RigNet, Inc. (RNET) Stake Raised by Goldman Sachs Group Inc.
Goldman Sachs Group Inc. boosted its position in RigNet, Inc. (NASDAQ:RNET) by 21.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,921 shares of the Wireless communications provider’s stock after buying an additional 6,273 shares during the period. Goldman Sachs Group Inc.’s holdings in RigNet were worth $749,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in shares of RigNet during the first quarter worth $223,000. Schwab Charles Investment Management Inc. raised its position in shares of RigNet by 5.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 46,103 shares of the Wireless communications provider’s stock worth $989,000 after buying an additional 2,565 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of RigNet by 8.8% in the first quarter. Renaissance Technologies LLC now owns 468,600 shares of the Wireless communications provider’s stock worth $10,051,000 after buying an additional 38,000 shares during the last quarter. Cannell Capital LLC raised its position in shares of RigNet by 14.6% in the first quarter. Cannell Capital LLC now owns 339,028 shares of the Wireless communications provider’s stock worth $7,272,000 after buying an additional 43,282 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of RigNet by 12.4% in the first quarter. Dimensional Fund Advisors LP now owns 373,844 shares of the Wireless communications provider’s stock worth $8,019,000 after buying an additional 41,360 shares during the last quarter. Institutional investors own 98.41% of the company’s stock.
Shares of RigNet, Inc. (NASDAQ RNET) traded down 2.90% during midday trading on Wednesday, reaching $15.05. 20,269 shares of the company’s stock were exchanged. The stock’s 50-day moving average is $17.60 and its 200 day moving average is $18.38. RigNet, Inc. has a one year low of $11.98 and a one year high of $23.90. The firm’s market cap is $274.20 million.
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. Analysts anticipate that RigNet, Inc. will post ($0.20) EPS for the current year.
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RNET has been the subject of a number of research reports. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Simmons boosted their target price on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. RigNet currently has a consensus rating of “Hold” and a consensus price target of $20.33.
In related news, Director Charles Louis Iv Davis sold 1,750 shares of the firm’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $16.87, for a total transaction of $29,522.50. Following the completion of the transaction, the director now owns 43,313 shares of the company’s stock, valued at $730,690.31. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.20% of the company’s stock.
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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