Bank of New York Mellon Corp Sells 47,042 Shares of Viasat Inc. $VSAT

Bank of New York Mellon Corp lessened its holdings in Viasat Inc. (NASDAQ:VSAT) by 5.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 790,417 shares of the communications equipment provider’s stock after selling 47,042 shares during the quarter. Bank of New York Mellon Corp’s holdings in Viasat were worth $36,201,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Vise Technologies Inc. grew its stake in shares of Viasat by 4.8% in the 4th quarter. Vise Technologies Inc. now owns 7,446 shares of the communications equipment provider’s stock worth $257,000 after buying an additional 342 shares during the last quarter. CWM LLC boosted its stake in Viasat by 1.8% in the 4th quarter. CWM LLC now owns 19,360 shares of the communications equipment provider’s stock worth $667,000 after purchasing an additional 349 shares in the last quarter. State of Tennessee Department of Treasury lifted its stake in shares of Viasat by 0.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 46,952 shares of the communications equipment provider’s stock worth $1,618,000 after buying an additional 350 shares in the last quarter. Victory Capital Management Inc. lifted its position in Viasat by 1.9% in the 3rd quarter. Victory Capital Management Inc. now owns 19,145 shares of the communications equipment provider’s stock valued at $561,000 after acquiring an additional 361 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its position in Viasat by 5.2% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,039 shares of the communications equipment provider’s stock valued at $277,000 after acquiring an additional 396 shares in the last quarter. 86.05% of the stock is owned by institutional investors.

Viasat Price Performance

Shares of VSAT opened at $71.70 on Friday. The firm has a market cap of $9.79 billion, a PE ratio of -247.24 and a beta of 1.70. The company has a current ratio of 2.41, a quick ratio of 2.19 and a debt-to-equity ratio of 1.35. The firm has a fifty day simple moving average of $72.04 and a two-hundred day simple moving average of $58.12. Viasat Inc. has a 1-year low of $14.11 and a 1-year high of $93.03.

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Zacks Research lowered Viasat from a “hold” rating to a “strong sell” rating in a report on Tuesday, June 30th. Barclays set a $49.00 price target on Viasat in a report on Friday, May 29th. Needham & Company LLC increased their price objective on Viasat from $58.00 to $90.00 and gave the company a “buy” rating in a research report on Monday, June 1st. New Street Research assumed coverage on Viasat in a report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $97.00 target price on shares of Viasat in a research report on Monday, June 1st. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $84.11.

Insider Activity at Viasat

In other Viasat news, Director Richard A. Baldridge sold 27,122 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total value of $1,945,732.28. Following the transaction, the director owned 213,355 shares of the company’s stock, valued at approximately $15,306,087.70. This represents a 11.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Theresa Wise sold 2,500 shares of the firm’s stock in a transaction dated Monday, June 8th. The stock was sold at an average price of $69.00, for a total value of $172,500.00. Following the completion of the transaction, the director directly owned 11,000 shares in the company, valued at $759,000. The trade was a 18.52% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 438,803 shares of company stock valued at $28,655,600 in the last 90 days. 2.20% of the stock is owned by company insiders.

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.