Needham & Company LLC Reaffirms “Buy” Rating for Gilat Satellite Networks (NASDAQ:GILT)

Gilat Satellite Networks (NASDAQ:GILT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued on Friday,Benzinga reports. They presently have a $8.50 price target on the communications equipment provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 68.99% from the company’s previous close.

Separately, William Blair started coverage on Gilat Satellite Networks in a report on Thursday, September 26th. They set an “outperform” rating for the company.

Gilat Satellite Networks Price Performance

GILT stock opened at $5.03 on Friday. The stock has a 50-day moving average price of $5.01 and a two-hundred day moving average price of $4.90. Gilat Satellite Networks has a 1 year low of $4.04 and a 1 year high of $6.80. The stock has a market cap of $286.81 million, a PE ratio of 17.35 and a beta of 0.59. The company has a current ratio of 2.17, a quick ratio of 1.81 and a debt-to-equity ratio of 0.01.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Foundry Partners LLC boosted its stake in shares of Gilat Satellite Networks by 27.4% during the 2nd quarter. Foundry Partners LLC now owns 826,185 shares of the communications equipment provider’s stock worth $3,693,000 after buying an additional 177,675 shares during the last quarter. Quadrature Capital Ltd grew its stake in Gilat Satellite Networks by 19.6% in the first quarter. Quadrature Capital Ltd now owns 33,937 shares of the communications equipment provider’s stock valued at $184,000 after purchasing an additional 5,559 shares in the last quarter. Marshall Wace LLP grew its stake in Gilat Satellite Networks by 410.2% in the second quarter. Marshall Wace LLP now owns 129,259 shares of the communications equipment provider’s stock valued at $578,000 after purchasing an additional 103,924 shares in the last quarter. Wedbush Securities Inc. acquired a new position in shares of Gilat Satellite Networks during the 2nd quarter worth approximately $46,000. Finally, Clearline Capital LP bought a new stake in shares of Gilat Satellite Networks during the 2nd quarter worth approximately $73,000. Institutional investors and hedge funds own 35.72% of the company’s stock.

Gilat Satellite Networks Company 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. 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.