Viasat Inc. (NASDAQ:VSAT – Get Free Report) was the target of some unusual options trading activity on Tuesday. Stock traders bought 27,984 call options on the company. This represents an increase of approximately 352% compared to the typical volume of 6,187 call options.
Analysts Set New Price Targets
Several analysts have issued reports on VSAT shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $97.00 price target on shares of Viasat in a research note on Monday, June 1st. New Street Research initiated coverage on Viasat in a research report on Wednesday, May 13th. They issued a “buy” rating and a $100.00 target price on the stock. Barclays set a $49.00 target price on Viasat in a research note on Friday, May 29th. Oppenheimer assumed coverage on shares of Viasat in a research note on Monday. They set an “outperform” rating and a $140.00 price target for the company. Finally, B. Riley Financial lifted their price objective on shares of Viasat from $94.00 to $106.00 and gave the company a “buy” rating in a report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $84.11.
Check Out Our Latest Stock Analysis on VSAT
Viasat Price Performance
Viasat (NASDAQ:VSAT – Get Free Report) last posted its quarterly earnings results on Thursday, May 28th. The communications equipment provider reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.34). The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.20 billion. Viasat had a negative net margin of 0.73% and a positive return on equity of 1.58%. The firm’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.02) earnings per share. As a group, sell-side analysts predict that Viasat will post -0.39 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Richard A. Baldridge sold 27,122 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $71.74, for a total transaction of $1,945,732.28. Following the sale, the director owned 213,355 shares of the company’s stock, valued at approximately $15,306,087.70. This trade represents a 11.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Mark D. Dankberg sold 400,000 shares of the business’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $64.76, for a total value of $25,904,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,082,196 shares of the company’s stock, valued at approximately $70,083,012.96. The trade was a 26.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 438,275 shares of company stock worth $28,608,719 over the last 90 days. 2.20% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Viasat
A number of institutional investors have recently added to or reduced their stakes in the company. Cetera Investment Advisers raised its position in Viasat by 2.6% during the first quarter. Cetera Investment Advisers now owns 8,605 shares of the communications equipment provider’s stock worth $394,000 after acquiring an additional 217 shares in the last quarter. Vise Technologies Inc. increased its stake in shares of Viasat by 4.8% during the 4th quarter. Vise Technologies Inc. now owns 7,446 shares of the communications equipment provider’s stock worth $257,000 after purchasing an additional 342 shares during the last quarter. CWM LLC raised its holdings in shares of Viasat by 1.8% in the 4th quarter. CWM LLC now owns 19,360 shares of the communications equipment provider’s stock valued at $667,000 after purchasing an additional 349 shares during the period. State of Tennessee Department of Treasury raised its holdings in shares of Viasat by 0.8% in the 4th quarter. State of Tennessee Department of Treasury now owns 46,952 shares of the communications equipment provider’s stock valued at $1,618,000 after purchasing an additional 350 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Viasat by 1.9% in the 3rd quarter. Victory Capital Management Inc. now owns 19,145 shares of the communications equipment provider’s stock valued at $561,000 after purchasing an additional 361 shares during the last quarter. 86.05% of the stock is currently owned by institutional investors and hedge funds.
About Viasat
Viasat, Inc (NASDAQ: VSAT) provides high‐capacity satellite broadband and wireless communications services to consumer, commercial and government customers worldwide. The company designs and operates satellite systems and network infrastructure to deliver secure, high-speed connectivity across remote and underserved regions, as well as managed networking solutions for enterprises and public sector agencies.
Viasat’s product offerings include residential and enterprise satellite internet services, in-flight connectivity for commercial airlines and business jets, and secure networking platforms tailored to defense and intelligence users.
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