Macquarie Group Ltd. acquired a new stake in RigNet Inc (NASDAQ:RNET) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 12,986 shares of the Wireless communications provider’s stock, valued at approximately $223,000. Macquarie Group Ltd. owned about 0.07% of RigNet as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Millennium TVP Management Co. LLC acquired a new stake in shares of RigNet in the third quarter valued at approximately $1,104,000. American Century Companies Inc. acquired a new stake in RigNet during the 3rd quarter worth approximately $174,000. Wedge Capital Management L L P NC acquired a new stake in RigNet during the 3rd quarter worth approximately $327,000. The Manufacturers Life Insurance Company raised its holdings in RigNet by 15.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock valued at $190,000 after acquiring an additional 1,562 shares in the last quarter. Finally, State Street Corp raised its holdings in RigNet by 11.8% in the 2nd quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock valued at $3,914,000 after acquiring an additional 25,741 shares in the last quarter. 92.25% of the stock is owned by institutional investors.
A number of equities research analysts recently weighed in on RNET shares. BidaskClub upgraded RigNet from a “sell” rating to a “hold” rating in a research report on Tuesday, December 5th. ValuEngine lowered RigNet from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. One equities 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. The stock presently has an average rating of “Hold” and a consensus price target of $19.33.
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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