Kevin Maddock Sells 7,485 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) EVP Kevin Maddock sold 7,485 shares of Rimini Street stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $29,490.90. Following the sale, the executive vice president directly owned 213,534 shares of the company’s stock, valued at $841,323.96. This trade represents a 3.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kevin Maddock also recently made the following trade(s):

• On Wednesday, March 4th, Kevin Maddock sold 7,209 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total value of $26,240.76.
• On Tuesday, March 3rd, Kevin Maddock sold 2,809 shares of Rimini Street stock. The stock was sold at an average price of $3.72, for a total value of $10,449.48.

Rimini Street Price Performance

Shares of NASDAQ RMNI opened at $4.02 on Friday. The company has a market capitalization of $372.09 million, a price-to-earnings ratio of 10.86 and a beta of 1.27. The business has a 50-day moving average of $3.46 and a two-hundred day moving average of $3.70. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.38.

More Rimini Street News

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

Institutional Trading of Rimini Street

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Pacific Ridge Capital Partners LLC increased its position in shares of Rimini Street by 9.4% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after purchasing an additional 159,673 shares in the last quarter. Mink Brook Asset Management LLC increased its position in shares of Rimini Street by 73.4% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock worth $5,043,000 after purchasing an additional 550,167 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Rimini Street by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after purchasing an additional 18,808 shares in the last quarter. Samjo Management LLC increased its position in shares of Rimini Street by 149.0% during the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after purchasing an additional 722,750 shares in the last quarter. Finally, Manatuck Hill Partners LLC increased its position in shares of Rimini Street by 5.7% during the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company’s stock worth $2,480,000 after purchasing an additional 34,475 shares in the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on RMNI. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. TD Cowen lifted their price target on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, May 4th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $5.50.

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.