Rimini Street (NASDAQ:RMNI) CEO Seth Ravin Sells 57,097 Shares of Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 57,097 shares of the firm’s stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $224,962.18. Following the transaction, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at approximately $3,478,626. This represents a 6.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Trading Up 2.0%

NASDAQ RMNI opened at $4.02 on Friday. The business’s 50-day moving average price is $3.46 and its two-hundred day moving average price is $3.70. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38. The firm has a market capitalization of $372.09 million, a PE ratio of 10.86 and a beta of 1.27.

Wall Street Analysts Forecast Growth

RMNI has been the topic of several analyst reports. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. TD Cowen upped 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. Finally, Zacks Research cut shares of Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.50.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Pacific Ridge Capital Partners LLC grew its stake in Rimini Street by 9.4% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after purchasing an additional 159,673 shares during the period. Mink Brook Asset Management LLC lifted its stake in Rimini Street by 73.4% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock valued at $5,043,000 after buying an additional 550,167 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Rimini Street by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after buying an additional 18,808 shares in the last quarter. Samjo Management LLC boosted its holdings in shares of Rimini Street by 149.0% during the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after buying an additional 722,750 shares in the last quarter. Finally, Manatuck Hill Partners LLC grew its position in shares of Rimini Street by 5.7% during the 4th quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company’s stock worth $2,480,000 after buying an additional 34,475 shares during the period. 73.75% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting Rimini Street

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

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.