Stephens Investment Management Group LLC Has $10.37 Million Position in RigNet, Inc. (RNET)
Stephens Investment Management Group LLC cut its holdings in RigNet, Inc. (NASDAQ:RNET) by 7.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 646,018 shares of the Wireless communications provider’s stock after selling 54,751 shares during the quarter. Stephens Investment Management Group LLC owned 3.58% of RigNet worth $10,369,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in RNET. Credit Agricole S A bought a new position in RigNet in the 1st quarter valued at approximately $72,096,000. FMR LLC lifted its position in RigNet by 10.6% in the 1st quarter. FMR LLC now owns 2,371,641 shares of the Wireless communications provider’s stock valued at $50,872,000 after acquiring an additional 226,509 shares in the last quarter. AJO LP lifted its position in RigNet by 493.7% in the 2nd quarter. AJO LP now owns 116,240 shares of the Wireless communications provider’s stock valued at $1,866,000 after acquiring an additional 96,661 shares in the last quarter. Algert Global LLC bought a new position in RigNet in the 2nd quarter valued at approximately $804,000. Finally, Cannell Capital LLC lifted its position in RigNet by 14.6% in the 1st quarter. Cannell Capital LLC now owns 339,028 shares of the Wireless communications provider’s stock valued at $7,272,000 after acquiring an additional 43,282 shares in the last quarter. 91.25% of the stock is currently owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on RNET shares. Simmons upped their price objective on RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd. BidaskClub raised RigNet from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 11th. Zacks Investment Research raised RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. ValuEngine raised RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Piper Jaffray Companies set a $17.00 price objective on RigNet and gave the company a “hold” rating in a research report on Wednesday, August 16th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. RigNet presently has a consensus rating of “Hold” and an average price target of $19.50.
RigNet, Inc. (NASDAQ:RNET) opened at 16.95 on Thursday. The company has a 50-day moving average price of $16.69 and a 200 day moving average price of $17.94. The company’s market capitalization is $308.81 million. RigNet, Inc. has a 52-week low of $12.50 and a 52-week high of $23.90.
RigNet (NASDAQ:RNET) last posted its quarterly earnings data on Monday, August 7th. The Wireless communications provider reported ($0.24) 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 company had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. The company’s quarterly revenue was down 10.5% on a year-over-year basis. Equities research analysts anticipate that RigNet, Inc. will post ($0.44) earnings per share for the current year.
In other news, Director Charles Louis Iv Davis sold 3,000 shares of RigNet stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total transaction of $48,750.00. Following the completion of the sale, the director now directly owns 40,313 shares in the company, valued at $655,086.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.20% of the company’s stock.
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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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