Rimini Street (NASDAQ:RMNI) Upgraded at TD Cowen

Rimini Street (NASDAQ:RMNI) was upgraded by research analysts at TD Cowen to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also commented on RMNI. Wall Street Zen lowered Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $5.75.

Rimini Street Stock Performance

Shares of RMNI stock opened at $3.40 on Monday. The stock has a 50 day moving average price of $3.64 and a two-hundred day moving average price of $4.04. Rimini Street has a fifty-two week low of $2.79 and a fifty-two week high of $5.38. The company has a market capitalization of $311.96 million, a P/E ratio of 8.50 and a beta of 1.31.

Insider Buying and Selling at Rimini Street

In other news, CFO Michael L. Perica sold 53,882 shares of the stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.00, for a total transaction of $215,528.00. Following the transaction, the chief financial officer directly owned 92,150 shares of the company’s stock, valued at $368,600. This represents a 36.90% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 41.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Rimini Street

Several institutional investors have recently made changes to their positions in RMNI. Cubist Systematic Strategies LLC bought a new position in Rimini Street in the 1st quarter worth $134,000. AQR Capital Management LLC increased its position in Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock worth $127,000 after buying an additional 25,788 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Rimini Street in the first quarter worth about $271,000. NewEdge Advisors LLC purchased a new position in shares of Rimini Street during the 1st quarter valued at about $66,000. Finally, Jane Street Group LLC lifted its holdings in Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock valued at $115,000 after purchasing an additional 18,112 shares in 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.