Piper Jaffray Companies Reiterates “$17.00” Price Target for RigNet, Inc. (RNET)
RigNet, Inc. (NASDAQ:RNET) has been assigned a $17.00 price target by Piper Jaffray Companies in a research report issued to clients and investors on Wednesday. The brokerage currently has a “hold” rating on the Wireless communications provider’s stock. Piper Jaffray Companies’ target price indicates a potential upside of 13.71% from the company’s previous close.
A number of other analysts have also recently commented on the stock. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Simmons upped their price target 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. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $19.50.
RigNet (NASDAQ:RNET) traded down 0.33% during mid-day trading on Wednesday, hitting $14.90. 12,736 shares of the company were exchanged. RigNet has a 12-month low of $11.98 and a 12-month high of $23.90. The company’s 50-day moving average is $17.57 and its 200 day moving average is $18.35. The company’s market capitalization is $271.46 million.
RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.18. The business had revenue of $49.16 million for the quarter, compared to analysts’ expectations of $49.37 million. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The business’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.27) earnings per share. Analysts expect that RigNet will post ($0.20) EPS for the current year.
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In related news, Director Charles Louis Iv Davis sold 1,750 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 43,313 shares of the company’s stock, valued at approximately $730,690.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.20% of the company’s stock.
A number of hedge funds have recently bought and sold shares of RNET. American International Group Inc. raised its stake in RigNet by 7.1% in the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after buying an additional 516 shares during the period. The Manufacturers Life Insurance Company raised its stake in RigNet by 15.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after buying an additional 1,562 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in RigNet during the first quarter worth $223,000. Highbridge Capital Management LLC purchased a new stake in RigNet during the fourth quarter worth $239,000. Finally, Metropolitan Life Insurance Co. NY purchased a new stake in RigNet during the fourth quarter worth $246,000. 98.41% of the stock is currently owned by institutional investors and hedge funds.
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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