75.26, for a total transaction of $1,975,575.00. Following the transaction, the chief executive officer now directly owns 26,250 shares of the company’s stock, valued at $1,975,575. The disclosure for this sale can be found here. 9.70% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of the company. Strs Ohio raised its position in ViaSat by 3.0% in the second quarter. Strs Ohio now owns 6,900 shares of the company’s stock worth $492,000 after buying an additional 200 shares in the last quarter. Jane Street Group LLC raised its position in ViaSat by 14.1% in the second quarter. Jane Street Group LLC now owns 3,488 shares of the company’s stock worth $249,000 after buying an additional 430 shares in the last quarter. State Board of Administration of Florida Retirement System raised its position in ViaSat by 1.8% in the second quarter. State Board of Administration of Florida Retirement System now owns 25,740 shares of the company’s stock worth $1,838,000 after buying an additional 443 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in ViaSat by 1.9% in the second quarter. UBS Asset Management Americas Inc. now owns 31,570 shares of the company’s stock worth $2,254,000 after buying an additional 585 shares in the last quarter. Finally, Swiss National Bank raised its position in ViaSat by 0.9% in the second quarter. Swiss National Bank now owns 76,724 shares of the company’s stock worth $5,478,000 after buying an additional 700 shares in the last quarter. 94.53% of the stock is owned by institutional investors.
ViaSat Company Profile
ViaSat, Inc is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States.
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