Phoenix Financial Ltd. Sells 1,204,897 Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Phoenix Financial Ltd. lowered its position in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 38.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,942,322 shares of the communications equipment provider’s stock after selling 1,204,897 shares during the quarter. Phoenix Financial Ltd.’s holdings in Gilat Satellite Networks were worth $11,945,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GILT. BNP Paribas Financial Markets purchased a new stake in Gilat Satellite Networks in the 3rd quarter worth $27,000. Virtu Financial LLC purchased a new stake in Gilat Satellite Networks in the 3rd quarter worth $61,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new stake in Gilat Satellite Networks in the 4th quarter worth $85,000. Heron Bay Capital Management purchased a new stake in Gilat Satellite Networks in the 4th quarter worth $88,000. Finally, LPL Financial LLC purchased a new stake in Gilat Satellite Networks in the 4th quarter worth $132,000. Institutional investors own 35.72% of the company’s stock.

Gilat Satellite Networks Stock Up 10.6 %

Shares of NASDAQ GILT opened at $6.05 on Thursday. The firm’s 50-day moving average price is $6.85 and its 200-day moving average price is $6.12. The company has a current ratio of 2.52, a quick ratio of 2.14 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $344.95 million, a price-to-earnings ratio of 13.75 and a beta of 0.49. Gilat Satellite Networks Ltd. has a 12-month low of $4.04 and a 12-month high of $8.05.

Gilat Satellite Networks (NASDAQ:GILT) last announced its earnings results on Wednesday, February 12th. The communications equipment provider reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.01. Gilat Satellite Networks had a net margin of 8.14% and a return on equity of 9.74%. On average, equities research analysts anticipate that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Analyst Ratings Changes

GILT has been the topic of several research analyst reports. Needham & Company LLC reiterated a “buy” rating and issued a $8.50 price target on shares of Gilat Satellite Networks in a research note on Wednesday, February 26th. StockNews.com cut shares of Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 7th.

About Gilat Satellite Networks

Gilat Satellite Networks Ltd., together with its subsidiaries, provides satellite-based broadband communication solutions in Israel, the United States, Peru, and internationally. It operates in three segments: Satellite Networks, Integrated Solutions, and Network Infrastructure and Services. Its portfolio consists of cloud-based satellite network platform, very small aperture terminals, amplifiers, modems, on-the-move antennas, solid state power amplifiers, block upconverters, transceivers, and defense ground systems and field services.