Rimini Street (NASDAQ:RMNI) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of Rimini Street (NASDAQ:RMNI) from a strong sell rating to a hold rating in a report released on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the stock. 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 report on Monday, May 4th. Weiss Ratings raised Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Two research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

Rimini Street Trading Up 1.9%

RMNI stock opened at $4.75 on Monday. The company has a market capitalization of $439.66 million, a P/E ratio of 12.84 and a beta of 1.28. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.38. The firm has a 50 day simple moving average of $3.97 and a 200-day simple moving average of $3.69.

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 analysts’ consensus estimates of $0.08 by ($0.07). The company had revenue of $105.47 million during the quarter, compared to analyst estimates of $102.71 million. Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. On average, research analysts predict that Rimini Street will post 0.27 EPS for the current year.

Insider Buying and Selling

In other Rimini Street news, CMO David W. Rowe sold 7,485 shares of the stock in a transaction that occurred 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 completion of the sale, the chief marketing officer owned 498,119 shares in the company, valued at $1,962,588.86. This represents a 1.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 27,737 shares of the company’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 completion of the transaction, the chief financial officer directly owned 157,863 shares in the company, valued at $621,980.22. This trade represents a 14.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 181,929 shares of company stock valued at $718,133. 42.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMNI. BNP Paribas Financial Markets boosted its stake 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 acquiring an additional 4,891 shares in the last quarter. Invesco Ltd. boosted its position in shares of Rimini Street by 37.2% during the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock valued at $86,000 after acquiring an additional 5,998 shares in the last quarter. Bank of America Corp DE boosted its holdings in Rimini Street by 15.3% during the first quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock valued at $149,000 after purchasing an additional 6,055 shares in the last quarter. Quarry LP bought a new stake in Rimini Street in the third quarter valued at $31,000. Finally, Barclays PLC grew its holdings in shares of Rimini Street by 10.6% in the 4th quarter. Barclays PLC now owns 75,893 shares of the company’s stock worth $294,000 after purchasing an additional 7,271 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

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.