Assenagon Asset Management S.A. Purchases 241,042 Shares of Gilat Satellite Networks Ltd. $GILT

Assenagon Asset Management S.A. lifted its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 184.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 371,473 shares of the communications equipment provider’s stock after buying an additional 241,042 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Gilat Satellite Networks were worth $5,494,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Cetera Investment Advisers bought a new position in shares of Gilat Satellite Networks in the second quarter valued at approximately $191,000. Russell Investments Group Ltd. boosted 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 valued at $870,000 after purchasing an additional 34,810 shares during the period. Marshall Wace LLP grew its position in shares of Gilat Satellite Networks by 1.6% during the 2nd quarter. Marshall Wace LLP now owns 513,873 shares of the communications equipment provider’s stock valued at $3,643,000 after purchasing an additional 8,105 shares in the last quarter. Jane Street Group LLC increased its holdings in shares of Gilat Satellite Networks by 298.7% in the second 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 during the period. Finally, Bank of America Corp DE raised its position in shares of Gilat Satellite Networks by 23.2% in the second quarter. Bank of America Corp DE now owns 121,258 shares of the communications equipment provider’s stock worth $860,000 after buying an additional 22,817 shares in the last quarter. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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 directly owned 7,531 shares of the company’s stock, valued at $114,697.13. This trade represents a 69.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.13% of the company’s stock.

Wall Street Analysts Forecast Growth

GILT has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Gilat Satellite Networks in a research report on Thursday, June 18th. Needham & Company LLC reiterated a “buy” rating and set a $20.00 target price on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Finally, Zacks Research lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $20.00.

Gilat Satellite Networks Stock Up 10.2%

GILT opened at $13.02 on Tuesday. Gilat Satellite Networks Ltd. has a 52 week low of $6.94 and a 52 week high of $20.93. The stock has a market cap of $961.27 million, a PE ratio of 25.53 and a beta of 1.00. The business has a 50 day moving average of $15.98 and a 200-day moving average of $15.98.

Gilat Satellite Networks (NASDAQ:GILT) last issued its quarterly earnings results on Tuesday, March 31st. The communications equipment provider reported $0.18 EPS for the quarter. Gilat Satellite Networks had a return on equity of 11.65% and a net margin of 6.80%.The firm had revenue of $110.47 million for the quarter. Equities analysts anticipate that Gilat Satellite Networks Ltd. will post 0.53 EPS for the current year.

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.