RigNet, Inc. (RNET) Shares Sold by Vanguard Group Inc.
Vanguard Group Inc. decreased its stake in shares of RigNet, Inc. (NASDAQ:RNET) by 6.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 635,278 shares of the Wireless communications provider’s stock after selling 41,207 shares during the period. Vanguard Group Inc. owned about 3.53% of RigNet worth $13,627,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in RNET. American International Group Inc. raised its stake in shares of RigNet by 7.1% in the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock valued at $167,000 after buying an additional 516 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of RigNet by 3.4% in the first quarter. Alliancebernstein L.P. now owns 18,250 shares of the Wireless communications provider’s stock valued at $391,000 after buying an additional 600 shares during the last quarter. Strs Ohio raised its stake in shares of RigNet by 22.9% in the first quarter. Strs Ohio now owns 19,300 shares of the Wireless communications provider’s stock valued at $413,000 after buying an additional 3,600 shares during the last quarter. Trexquant Investment LP bought a new stake in shares of RigNet during the first quarter valued at about $456,000. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in shares of RigNet by 87.0% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 24,871 shares of the Wireless communications provider’s stock valued at $533,000 after buying an additional 11,571 shares during the last quarter. Institutional investors and hedge funds own 91.25% of the company’s stock.
Shares of RigNet, Inc. (NASDAQ RNET) traded down 0.96% during midday trading on Tuesday, hitting $15.45. 7,255 shares of the stock were exchanged. The firm’s 50-day moving average is $17.29 and its 200 day moving average is $18.15. The firm’s market cap is $281.48 million. RigNet, Inc. has a 52-week low of $11.98 and a 52-week high of $23.90.
RigNet (NASDAQ:RNET) last posted its earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.18. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The firm had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. During the same period in the previous year, the company posted ($0.27) EPS. RigNet’s revenue was down 10.5% on a year-over-year basis. On average, analysts forecast that RigNet, Inc. will post ($0.44) earnings per share for the current year.
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Several equities research analysts have issued reports on the stock. BidaskClub lowered shares of RigNet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 16th. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Piper Jaffray Companies set a $17.00 price objective on shares of RigNet and gave the stock a “hold” rating in a report on Wednesday, August 16th. Simmons boosted their price objective on shares of RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, July 3rd. Finally, Zacks Investment Research lowered shares of RigNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $19.50.
RigNet Company Profile
RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).
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