ViaSat Inc. (VSAT) Upgraded by Zacks Investment Research to “Buy”
According to Zacks, “ViaSat has posted a decent earnings performance, beating estimates twice in the four trailing quarters, led by consistent strength of its Satellite Services and Government Systems segments. For the last reported quarter, steady growth in government and commercial air, in-flight Internet services, mobile broadband, consumer ARPU gains and cost reductions initiatives proved conducive to growth. Going forward, the company intends to expand its ViaSat-2 satellites and also launch ViaSat-3 satellites. These developments are expected to support and drive its growth momentum. ViaSat is also ramping up investments on its ViaSat-3 class satellites, which holds tremendous potential in the long run. However, on the flip side, strong competition and huge rise in research and development expenses will likely weigh on the company’s financials in the near term.”
VSAT has been the topic of a number of other reports. B. Riley restated a buy rating and issued a $89.00 target price on shares of ViaSat in a report on Sunday, August 14th. Jefferies Group started coverage on shares of ViaSat in a report on Monday, August 1st. They issued a hold rating and a $85.00 target price on the stock. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and an average price target of $73.80.
ViaSat (NASDAQ:VSAT) opened at 73.90 on Monday. The company has a 50 day moving average of $74.49 and a 200-day moving average of $73.43. The firm has a market cap of $3.64 billion, a PE ratio of 172.66 and a beta of 0.97. ViaSat has a one year low of $56.02 and a one year high of $79.15.
ViaSat (NASDAQ:VSAT) last issued its quarterly earnings data on Tuesday, August 9th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.26 by $0.03. The business earned $363.10 million during the quarter, compared to analyst estimates of $371.89 million. ViaSat had a net margin of 1.46% and a return on equity of 2.59%. ViaSat’s revenue was up 5.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.25 earnings per share. On average, equities research analysts predict that ViaSat will post $1.20 earnings per share for the current year.
In related news, CEO Mark D. Dankberg sold 26,250 shares of the stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $75.27, for a total transaction of $1,975,837.50. Following the completion of the sale, the chief executive officer now owns 26,250 shares of the company’s stock, valued at approximately $1,975,837.50. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Stenbit sold 800 shares of the stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $75.12, for a total transaction of $60,096.00. Following the sale, the director now directly owns 7,200 shares of the company’s stock, valued at approximately $540,864. The disclosure for this sale can be found here. Corporate insiders own 9.70% of the company’s stock.
A number of hedge funds have recently modified their holdings of VSAT. State Street Corp increased its stake in shares of ViaSat by 3.3% in the first quarter. State Street Corp now owns 915,600 shares of the company’s stock valued at $67,280,000 after buying an additional 29,338 shares during the period. Brookside Capital Management LLC increased its stake in shares of ViaSat by 7.6% in the first quarter. Brookside Capital Management LLC now owns 1,343,298 shares of the company’s stock valued at $98,706,000 after buying an additional 95,015 shares during the period. BlackRock Group LTD increased its stake in shares of ViaSat by 11.2% in the first quarter. BlackRock Group LTD now owns 53,779 shares of the company’s stock valued at $3,951,000 after buying an additional 5,428 shares during the period. BlackRock Inc. increased its stake in shares of ViaSat by 120.1% in the first quarter. BlackRock Inc. now owns 2,923 shares of the company’s stock valued at $214,000 after buying an additional 1,595 shares during the period. Finally, Nationwide Fund Advisors increased its stake in shares of ViaSat by 281.4% in the second quarter. Nationwide Fund Advisors now owns 105,392 shares of the company’s stock valued at $7,525,000 after buying an additional 77,758 shares during the period. 94.53% of the stock is owned by institutional investors.
ViaSat, Inc is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States.
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