Rimini Street (NASDAQ:RMNI) Stock: Insider David Rowe Sells 4,884 Shares

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 4,884 shares of Rimini Street stock in a transaction on Monday, September 21st. The stock was sold at an average price of $4.36, for a total transaction of $21,294.24. Following the completion of the transaction, the chief marketing officer directly owned 506,568 shares of the company’s stock, valued at $2,208,636.48. The trade was a 0.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Trading Down 0.5%

Shares of NASDAQ:RMNI opened at $4.28 on Friday. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.68. The company has a 50-day moving average price of $4.83 and a 200 day moving average price of $4.16. The company has a market cap of $399.58 million, a price-to-earnings ratio of 53.51 and a beta of 1.24.

Institutional Trading of Rimini Street

A number of hedge funds have recently added to or reduced their stakes in RMNI. AXQ Capital LP purchased a new stake in shares of Rimini Street in the 2nd quarter worth approximately $90,000. Public Employees Retirement System of Ohio bought a new position in Rimini Street in the second quarter worth approximately $158,000. Corient Private Wealth LP purchased a new stake in Rimini Street during the second quarter worth $427,000. Bank of America Corp DE bought a new stake in Rimini Street during the 2nd quarter valued at $146,000. Finally, The Manufacturers Life Insurance Company bought a new stake in Rimini Street during the 2nd quarter valued at $49,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

RMNI has been the topic of a number of analyst reports. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings lowered shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Craig Hallum reissued a “buy” rating and issued a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. Finally, Roth Capital restated a “buy” rating and set a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.33.

About Rimini Street

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.