Rimini Street (NASDAQ:RMNI) Stock Moved Down to “Buy” by Wall Street Zen

Wall Street Zen cut shares of Rimini Street (NASDAQ:RMNI) from a strong-buy rating to a buy rating in a research report sent to investors on Sunday morning,Wall Street Zen reports.

A number of other research analysts have also recently issued reports on the company. Roth Capital reissued a “buy” rating and set a $6.50 price objective on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd. Finally, Craig Hallum reaffirmed a “buy” rating and issued a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Rimini Street Price Performance

Rimini Street stock opened at $5.22 on Friday. The business has a 50 day moving average price of $4.46 and a two-hundred day moving average price of $4.07. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.68. The stock has a market cap of $483.89 million, a price-to-earnings ratio of 43.50 and a beta of 1.27.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, October 29th. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.03. Rimini Street had a net margin of 2.51% and a negative return on equity of 92.98%. The business had revenue of $109.34 million for the quarter, compared to analyst estimates of $110.82 million. On average, analysts expect that Rimini Street will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $4.98, for a total transaction of $211,560.36. Following the sale, the executive vice president directly owned 186,992 shares in the company, valued at $931,220.16. This represents a 18.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Seth Ravin sold 89,639 shares of the firm’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the sale, the chief executive officer directly owned 10,168,602 shares of the company’s stock, valued at $51,046,382.04. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 370,073 shares of company stock worth $1,889,307. 42.00% of the stock is owned by corporate insiders.

Institutional Trading of Rimini Street

Large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company bought a new position in shares of Rimini Street in the second quarter valued at about $49,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rimini Street during the 3rd quarter worth about $53,000. AXQ Capital LP bought a new stake in Rimini Street during the 2nd quarter worth about $90,000. Bank of America Corp DE bought a new stake in Rimini Street during the 2nd quarter worth about $146,000. Finally, Public Employees Retirement System of Ohio bought a new stake in Rimini Street during the 2nd quarter worth about $158,000. Institutional investors own 73.75% of the company’s stock.

About Rimini Street

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

Its offerings include application management, database support, interoperability services, security services, managed services and professional services.