Assenagon Asset Management S.A. Invests $1.69 Million in Gilat Satellite Networks Ltd. $GILT

Assenagon Asset Management S.A. acquired a new position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 130,431 shares of the communications equipment provider’s stock, valued at approximately $1,693,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Cullen Frost Bankers Inc. acquired a new stake in Gilat Satellite Networks during the third quarter valued at approximately $26,000. USA Financial Formulas acquired a new position in Gilat Satellite Networks in the third quarter worth approximately $39,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Gilat Satellite Networks in the third quarter worth approximately $64,000. McIlrath & Eck LLC increased its holdings in shares of Gilat Satellite Networks by 383.1% in the third quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock valued at $75,000 after buying an additional 4,586 shares in the last quarter. Finally, Assetmark Inc. bought a new position in shares of Gilat Satellite Networks in the third quarter valued at $76,000. 35.72% of the stock is currently owned by institutional investors.

Gilat Satellite Networks Stock Performance

Shares of NASDAQ:GILT opened at $14.27 on Tuesday. The company has a market cap of $1.05 billion, a PE ratio of 43.24 and a beta of 0.82. Gilat Satellite Networks Ltd. has a 52 week low of $5.30 and a 52 week high of $20.38. 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 posted its quarterly earnings data on Tuesday, February 10th. The communications equipment provider reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. Gilat Satellite Networks had a net margin of 4.59% and a return on equity of 10.36%. The firm had revenue of $136.96 million for the quarter, compared to analysts’ expectations of $133.56 million. On average, equities analysts predict that Gilat Satellite Networks Ltd. will post 0.5 earnings per share for the current year.

Insider Buying and Selling at Gilat Satellite Networks

In other news, CEO Adi Sfadia sold 48,978 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $16.85, for a total value of $825,279.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Doron Kerbel sold 7,500 shares of Gilat Satellite Networks stock in a transaction on Friday, March 20th. The shares were sold at an average price of $18.03, for a total value of $135,225.00. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GILT shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday, February 10th. 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 lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Gilat Satellite Networks currently has an average rating of “Moderate Buy” and an average target price 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.