Abel Hall LLC Takes $325,000 Position in Viasat Inc. $VSAT

Abel Hall LLC purchased a new position in Viasat Inc. (NASDAQ:VSAT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,105 shares of the communications equipment provider’s stock, valued at approximately $325,000.

A number of other large investors also recently modified their holdings of VSAT. Royal Bank of Canada increased its stake 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 worth $1,140,000 after acquiring an additional 90,680 shares during the last quarter. AQR Capital Management LLC raised its stake in Viasat by 189.7% in the first 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 in the last quarter. Millennium Management LLC lifted its position in Viasat by 673.7% during the first quarter. Millennium Management LLC now owns 1,386,089 shares of the communications equipment provider’s stock valued at $14,443,000 after purchasing an additional 1,206,935 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Viasat by 64.9% during 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 purchasing an additional 1,128,338 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in Viasat by 6.9% in the 1st quarter. Empowered Funds LLC now owns 226,184 shares of the communications equipment provider’s stock worth $2,357,000 after buying an additional 14,575 shares in the last quarter. 86.05% of the stock is currently owned by institutional investors.

Insider Transactions at Viasat

In other news, CFO Garrett L. Chase sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $62.41, for a total value of $249,640.00. Following the transaction, the chief financial officer owned 34,239 shares in the company, valued at approximately $2,136,855.99. This trade represents a 10.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard A. Baldridge sold 27,122 shares of Viasat stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the completion of the transaction, the director directly owned 213,355 shares in the company, valued at approximately $15,306,087.70. The trade was a 11.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 438,803 shares of company stock valued at $28,655,600. Insiders own 2.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on VSAT shares. Weiss Ratings restated a “sell (d-)” rating on shares of Viasat in a research report on Monday, April 20th. Needham & Company LLC upped their target price on shares of Viasat from $58.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. B. Riley Financial increased their target price on Viasat from $94.00 to $106.00 and gave the company a “buy” rating in a research note on Friday, May 29th. Oppenheimer initiated coverage on Viasat in a research report on Monday, June 29th. They set an “outperform” rating and a $140.00 price target on the stock. Finally, Raymond James Financial set a $74.00 price target on Viasat and gave the stock an “outperform” rating in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.11.

Viasat Stock Down 8.4%

Shares of NASDAQ:VSAT opened at $76.72 on Wednesday. The stock has a market capitalization of $10.48 billion, a P/E ratio of -264.55 and a beta of 1.70. The stock’s 50-day moving average price is $70.80 and its 200-day moving average price is $54.93. The company has a current ratio of 2.41, a quick ratio of 2.19 and a debt-to-equity ratio of 1.35. Viasat Inc. has a 12-month low of $14.00 and a 12-month high of $93.03.

Viasat (NASDAQ:VSAT) last released its earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). Viasat had a negative net margin of 0.73% and a positive return on equity of 1.58%. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.20 billion. During the same period last year, the firm posted ($0.02) EPS. The company’s revenue was up 2.1% on a year-over-year basis. On average, equities analysts anticipate that Viasat Inc. will post -0.39 earnings per share for the current year.

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.