Altshuler Shaham Ltd Buys 464,829 Shares of Gilat Satellite Networks Ltd. $GILT

Altshuler Shaham Ltd lifted its stake in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 4,494.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 475,171 shares of the communications equipment provider’s stock after acquiring an additional 464,829 shares during the quarter. Altshuler Shaham Ltd owned approximately 0.83% of Gilat Satellite Networks worth $5,686,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in GILT. Cetera Investment Advisers purchased a new position in Gilat Satellite Networks in the 2nd quarter worth approximately $191,000. Russell Investments Group Ltd. lifted its holdings in Gilat Satellite Networks by 39.6% in the 2nd quarter. Russell Investments Group Ltd. now owns 122,685 shares of the communications equipment provider’s stock worth $870,000 after purchasing an additional 34,810 shares in the last quarter. Marshall Wace LLP lifted its holdings in Gilat Satellite Networks by 1.6% in the 2nd quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock worth $3,643,000 after purchasing an additional 8,105 shares in the last quarter. Jane Street Group LLC lifted its holdings in Gilat Satellite Networks by 298.7% in the 2nd quarter. Jane Street Group LLC now owns 68,222 shares of the communications equipment provider’s stock worth $484,000 after purchasing an additional 51,109 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Gilat Satellite Networks by 23.2% in the 2nd quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after purchasing an additional 22,817 shares in the last quarter. 35.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Gilat Satellite Networks

In related news, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total transaction of $267,560.64. Following the sale, the insider owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Doron Kerbel sold 7,500 shares of the 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. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.13% of the company’s stock.

Wall Street Analyst Weigh In

GILT has been the topic of a number of research analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Gilat Satellite Networks in a report on Tuesday. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a report on Friday, May 15th. Finally, Wall Street Zen cut Gilat Satellite Networks from a “buy” rating to a “hold” rating in a report on Saturday, February 28th. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, Gilat Satellite Networks presently has a consensus rating of “Buy” and an average target price of $20.00.

Gilat Satellite Networks Price Performance

Shares of GILT opened at $13.58 on Thursday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of 26.63 and a beta of 1.00. Gilat Satellite Networks Ltd. has a 1 year low of $6.24 and a 1 year high of $20.93. The business’s 50 day simple moving average is $16.91 and its 200-day simple moving average is $15.94.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The business had revenue of $110.47 million for the quarter. On average, sell-side analysts expect that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current year.

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.