Zacks Investment Research upgraded shares of ViaSat, Inc. (NASDAQ:VSAT) from a sell rating to a hold rating in a report issued on Wednesday.
According to Zacks, “ViaSat has a decent earnings surprise history, beating estimates thrice over the trailing four quarters. Currently, two of the company’s segments, namely Government Systems and Satellite Services are acting as major profit churners. The company recently launched ViaSat-2 satellite, which holds tremendous potential over the long run. ViaSat believes that steady growth in in-flight Internet services, mobile broadband, consumer ARPU gains and cost-reduction initiatives will continue to act as catalysts. However, seasonality in satellite service segment, strong competition and soaring research and development expenses continue to be headwinds for the company. Moreover, persistent weakness in the Commercial Networks segment, due to soft sales of large integrated antenna systems programs, is proving to be a drag on the company’s financials. ViaSat shares have underperformed the industry’s average return as well, over the past year.”
Several other research analysts also recently commented on the company. Royal Bank Of Canada reduced their price objective on ViaSat from $50.00 to $48.00 and set an underperform rating on the stock in a report on Thursday, October 5th. Jefferies Group LLC set a $67.00 price objective on ViaSat and gave the stock a hold rating in a report on Sunday, September 10th. Barclays PLC restated an equal weight rating and set a $80.00 price objective (down from $82.00) on shares of ViaSat in a report on Monday, July 10th. TheStreet downgraded ViaSat from a b- rating to a c rating in a report on Wednesday, August 9th. Finally, B. Riley restated a buy rating and set a $89.00 price objective on shares of ViaSat in a report on Monday, August 7th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $73.70.
Shares of ViaSat (VSAT) traded down 0.80% during midday trading on Wednesday, reaching $64.11. The company had a trading volume of 256,312 shares. The firm’s 50 day moving average price is $63.63 and its 200-day moving average price is $64.63. ViaSat has a 1-year low of $57.75 and a 1-year high of $82.19. The stock has a market capitalization of $3.72 billion, a price-to-earnings ratio of 277.53 and a beta of 0.71.
ViaSat (NASDAQ:VSAT) last released its quarterly earnings data on Tuesday, August 8th. The communications equipment provider reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). The firm had revenue of $380.00 million for the quarter, compared to analysts’ expectations of $384.29 million. ViaSat had a return on equity of 1.21% and a net margin of 0.82%. The company’s revenue for the quarter was up 4.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.23 earnings per share. Equities research analysts expect that ViaSat will post $0.05 EPS for the current fiscal year.
In related news, COO Richard A. Baldridge sold 35,000 shares of the business’s stock in a transaction on Friday, August 11th. The stock was sold at an average price of $59.92, for a total transaction of $2,097,200.00. Following the transaction, the chief operating officer now directly owns 59,000 shares in the company, valued at approximately $3,535,280. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John P. Stenbit sold 700 shares of the business’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $66.20, for a total value of $46,340.00. Following the transaction, the director now owns 8,700 shares in the company, valued at $575,940. The disclosure for this sale can be found here. Insiders sold a total of 179,350 shares of company stock worth $11,258,137 over the last quarter. Company insiders own 7.70% of the company’s stock.
A number of hedge funds have recently made changes to their positions in VSAT. PNC Financial Services Group Inc. grew its stake in ViaSat by 9.0% during the 2nd quarter. PNC Financial Services Group Inc. now owns 1,582 shares of the communications equipment provider’s stock worth $105,000 after buying an additional 131 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in ViaSat by 13.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,822 shares of the communications equipment provider’s stock worth $121,000 after buying an additional 216 shares during the last quarter. Virtu KCG Holdings LLC purchased a new position in ViaSat during the 2nd quarter worth $203,000. Shelton Capital Management purchased a new position in ViaSat during the 2nd quarter worth $206,000. Finally, Balter Liquid Alternatives LLC purchased a new position in ViaSat during the 2nd quarter worth $208,000. Hedge funds and other institutional investors own 99.53% 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.