ViaSat (VSAT) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of ViaSat (NASDAQ:VSAT) from a hold rating to a buy rating in a research note issued to investors on Monday, Zacks.com reports. The brokerage currently has $101.00 target price on the communications equipment provider’s stock.
According to Zacks, “Viasat aims to extend broadband satellite mobility to rotary wing aircraft as it is a large addressable market that can emerge as a key profit churner. The satellite and wireless networking technology provider is ramping up investments in the development of its ViaSat-3 broadband communications platform, which will have about 10 times the bandwidth capacity of ViaSat-2. The company boasts a competitive advantage in bandwidth economics, global coverage, flexibility and bandwidth allocation. Viasat has also augmented its footprint in the U.K. defense market with the acquisition of Horsebridge Defence & Security. The transaction will extend its long-term business relationship with the country’s armed forces. The stock has outperformed the industry over the past year on average. However, massive R&D expenses related to the commercial launch of Viasat-3 satellites and high integration costs remain headwinds.”
VSAT has been the topic of a number of other research reports. Raymond James increased their price target on ViaSat from $73.00 to $81.00 and gave the company a positive rating in a research report on Friday, February 15th. Barclays reaffirmed a sell rating and issued a $66.00 price target on shares of ViaSat in a research report on Wednesday, February 13th. ValuEngine upgraded ViaSat from a buy rating to a strong-buy rating in a report on Wednesday, April 10th. BidaskClub upgraded ViaSat from a hold rating to a buy rating in a report on Tuesday, February 12th. Finally, B. Riley increased their price objective on ViaSat from $89.00 to $145.00 and gave the company a buy rating in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus price target of $82.88.
In other ViaSat news, Director Jeffrey M. Nash sold 5,000 shares of the firm’s stock in a transaction on Friday, February 22nd. The stock was sold at an average price of $75.00, for a total transaction of $375,000.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $375,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director B Allen Lay sold 1,000 shares of ViaSat stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $90.96, for a total value of $90,960.00. The disclosure for this sale can be found here. Insiders have sold 102,625 shares of company stock valued at $7,848,426 in the last three months. 8.10% of the stock is currently owned by company insiders.
A number of hedge funds have recently bought and sold shares of VSAT. Bank of New York Mellon Corp lifted its position in shares of ViaSat by 0.7% during the third quarter. Bank of New York Mellon Corp now owns 612,117 shares of the communications equipment provider’s stock valued at $39,146,000 after purchasing an additional 4,354 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of ViaSat by 26.0% during the third quarter. JPMorgan Chase & Co. now owns 43,679 shares of the communications equipment provider’s stock valued at $2,793,000 after purchasing an additional 9,018 shares in the last quarter. LPL Financial LLC lifted its position in shares of ViaSat by 55.7% during the third quarter. LPL Financial LLC now owns 5,676 shares of the communications equipment provider’s stock valued at $363,000 after purchasing an additional 2,031 shares in the last quarter. Man Group plc lifted its position in shares of ViaSat by 48.9% during the third quarter. Man Group plc now owns 5,241 shares of the communications equipment provider’s stock valued at $335,000 after purchasing an additional 1,722 shares in the last quarter. Finally, Teachers Advisors LLC lifted its position in shares of ViaSat by 2.1% during the third quarter. Teachers Advisors LLC now owns 104,444 shares of the communications equipment provider’s stock valued at $6,679,000 after purchasing an additional 2,164 shares in the last quarter.
Viasat, Inc provides broadband and communications products and services worldwide. The company's Satellite Services segment offers satellite-based fixed broadband services, including broadband Internet access and voice over Internet protocol services to consumers and businesses; in-flight Internet and aviation software services to commercial airlines; and mobile broadband services comprising network management and high-speed Internet connectivity services for customers using airborne, maritime, and ground mobile satellite systems.
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