Rimini Street’s (RMNI) Buy Rating Reiterated at Craig Hallum

Rimini Street (NASDAQ:RMNI)‘s stock had its “buy” rating restated by investment analysts at Craig Hallum in a research note issued to investors on Wednesday. They currently have a $6.50 price objective on the stock. Craig Hallum’s target price would indicate a potential upside of 27.20% from the stock’s current price.

A number of other brokerages have also commented on RMNI. Weiss Ratings lowered Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. TD Cowen raised their target price on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. Finally, Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Rimini Street presently has a consensus rating of “Hold” and an average price target of $5.75.

Rimini Street Trading Down 1.7%

Shares of RMNI stock traded down $0.09 during trading hours on Wednesday, reaching $5.11. The company’s stock had a trading volume of 112,881 shares, compared to its average volume of 395,488. Rimini Street has a one year low of $2.87 and a one year high of $5.28. The stock has a market capitalization of $477.07 million, a P/E ratio of 63.95 and a beta of 1.23. The firm’s fifty day simple moving average is $4.67 and its 200 day simple moving average is $3.94.

Institutional Investors Weigh In On Rimini Street

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in Rimini Street in the third quarter worth $31,000. BNP Paribas Financial Markets lifted its position in Rimini Street by 96.8% during the third 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 period. The Manufacturers Life Insurance Company bought a new stake in shares of Rimini Street during the 2nd quarter valued at $49,000. nVerses Capital LLC bought a new stake in shares of Rimini Street during the 4th quarter valued at $57,000. Finally, NewEdge Advisors LLC purchased a new position in Rimini Street during the 1st quarter valued at about $66,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

About Rimini Street

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.