ViaSat, Inc. (VSAT) Upgraded by Zacks Investment Research to Strong-Buy
Zacks Investment Research upgraded shares of ViaSat, Inc. (NASDAQ:VSAT) from a hold rating to a strong-buy rating in a research note published on Monday morning. The firm currently has $75.00 price target on the communications equipment provider’s stock.
According to Zacks, “ViaSat posted modest results for second-quarter fiscal 2018, as earnings beat the Zacks Consensus Estimate by a whopping 250% but fell year over year, hurt by escalating research and development costs, and costs related to the ViaSat-2 service launch activities. Still, the company recorded terrific growth in government business and somewhat offset by contraction in Commercial Networks revenues. Steady growth in in-flight connectivity services, mobile broadband, consumer ARPU gains and cost-reduction initiatives proved conducive to growth. The company recently launched ViaSat-2 satellite, which holds tremendous potential over the long run. ViaSat shares have outperformed the industry’s average return as well, over the past six months. However, persistent weakness in the Commercial Networks segment, seasonality of demand, strong competition and huge rise in R&D expenses continue to be overhangs for the company’s profitability.”
Several other equities research analysts have also recently weighed in on VSAT. B. Riley restated a buy rating and issued a $89.00 price objective on shares of ViaSat in a research report on Monday, August 7th. TheStreet cut shares of ViaSat from a b- rating to a c rating in a research report on Wednesday, August 9th. Royal Bank Of Canada set a $50.00 price objective on shares of ViaSat and gave the company a sell rating in a research report on Tuesday, August 15th. Needham & Company LLC upgraded shares of ViaSat from a hold rating to a buy rating and set a $78.00 price objective for the company in a research report on Friday. Finally, Jefferies Group LLC set a $67.00 price objective on shares of ViaSat and gave the company a hold rating in a research report on Sunday, September 10th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus target price of $74.17.
Shares of ViaSat (NASDAQ:VSAT) traded up $2.90 during mid-day trading on Monday, hitting $72.90. 1,105,101 shares of the stock were exchanged, compared to its average volume of 443,365. ViaSat has a 52 week low of $57.75 and a 52 week high of $81.71. The firm has a market cap of $3,983.43, a PE ratio of 1,368.00 and a beta of 0.74. The company has a current ratio of 2.26, a quick ratio of 1.71 and a debt-to-equity ratio of 0.37.
ViaSat (NASDAQ:VSAT) last announced its earnings results on Wednesday, November 8th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.02 by $0.07. The business had revenue of $393.10 million during the quarter, compared to analysts’ expectations of $401.83 million. ViaSat had a negative net margin of 0.75% and a positive return on equity of 0.13%. The firm’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter last year, the company posted $0.40 EPS. research analysts forecast that ViaSat will post -0.92 EPS for the current year.
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In related news, CEO Mark D. Dankberg sold 28,500 shares of ViaSat stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $60.12, for a total transaction of $1,713,420.00. Following the transaction, the chief executive officer now owns 28,500 shares of the company’s stock, valued at approximately $1,713,420. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jeffrey M. Nash sold 2,000 shares of ViaSat stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $61.91, for a total transaction of $123,820.00. The disclosure for this sale can be found here. Insiders sold a total of 121,300 shares of company stock worth $7,657,624 in the last ninety days. Insiders own 7.70% of the company’s stock.
Hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. raised its holdings in ViaSat by 9.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,582 shares of the communications equipment provider’s stock worth $105,000 after buying an additional 131 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in ViaSat by 13.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,822 shares of the communications equipment provider’s stock worth $121,000 after buying an additional 216 shares during the period. Virtu KCG Holdings LLC acquired a new stake in ViaSat during the 2nd quarter worth approximately $203,000. Shelton Capital Management acquired a new stake in ViaSat during the 2nd quarter worth approximately $206,000. Finally, Balter Liquid Alternatives LLC acquired a new stake in ViaSat during the 2nd quarter worth approximately $208,000. Hedge funds and other institutional investors own 99.26% of the company’s stock.
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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