Zacks Investment Research upgraded shares of ViaSat Inc. (NASDAQ:VSAT) from a hold rating to a buy rating in a research note published on Monday. Zacks Investment Research currently has $84.00 price target on the stock.
According to Zacks, “ViaSat has posted a decent earnings performance, beating estimates twice in the four trailing quarters, led by consistent strength of its Satellite Services and Government Systems segments. For the last reported quarter, steady growth in government and commercial air, in-flight Internet services, mobile broadband, consumer ARPU gains and cost reductions initiatives proved conducive to growth. Going forward, the company intends to expand its ViaSat-2 satellites and also launch ViaSat-3 satellites. These developments are expected to support and drive its growth momentum. ViaSat is also ramping up investments on its ViaSat-3 class satellites, which holds tremendous potential in the long run. However, on the flip side, strong competition and huge rise in research and development expenses will likely weigh on the company’s financials in the near term.”
A number of other brokerages have also recently weighed in on VSAT. B. Riley reissued a buy rating and issued a $89.00 price target on shares of ViaSat in a research note on Tuesday, August 9th. Jefferies Group initiated coverage on ViaSat in a research report on Monday, August 1st. They set a hold rating and a $85.00 price objective for the company. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of Hold and a consensus price target of $73.80.
Shares of ViaSat (NASDAQ:VSAT) opened at 73.90 on Monday. The firm has a market cap of $3.64 billion, a P/E ratio of 172.66 and a beta of 0.97. The firm has a 50-day moving average of $74.49 and a 200 day moving average of $73.43. ViaSat has a 12 month low of $56.02 and a 12 month high of $79.15.
ViaSat (NASDAQ:VSAT) last issued its quarterly earnings results on Tuesday, August 9th. The company reported $0.23 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.26 by $0.03. The company earned $363.10 million during the quarter, compared to analysts’ expectations of $371.89 million. ViaSat had a return on equity of 2.59% and a net margin of 1.46%. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. During the same period in the prior year, the business posted $0.25 EPS. On average, equities research analysts anticipate that ViaSat will post $1.20 EPS for the current fiscal year.
In other news, Director John P. Stenbit sold 700 shares of ViaSat stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $73.64, for a total transaction of $51,548.00. Following the completion of the sale, the director now directly owns 7,100 shares in the company, valued at approximately $522,844. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John P. Stenbit sold 800 shares of ViaSat stock in a transaction dated Thursday, September 1st. The shares were sold at an average price of $75.12, for a total value of $60,096.00. Following the sale, the director now owns 7,200 shares of the company’s stock, valued at $540,864. The disclosure for this sale can be found here. Insiders own 9.70% of the company’s stock.
Large investors have recently made changes to their positions in the stock. State Street Corp raised its stake in shares of ViaSat by 3.3% in the first quarter. State Street Corp now owns 915,600 shares of the company’s stock valued at $67,280,000 after buying an additional 29,338 shares in the last quarter. Brookside Capital Management LLC raised its stake in ViaSat by 7.6% in the first quarter. Brookside Capital Management LLC now owns 1,343,298 shares of the company’s stock valued at $98,706,000 after buying an additional 95,015 shares during the period. BlackRock Group LTD raised its stake in ViaSat by 11.2% in the first quarter. BlackRock Group LTD now owns 53,779 shares of the company’s stock valued at $3,951,000 after buying an additional 5,428 shares during the period. BlackRock Inc. raised its stake in ViaSat by 120.1% in the first quarter. BlackRock Inc. now owns 2,923 shares of the company’s stock valued at $214,000 after buying an additional 1,595 shares during the period. Finally, Nationwide Fund Advisors raised its stake in ViaSat by 281.4% in the second quarter. Nationwide Fund Advisors now owns 105,392 shares of the company’s stock valued at $7,525,000 after buying an additional 77,758 shares during the period. Institutional investors and hedge funds own 94.53% of the company’s stock.
ViaSat Company Profile
ViaSat, Inc is engaged in broadband technologies and services. The Company operates through three segments: satellite services, commercial networks and government systems. The satellite services segment provides satellite-based broadband services to consumers, enterprises, commercial airlines and mobile broadband customers primarily in the United States.
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