Gilat Satellite Networks (NASDAQ:GILT) Insider Arieh Rohrstock Sells 17,568 Shares

Gilat Satellite Networks Ltd. (NASDAQ:GILT) insider Arieh Rohrstock sold 17,568 shares of the firm’s stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $15.23, for a total value of $267,560.64. Following the completion of the transaction, the insider owned 7,531 shares of the company’s stock, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Gilat Satellite Networks Stock Down 4.7%

Shares of GILT stock opened at $14.30 on Tuesday. Gilat Satellite Networks Ltd. has a fifty-two week low of $6.20 and a fifty-two week high of $20.93. The stock has a market cap of $1.06 billion, a P/E ratio of 28.04 and a beta of 1.00. The business has a fifty day simple moving average of $17.04 and a 200-day simple moving average of $15.91.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings data on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. The firm had revenue of $110.47 million during the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%. On average, sell-side analysts anticipate that Gilat Satellite Networks Ltd. will post 0.7 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on GILT shares. Wall Street Zen lowered Gilat Satellite Networks from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Zacks Research raised Gilat Satellite Networks from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $20.00.

Hedge Funds Weigh In On Gilat Satellite Networks

Several hedge funds and other institutional investors have recently modified their holdings of the company. Clal Insurance Enterprises Holdings Ltd lifted its stake in shares of Gilat Satellite Networks by 33.8% in the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock valued at $71,476,000 after purchasing an additional 1,402,035 shares in the last quarter. Royce & Associates LP lifted its stake in shares of Gilat Satellite Networks by 12.4% in the 3rd quarter. Royce & Associates LP now owns 1,198,560 shares of the communications equipment provider’s stock valued at $15,605,000 after purchasing an additional 132,599 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Gilat Satellite Networks by 77.3% in the 4th quarter. Van ECK Associates Corp now owns 1,068,141 shares of the communications equipment provider’s stock valued at $13,822,000 after purchasing an additional 465,775 shares in the last quarter. Defiance ETFs LLC acquired a new position in shares of Gilat Satellite Networks in the 4th quarter valued at about $13,555,000. Finally, UBS Group AG lifted its stake in shares of Gilat Satellite Networks by 613.4% in the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock valued at $12,545,000 after purchasing an additional 828,489 shares in the last quarter. 35.72% of the stock is owned by institutional investors and hedge funds.

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.