Wellington Management Group LLP Increases Holdings in Gilat Satellite Networks Ltd. $GILT

Wellington Management Group LLP boosted its stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 6.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,094,623 shares of the communications equipment provider’s stock after purchasing an additional 64,917 shares during the period. Wellington Management Group LLP owned approximately 1.48% of Gilat Satellite Networks worth $14,569,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of GILT. Clal Insurance Enterprises Holdings Ltd boosted its position in shares of Gilat Satellite Networks by 33.8% in the fourth quarter. Clal Insurance Enterprises Holdings Ltd now owns 5,556,155 shares of the communications equipment provider’s stock worth $71,476,000 after buying an additional 1,402,035 shares during the period. Van ECK Associates Corp raised its holdings in shares of Gilat Satellite Networks by 77.3% during 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 buying an additional 465,775 shares during the period. Defiance ETFs LLC acquired a new position in Gilat Satellite Networks during the 4th quarter worth approximately $13,555,000. AWM Investment Company Inc. acquired a new position in Gilat Satellite Networks during the 2nd quarter worth approximately $13,792,000. Finally, UBS Group AG lifted its position in Gilat Satellite Networks by 613.4% during the 3rd quarter. UBS Group AG now owns 963,547 shares of the communications equipment provider’s stock worth $12,545,000 after acquiring an additional 828,489 shares in the last quarter. Institutional investors and hedge funds own 35.72% of the company’s stock.

Insider Transactions at Gilat Satellite Networks

In other Gilat Satellite Networks news, Director Amir Ofek sold 3,923 shares of the stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $11.41, for a total transaction of $44,761.43. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Arieh Rohrstock sold 17,568 shares of the stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $15.23, for a total value of $267,560.64. Following the transaction, the insider directly owned 7,531 shares in the company, valued at approximately $114,697.13. This represents a 69.99% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.13% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on GILT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, June 16th. Weiss Ratings restated a “hold (c)” rating on shares of Gilat Satellite Networks in a research note on Thursday, June 18th. 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 equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Gilat Satellite Networks presently has an average rating of “Moderate Buy” and a consensus target price of $20.00.

Gilat Satellite Networks Price Performance

GILT opened at $10.12 on Tuesday. Gilat Satellite Networks Ltd. has a 12-month low of $9.68 and a 12-month high of $20.93. The stock has a market capitalization of $747.16 million, a PE ratio of 23.00 and a beta of 1.05. The firm’s fifty day moving average price is $11.23 and its 200 day moving average price is $14.51.

Gilat Satellite Networks (NASDAQ:GILT) last announced its quarterly earnings data on Tuesday, June 30th. The communications equipment provider reported $0.20 earnings per share for the quarter. The company had revenue of $122.66 million during the quarter. Gilat Satellite Networks had a net margin of 6.21% and a return on equity of 10.12%. On average, equities research analysts forecast that Gilat Satellite Networks Ltd. will post 0.53 earnings per share for the current fiscal year.

About Gilat Satellite Networks

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.