Federated Hermes Inc. Reduces Stock Position in Viasat Inc. $VSAT

Federated Hermes Inc. reduced its stake in shares of Viasat Inc. (NASDAQ:VSAT) by 7.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 438,145 shares of the communications equipment provider’s stock after selling 32,761 shares during the period. Federated Hermes Inc. owned 0.33% of Viasat worth $12,838,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Royal Bank of Canada increased its holdings in Viasat by 483.2% in the 1st quarter. Royal Bank of Canada now owns 109,448 shares of the communications equipment provider’s stock valued at $1,140,000 after purchasing an additional 90,680 shares in the last quarter. AQR Capital Management LLC boosted its stake in Viasat by 189.7% during the 1st quarter. AQR Capital Management LLC now owns 452,933 shares of the communications equipment provider’s stock valued at $4,692,000 after purchasing an additional 296,612 shares during the period. Millennium Management LLC grew its stake in shares of Viasat by 673.7% in the first quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider’s stock worth $14,443,000 after purchasing an additional 1,206,935 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Viasat by 64.9% in the first quarter. Goldman Sachs Group Inc. now owns 2,866,242 shares of the communications equipment provider’s stock valued at $29,866,000 after acquiring an additional 1,128,338 shares in the last quarter. Finally, Empowered Funds LLC grew its holdings in Viasat by 6.9% during the first quarter. Empowered Funds LLC now owns 226,184 shares of the communications equipment provider’s stock worth $2,357,000 after acquiring an additional 14,575 shares during the period. 86.05% of the stock is owned by institutional investors and hedge funds.

Viasat Stock Performance

VSAT opened at $45.17 on Friday. The firm has a market capitalization of $6.11 billion, a PE ratio of -11.29 and a beta of 1.39. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.84 and a current ratio of 2.08. The business’s 50-day simple moving average is $38.12 and its 200 day simple moving average is $32.65. Viasat Inc. has a 52-week low of $7.36 and a 52-week high of $49.68.

Viasat (NASDAQ:VSAT) last posted its earnings results on Saturday, November 8th. The communications equipment provider reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.20. Viasat had a negative net margin of 11.40% and a negative return on equity of 3.65%. The company had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter last year, the company posted ($0.23) EPS. Viasat’s quarterly revenue was up 2.0% compared to the same quarter last year. As a group, sell-side analysts expect that Viasat Inc. will post -0.54 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Benjamin Edward Palmer sold 2,780 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $36.06, for a total transaction of $100,246.80. Following the transaction, the insider directly owned 27,831 shares of the company’s stock, valued at approximately $1,003,585.86. This represents a 9.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Camellia E. Fitzgerald sold 2,810 shares of the firm’s stock in a transaction dated Wednesday, January 28th. The shares were sold at an average price of $48.00, for a total transaction of $134,880.00. Following the completion of the transaction, the chief accounting officer directly owned 9,946 shares in the company, valued at approximately $477,408. The trade was a 22.03% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 359,339 shares of company stock valued at $13,240,768. 2.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and set a $45.00 price objective on shares of Viasat in a research report on Wednesday, January 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Viasat in a research report on Wednesday, January 21st. JPMorgan Chase & Co. raised shares of Viasat from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $23.00 to $50.00 in a research report on Tuesday, November 11th. Raymond James Financial upgraded shares of Viasat from a “market perform” rating to an “outperform” rating and set a $52.00 target price on the stock in a research report on Monday, November 10th. Finally, Morgan Stanley set a $51.00 price target on shares of Viasat in a research report on Friday, January 16th. Five investment analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $41.29.

About Viasat

Viasat, Inc (NASDAQ: VSAT) provides high‐capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.

Viasat’s product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.