ARK Investment Management LLC Sells 70,649 Shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT)

ARK Investment Management LLC trimmed its holdings in shares of Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 16.2% in the fourth quarter, Holdings Channel.com reports. The firm owned 364,314 shares of the communications equipment provider’s stock after selling 70,649 shares during the quarter. ARK Investment Management LLC’s holdings in Gilat Satellite Networks were worth $2,241,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. BNP Paribas Financial Markets acquired a new stake in shares of Gilat Satellite Networks in the 3rd quarter valued at about $27,000. Virtu Financial LLC bought a new position in shares of Gilat Satellite Networks during the third quarter worth about $61,000. GSA Capital Partners LLP bought a new position in shares of Gilat Satellite Networks during the third quarter worth about $140,000. PDT Partners LLC raised its position in Gilat Satellite Networks by 51.1% in the 3rd quarter. PDT Partners LLC now owns 27,453 shares of the communications equipment provider’s stock valued at $145,000 after buying an additional 9,287 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in Gilat Satellite Networks by 60.9% in the 3rd quarter. Van ECK Associates Corp now owns 35,984 shares of the communications equipment provider’s stock valued at $175,000 after acquiring an additional 13,625 shares in the last quarter. 35.72% of the stock is owned by institutional investors.

Gilat Satellite Networks Price Performance

NASDAQ:GILT opened at $7.32 on Thursday. Gilat Satellite Networks Ltd. has a 52-week low of $4.04 and a 52-week high of $8.05. The company has a market cap of $417.36 million, a P/E ratio of 16.64 and a beta of 0.60. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.14 and a current ratio of 2.52. The stock’s 50-day simple moving average is $6.74 and its 200 day simple moving average is $5.67.

Gilat Satellite Networks (NASDAQ:GILT) last posted its quarterly earnings results on Wednesday, February 12th. The communications equipment provider reported $0.15 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.01. Gilat Satellite Networks had a return on equity of 9.74% and a net margin of 8.14%. As a group, sell-side analysts forecast that Gilat Satellite Networks Ltd. will post 0.5 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on GILT. Needham & Company LLC reaffirmed a “buy” rating and set a $8.50 price target on shares of Gilat Satellite Networks in a research note on Wednesday. StockNews.com raised shares of Gilat Satellite Networks from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 15th.

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.