Insider Selling: Gilat Satellite Networks (NASDAQ:GILT) Director Sells $44,761.43 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) Director Amir Yechiel Ofek sold 3,923 shares of Gilat Satellite Networks stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Gilat Satellite Networks Stock Performance

NASDAQ:GILT opened at $11.62 on Thursday. The stock has a market cap of $857.90 million, a price-to-earnings ratio of 26.41 and a beta of 1.06. Gilat Satellite Networks Ltd. has a one year low of $8.52 and a one year high of $20.93. The business’s 50-day simple moving average is $12.35 and its 200 day simple moving average is $15.39.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 EPS for the quarter. The firm had revenue of $122.66 million for the quarter. Gilat Satellite Networks had a net margin of 6.21% and a return on equity of 10.12%. On average, equities research analysts predict that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

Institutional Investors Weigh In On Gilat Satellite Networks

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Huntington National Bank lifted its position in shares of Gilat Satellite Networks by 200,000.0% in the fourth quarter. Huntington National Bank now owns 2,001 shares of the communications equipment provider’s stock worth $26,000 after purchasing an additional 2,000 shares in the last quarter. SBI Securities Co. Ltd. grew its position in Gilat Satellite Networks by 82.1% during the fourth quarter. SBI Securities Co. Ltd. now owns 2,130 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 960 shares in the last quarter. Smartleaf Asset Management LLC purchased a new position in Gilat Satellite Networks during the fourth quarter valued at approximately $39,000. Summit Securities Group LLC acquired a new position in Gilat Satellite Networks in the 1st quarter valued at approximately $48,000. Finally, Signaturefd LLC increased its stake in Gilat Satellite Networks by 104.5% in the 4th quarter. Signaturefd LLC now owns 4,120 shares of the communications equipment provider’s stock valued at $53,000 after buying an additional 2,105 shares during the period. 35.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on GILT. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a research note on Tuesday, June 16th. Zacks Research lowered Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. One 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 stock. According to data from MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average price target of $20.00.

Gilat Satellite Networks Company Profile

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.