Seth Ravin Sells 89,639 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 89,639 shares of Rimini Street 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 completion of the transaction, the chief executive officer owned 10,168,602 shares of the company’s stock, valued at approximately $51,046,382.04. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Rimini Street Stock Performance

NASDAQ:RMNI opened at $5.01 on Friday. The business’s fifty day moving average is $4.85 and its 200 day moving average is $4.05. The firm has a market cap of $467.73 million, a price-to-earnings ratio of 62.63 and a beta of 1.24. Rimini Street, Inc. has a 52-week low of $2.87 and a 52-week high of $5.68.

Hedge Funds Weigh In On Rimini Street

Institutional investors have recently added to or reduced their stakes in the business. Conifer Management L.L.C. bought a new stake in shares of Rimini Street during the 2nd quarter valued at about $25,190,228. Immersion Corp bought a new position in shares of Rimini Street during the 4th quarter valued at about $2,043,000. BlackRock Inc. purchased a new stake in Rimini Street in the second quarter worth approximately $15,729,000. Bard Associates Inc. purchased a new stake in shares of Rimini Street in the 2nd quarter valued at $1,094,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Rimini Street during the second quarter valued at about $957,000. 73.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RMNI shares. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. TD Cowen boosted their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a research note on Tuesday, July 28th. Roth Capital reaffirmed a “buy” rating and set a $6.50 target price on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings cut shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Finally, Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.50.

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.