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

Rimini Street, Inc. (NASDAQ:RMNI) has received a consensus rating of “Hold” from the five brokerages that are presently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $5.50.

A number of research firms recently issued reports on RMNI. Weiss Ratings upgraded Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Zacks Research lowered Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, TD Cowen boosted their price objective on Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, May 4th.

Rimini Street Price Performance

Shares of RMNI opened at $4.07 on Friday. The firm has a market cap of $376.72 million, a PE ratio of 11.00 and a beta of 1.30. The stock’s fifty day moving average price is $3.84 and its two-hundred day moving average price is $3.66. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.38.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, April 30th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. The firm had revenue of $105.47 million during the quarter, compared to the consensus estimate of $102.71 million. Sell-side analysts anticipate that Rimini Street will post 0.27 earnings per share for the current fiscal year.

Insider Activity at Rimini Street

In related news, CFO Michael L. Perica sold 27,737 shares of the business’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $109,283.78. Following the sale, the chief financial officer directly owned 157,863 shares in the company, valued at approximately $621,980.22. The trade was a 14.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 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 value of $29,490.90. Following the sale, the executive vice president owned 213,534 shares in the company, valued at approximately $841,323.96. The trade was a 3.39% 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. Insiders sold a total of 181,929 shares of company stock worth $718,133 in the last 90 days. 42.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rimini Street

A number of institutional investors have recently added to or reduced their stakes in RMNI. Samjo Management LLC increased its stake in Rimini Street by 149.0% in the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after acquiring an additional 722,750 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in Rimini Street by 1,399.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after acquiring an additional 699,574 shares during the last quarter. Immersion Corp bought a new position in Rimini Street in the 4th quarter worth about $2,043,000. Manatuck Hill Partners LLC increased its stake in Rimini Street by 401.4% in the 3rd quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock worth $2,830,000 after acquiring an additional 484,040 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in Rimini Street in the 2nd quarter worth about $1,134,000. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Company Profile

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.