Wall Street Zen Upgrades Resources Connection (NASDAQ:RGP) to “Hold”

Resources Connection (NASDAQ:RGP) was upgraded by equities research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other analysts also recently weighed in on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Resources Connection in a report on Wednesday, October 8th. Noble Financial reaffirmed an “outperform” rating on shares of Resources Connection in a research report on Monday, October 13th. Finally, Northcoast Research began coverage on Resources Connection in a research note on Wednesday, September 24th. They issued a “buy” rating and a $7.00 price objective for the company. Two investment analysts have rated the stock with a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Resources Connection currently has a consensus rating of “Hold” and an average price target of $6.00.

Resources Connection Stock Performance

Shares of Resources Connection stock opened at $4.86 on Friday. The company has a fifty day simple moving average of $4.64 and a 200-day simple moving average of $5.00. The stock has a market cap of $162.28 million, a price-to-earnings ratio of -0.85 and a beta of 0.51. Resources Connection has a 12-month low of $4.13 and a 12-month high of $9.96.

Insider Activity

In related news, Director Anthony Cherbak sold 10,000 shares of Resources Connection stock in a transaction on Friday, October 10th. The shares were sold at an average price of $4.50, for a total value of $45,000.00. Following the transaction, the director directly owned 15,000 shares in the company, valued at $67,500. This trade represents a 40.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Kate W. Duchene acquired 23,015 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was purchased at an average cost of $4.36 per share, for a total transaction of $100,345.40. Following the completion of the purchase, the chief executive officer directly owned 590,234 shares in the company, valued at $2,573,420.24. This trade represents a 4.06% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have purchased 123,015 shares of company stock valued at $552,445. Company insiders own 7.91% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC boosted its position in shares of Resources Connection by 171.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,466 shares of the company’s stock worth $45,000 after purchasing an additional 5,344 shares in the last quarter. Strs Ohio acquired a new stake in shares of Resources Connection in the first quarter valued at about $48,000. Quarry LP boosted its holdings in Resources Connection by 4,995.7% during the third quarter. Quarry LP now owns 9,529 shares of the company’s stock worth $48,000 after buying an additional 9,342 shares in the last quarter. R Squared Ltd purchased a new stake in Resources Connection during the second quarter worth about $57,000. Finally, AXQ Capital LP acquired a new position in Resources Connection during the third quarter worth about $61,000. Hedge funds and other institutional investors own 93.23% of the company’s stock.

About Resources Connection

Resources Connection, Inc provides consulting services to business customers under the Resources Global Professionals name in North America, Europe, and the Asia Pacific. The company offers services in the areas of transactions, including integration and divestitures, bankruptcy/restructuring, going public readiness and support, financial process optimization, and system implementation; and regulations, such as accounting regulations, internal audit and compliance, data privacy and security, healthcare compliance, and regulatory compliance.