Migdal Insurance & Financial Holdings Ltd. Purchases 419,843 Shares of Gilat Satellite Networks Ltd. $GILT

Migdal Insurance & Financial Holdings Ltd. grew its holdings in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 62.6% during the 3rd quarter, Holdings Channel reports. The firm owned 1,091,053 shares of the communications equipment provider’s stock after purchasing an additional 419,843 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in Gilat Satellite Networks were worth $14,206,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. USA Financial Formulas bought a new stake in shares of Gilat Satellite Networks during the third quarter worth approximately $39,000. McIlrath & Eck LLC grew its holdings in Gilat Satellite Networks by 383.1% during the 3rd quarter. McIlrath & Eck LLC now owns 5,783 shares of the communications equipment provider’s stock worth $75,000 after acquiring an additional 4,586 shares during the period. Global Retirement Partners LLC bought a new stake in shares of Gilat Satellite Networks during the 3rd quarter valued at $99,000. Quadrature Capital Ltd bought a new position in shares of Gilat Satellite Networks in the 2nd quarter worth $125,000. Finally, Corsair Capital Management L.P. acquired a new stake in shares of Gilat Satellite Networks during the second quarter worth $142,000. Institutional investors and hedge funds own 35.72% of the company’s stock.

Gilat Satellite Networks Trading Down 1.1%

Shares of NASDAQ:GILT opened at $17.67 on Wednesday. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of 43.10 and a beta of 0.64. Gilat Satellite Networks Ltd. has a 12 month low of $5.30 and a 12 month high of $18.39. The company’s fifty day simple moving average is $13.08 and its 200 day simple moving average is $11.57. The company has a quick ratio of 1.45, a current ratio of 1.72 and a debt-to-equity ratio of 0.14.

Gilat Satellite Networks (NASDAQ:GILT) last released its quarterly earnings results on Wednesday, November 12th. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06. The firm had revenue of $117.69 million for the quarter, compared to the consensus estimate of $112.19 million. Gilat Satellite Networks had a return on equity of 10.40% and a net margin of 6.03%. As a group, research analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Freedom Capital cut Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a report on Friday, January 16th. Zacks Research lowered shares of Gilat Satellite Networks from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gilat Satellite Networks in a research note on Monday, December 29th. Wall Street Zen cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 18th. Finally, Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Gilat Satellite Networks in a research report on Tuesday, November 25th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Gilat Satellite Networks currently has an average rating of “Hold” and an average price target of $16.00.

Gilat Satellite Networks 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.