Oregon Retirement Fund Boosts Stake in Viasat by Over 56%

The Oregon Public Employees Retirement Fund has significantly increased its holdings in Viasat Inc. (NASDAQ: VSAT) by 56.3% during the third quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the fund now owns 30,265 shares of the communications equipment provider, following the acquisition of an additional 10,900 shares during the quarter. As of the end of September, these holdings were valued at approximately $887,000.

Several other institutional investors have also adjusted their positions in Viasat. GAMMA Investing LLC increased its stake by 15.9%, now holding 2,387 shares valued at $70,000 after acquiring an additional 327 shares. Additionally, Salomon & Ludwin LLC entered the Viasat market with a new stake worth $28,000. The Public Employees Retirement System of Ohio raised its investment by 15.1% during the second quarter, bringing its total to 6,753 shares valued at $99,000. Cambiar Investors LLC and Legal & General Group Plc also expanded their holdings during this period, further indicative of growing institutional interest.

Market Reactions and Analyst Ratings

The surge in institutional investment has coincided with varying assessments from Wall Street analysts. In a research note published on October 8, 2023, William Blair reaffirmed an “outperform” rating for Viasat’s shares. Conversely, Weiss Ratings assigned a “sell (D-)” rating on the stock. On November 11, 2023, JPMorgan Chase & Co. upgraded Viasat’s rating from “neutral” to “overweight,” increasing the price target from $23.00 to $50.00. Meanwhile, Raymond James Financial raised its target price to $52.00, reflecting a positive outlook among some analysts.

Current consensus analysis indicates that five investment analysts rate Viasat as a “buy,” three suggest holding the stock, and two recommend selling. The average target price is around $37.63, according to data from MarketBeat.

Recent Financial Performance

Viasat’s stock opened at $45.94 on November 8, 2023, with a market capitalization of $6.21 billion. The company has shown resilience, reporting earnings of $0.09 per share, surpassing analysts’ expectations of ($0.11). Revenue for the quarter reached $1.14 billion, slightly below the anticipated $1.15 billion, but a 2.0% increase compared to the previous year. Despite a negative return on equity of 3.65% and a net margin of 11.40%, the performance signals potential growth.

Analysts forecast that Viasat Inc. may post an earnings per share (EPS) of -0.54 for the current fiscal year, as the company continues to navigate market challenges and opportunities.

Viasat provides high-capacity satellite broadband and wireless communications services, catering to consumer, commercial, and government clients globally. Its offerings include residential internet services, in-flight connectivity for airlines, and secure networking solutions for defense and intelligence sectors. The company’s ability to enhance connectivity in underserved regions remains a critical aspect of its strategy.

The ongoing activities of Viasat and the interest from significant institutional investors reflect a noteworthy chapter in the company’s trajectory within the communications sector.