Rimini Street, Inc. (NASDAQ:RMNI) Given Consensus Rating of “Hold” by Brokerages

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have been assigned a consensus recommendation of “Hold” from the five brokerages that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $5.50.

RMNI has been the subject of several recent analyst reports. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. Zacks Research cut Rimini Street from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, TD Cowen boosted their price objective on shares of Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, May 4th.

Insider Activity at Rimini Street

In other news, EVP Steven Hershkowitz sold 24,884 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $3.87, for a total transaction of $96,301.08. Following the completion of the sale, the executive vice president directly owned 186,992 shares of the company’s stock, valued at $723,659.04. The trade was a 11.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Seth A. Ravin sold 57,097 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total transaction of $224,962.18. Following the sale, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at $3,478,626. This represents a 6.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 298,175 shares of company stock worth $1,142,381. 41.20% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

A number of institutional investors have recently modified their holdings of RMNI. Quarry LP purchased a new stake in shares of Rimini Street during the 3rd quarter worth about $31,000. SG Americas Securities LLC purchased a new stake in shares of Rimini Street during the 4th quarter worth about $43,000. BNP Paribas Financial Markets grew its holdings in shares of Rimini Street by 96.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after purchasing an additional 4,891 shares during the period. nVerses Capital LLC purchased a new stake in shares of Rimini Street during the 4th quarter worth about $57,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Rimini Street during the 1st quarter worth about $66,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street Price Performance

RMNI opened at $3.91 on Monday. The stock has a market capitalization of $361.91 million, a price-to-earnings ratio of 10.57 and a beta of 1.30. The business has a 50-day moving average of $3.50 and a two-hundred day moving average of $3.63. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.38.

About Rimini Street

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.