Acadian Asset Management LLC Reduces Stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT)

Acadian Asset Management LLC reduced its stake in Gilat Satellite Networks Ltd. (NASDAQ:GILT) by 21.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 277,858 shares of the communications equipment provider’s stock after selling 76,952 shares during the quarter. Acadian Asset Management LLC owned approximately 0.49% of Gilat Satellite Networks worth $1,241,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Jump Financial LLC grew its holdings in Gilat Satellite Networks by 37.7% in the 4th quarter. Jump Financial LLC now owns 16,667 shares of the communications equipment provider’s stock valued at $102,000 after buying an additional 4,567 shares in the last quarter. Quadrant Capital Group LLC grew its holdings in Gilat Satellite Networks by 150.5% in the 4th quarter. Quadrant Capital Group LLC now owns 7,877 shares of the communications equipment provider’s stock valued at $48,000 after buying an additional 4,733 shares in the last quarter. Quadrature Capital Ltd grew its holdings in shares of Gilat Satellite Networks by 19.6% during the 1st quarter. Quadrature Capital Ltd now owns 33,937 shares of the communications equipment provider’s stock worth $184,000 after purchasing an additional 5,559 shares during the period. New York State Common Retirement Fund purchased a new position in shares of Gilat Satellite Networks during the 4th quarter worth $48,000. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Gilat Satellite Networks during the 2nd quarter worth $69,000. 35.72% of the stock is currently owned by hedge funds and other institutional investors.

Gilat Satellite Networks Price Performance

GILT opened at $4.53 on Monday. The stock’s 50-day moving average price is $4.54 and its 200 day moving average price is $5.05. Gilat Satellite Networks Ltd. has a 12-month low of $4.04 and a 12-month high of $6.80. The company has a current ratio of 2.14, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01. The firm has a market cap of $258.30 million, a price-to-earnings ratio of 11.06 and a beta of 0.58.

Gilat Satellite Networks (NASDAQ:GILT) last posted its earnings results on Wednesday, August 7th. The communications equipment provider reported $0.10 earnings per share (EPS) for the quarter. Gilat Satellite Networks had a return on equity of 8.23% and a net margin of 6.80%. The firm had revenue of $76.63 million for the quarter.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. StockNews.com cut Gilat Satellite Networks from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 19th. Needham & Company LLC reiterated a “buy” rating and set a $8.50 price target on shares of Gilat Satellite Networks in a report on Thursday, August 8th.

Gilat Satellite Networks Profile

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. The company designs and manufactures ground-based satellite communications equipment; and provides solutions and end-to-end services.