Rimini Street, Inc. (NASDAQ:RMNI) Receives Average Recommendation of “Moderate Buy” from Brokerages

Rimini Street, Inc. (NASDAQ:RMNI) has received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $6.50.

Several equities analysts have recently issued reports on the stock. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Craig Hallum reiterated a “buy” rating and issued a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. TD Cowen boosted their target price on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings cut shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th.

Insider Buying and Selling at Rimini Street

In related news, CEO Seth Ravin sold 89,639 shares of the company’s stock in a transaction on Friday, September 4th. The stock was sold at an average price of $5.02, for a total value of $449,987.78. Following the transaction, the chief executive officer directly owned 10,168,602 shares of the company’s stock, valued at $51,046,382.04. This represents a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 322,707 shares of company stock worth $1,656,453 over the last 90 days. 42.00% of the stock is owned by insiders.

Institutional Trading of Rimini Street

Several large investors have recently added to or reduced their stakes in the company. AXQ Capital LP acquired a new position in shares of Rimini Street in the second quarter valued at about $90,000. Public Employees Retirement System of Ohio purchased a new position in shares of Rimini Street in the second quarter worth about $158,000. Corient Private Wealth LP acquired a new stake in shares of Rimini Street during the second quarter worth about $427,000. Bank of America Corp DE acquired a new stake in shares of Rimini Street during the second quarter worth about $146,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Rimini Street in the second quarter valued at approximately $49,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Performance

Rimini Street stock opened at $4.38 on Friday. The stock has a 50-day moving average of $4.86 and a two-hundred day moving average of $4.14. Rimini Street has a one year low of $2.87 and a one year high of $5.68. The stock has a market cap of $408.92 million, a PE ratio of 54.76 and a beta of 1.24.

Rimini Street Company Profile

Rimini Street, Inc is a global provider of enterprise software products and services. The company is best known for third-party support for enterprise applications, including Oracle and SAP software, and helps organizations maintain, optimize and extend the useful life of their existing technology systems.

Its offerings include software support, managed services, security services, application management, database services, integration and interoperability solutions, and professional services.