Insider Selling: Gilat Satellite Networks (NASDAQ:GILT) CEO Sells $825,279.30 in Stock

Gilat Satellite Networks Ltd. (NASDAQ:GILT) CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Gilat Satellite Networks Stock Down 8.4%

GILT opened at $16.25 on Friday. Gilat Satellite Networks Ltd. has a 52 week low of $5.30 and a 52 week high of $20.38. The business’s 50 day moving average is $16.94 and its two-hundred day moving average is $14.11. The firm has a market cap of $929.66 million, a price-to-earnings ratio of 49.24 and a beta of 0.82.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $136.96 million during the quarter, compared to the consensus estimate of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. Equities analysts expect that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Needham & Company LLC reissued a “buy” rating and set a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Freedom Capital raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Thursday, February 12th. Finally, Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Gilat Satellite Networks currently has a consensus rating of “Moderate Buy” and an average target price of $20.00.

Hedge Funds Weigh In On Gilat Satellite Networks

Several institutional investors have recently bought and sold shares of GILT. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after acquiring an additional 1,402,035 shares during the period. First Wilshire Securities Management Inc. boosted its holdings in shares of Gilat Satellite Networks by 1.0% in the second quarter. First Wilshire Securities Management Inc. now owns 1,468,035 shares of the communications equipment provider’s stock valued at $10,408,000 after acquiring an additional 14,782 shares in the last quarter. Royce & Associates LP increased its stake in shares of Gilat Satellite Networks by 12.4% during the third quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock worth $15,605,000 after acquiring an additional 132,599 shares during the period. Penserra Capital Management LLC raised its holdings in Gilat Satellite Networks by 831.1% during the third quarter. Penserra Capital Management LLC now owns 1,193,094 shares of the communications equipment provider’s stock worth $15,533,000 after purchasing an additional 1,064,959 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings in Gilat Satellite Networks by 62.6% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,091,053 shares of the communications equipment provider’s stock worth $14,206,000 after purchasing an additional 419,843 shares in the last quarter. 35.72% of the stock is owned by institutional investors and hedge funds.

About Gilat Satellite Networks

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.