Seth Ravin Sells 191,702 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 191,702 shares of the company’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total value of $993,016.36. Following the completion of the transaction, the chief executive officer owned 10,299,607 shares in the company, valued at $53,351,964.26. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rimini Street Trading Down 1.8%

RMNI stock traded down $0.09 during midday trading on Friday, hitting $5.01. 522,151 shares of the company’s stock were exchanged, compared to its average volume of 407,349. The business has a 50-day simple moving average of $4.84 and a two-hundred day simple moving average of $4.05. The stock has a market capitalization of $467.73 million, a PE ratio of 62.63 and a beta of 1.24. Rimini Street, Inc. has a 1-year low of $2.87 and a 1-year high of $5.68.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on RMNI shares. Roth Capital reaffirmed a “buy” rating and issued a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. TD Cowen lifted their target price on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a report on Tuesday, July 28th. Finally, Craig Hallum reissued a “buy” rating and issued a $8.00 target price on shares of Rimini Street in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.50.

Hedge Funds Weigh In On Rimini Street

Several institutional investors have recently modified their holdings of RMNI. Quarry LP purchased a new stake in shares of Rimini Street during the third quarter worth $31,000. BNP Paribas Financial Markets boosted its holdings in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares during the period. The Manufacturers Life Insurance Company acquired a new position in Rimini Street during the 2nd quarter worth $49,000. nVerses Capital LLC acquired a new position in Rimini Street during the 4th quarter worth $57,000. Finally, NewEdge Advisors LLC purchased a new stake in Rimini Street during the 1st quarter worth about $66,000. Institutional investors and hedge funds 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.