Assenagon Asset Management S.A. Makes New $1.69 Million Investment in Gilat Satellite Networks Ltd. $GILT

Assenagon Asset Management S.A. bought a new stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 130,431 shares of the communications equipment provider’s stock, valued at approximately $1,693,000. Assenagon Asset Management S.A. owned about 0.23% of Gilat Satellite Networks at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks in the third quarter worth $26,000. USA Financial Formulas acquired a new stake in shares of Gilat Satellite Networks in the 3rd quarter worth about $39,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Gilat Satellite Networks in the 3rd quarter valued at about $64,000. McIlrath & Eck LLC boosted its stake in Gilat Satellite Networks by 383.1% during the 3rd quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock valued at $75,000 after purchasing an additional 4,586 shares during the period. Finally, Assetmark Inc. bought a new position in Gilat Satellite Networks in the 3rd quarter worth about $76,000. Institutional investors and hedge funds own 35.72% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total transaction of $825,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $18.03, for a total value of $135,225.00. The disclosure for this sale is available in the SEC filing. 1.13% of the stock is currently owned by insiders.

Gilat Satellite Networks Price Performance

Gilat Satellite Networks stock opened at $14.27 on Tuesday. Gilat Satellite Networks Ltd. has a 12-month low of $5.30 and a 12-month high of $20.38. The stock has a market capitalization of $1.05 billion, a PE ratio of 43.24 and a beta of 0.82. The firm has a 50 day simple moving average of $16.80 and a 200-day simple moving average of $14.38.

Gilat Satellite Networks (NASDAQ:GILT) last announced its earnings results on Tuesday, February 10th. The communications equipment provider reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. The firm had revenue of $136.96 million for the quarter, compared to analysts’ expectations of $133.56 million. Gilat Satellite Networks had a return on equity of 10.36% and a net margin of 4.59%. On average, analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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.