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

Rimini Street, Inc. (NASDAQ:RMNI) has received a consensus recommendation of “Hold” from the five ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $5.50.

Several research firms have recently weighed in on RMNI. Zacks Research downgraded shares of Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. TD Cowen lifted their price target on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, May 4th. Finally, Weiss Ratings raised Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th.

Insider Activity at Rimini Street

In related news, EVP Steven Hershkowitz sold 24,884 shares of the company’s stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $3.87, for a total transaction of $96,301.08. Following the sale, the executive vice president directly owned 186,992 shares of the company’s stock, valued at approximately $723,659.04. This represents a 11.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 51,246 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $4.00, for a total value of $204,984.00. Following the transaction, the chief financial officer owned 116,505 shares in the company, valued at $466,020. This trade represents a 30.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 181,929 shares of company stock worth $718,133 over the last quarter. 42.00% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

Several institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new position in shares of Rimini Street in the 3rd quarter worth about $31,000. SG Americas Securities LLC bought a new stake in shares of Rimini Street during the 4th quarter valued at about $43,000. BNP Paribas Financial Markets grew its position 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 valued at $47,000 after buying an additional 4,891 shares during the last quarter. nVerses Capital LLC acquired a new stake in Rimini Street during the fourth quarter worth about $57,000. Finally, NewEdge Advisors LLC acquired a new stake in Rimini Street during the first quarter worth about $66,000. Institutional investors own 73.75% of the company’s stock.

Rimini Street Trading Up 0.9%

Rimini Street stock opened at $4.54 on Friday. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.38. The stock has a market cap of $420.22 million, a P/E ratio of 12.27 and a beta of 1.28. The stock has a 50 day moving average of $3.91 and a 200-day moving average of $3.67.

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

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.