Insider Selling: Rimini Street (NASDAQ:RMNI) CEO Sells $213,448.56 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 41,366 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $5.16, for a total transaction of $213,448.56. Following the completion of the sale, the chief executive officer directly owned 10,258,241 shares of the company’s stock, valued at $52,932,523.56. This trade represents a 0.40% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Rimini Street Stock Performance

NASDAQ:RMNI traded down $0.09 during trading hours on Friday, reaching $5.01. The company’s stock had a trading volume of 522,149 shares, compared to its average volume of 407,347. The firm has a market capitalization of $467.73 million, a price-to-earnings ratio of 62.63 and a beta of 1.24. The firm has a 50-day simple moving average of $4.84 and a 200-day simple moving average of $4.05. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.68.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Weiss Ratings lowered Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Craig Hallum reissued a “buy” rating and set a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. TD Cowen lifted their target price on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Finally, Roth Capital reiterated a “buy” rating and set a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Three 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 has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Cubist Systematic Strategies LLC bought a new stake in shares of Rimini Street in the 1st quarter worth approximately $134,000. AQR Capital Management LLC raised its holdings in shares of Rimini Street by 243.9% during the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after acquiring an additional 25,788 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Rimini Street during the first quarter valued at approximately $271,000. NewEdge Advisors LLC purchased a new stake in Rimini Street in the first quarter worth $66,000. Finally, Jane Street Group LLC boosted its holdings in Rimini Street by 120.2% in the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock valued at $115,000 after acquiring an additional 18,112 shares in the last quarter. Hedge funds and other institutional investors own 73.75% of the company’s stock.

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.