Insider Selling: Rimini Street (NASDAQ:RMNI) CMO Sells 2,809 Shares of Stock

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 2,809 shares of Rimini Street stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $3.72, for a total value of $10,449.48. Following the completion of the transaction, the chief marketing officer directly owned 457,789 shares of the company’s stock, valued at $1,702,975.08. This represents a 0.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Rimini Street Stock Up 0.5%

Shares of NASDAQ:RMNI traded up $0.02 during trading on Thursday, reaching $3.71. 325,872 shares of the company traded hands, compared to its average volume of 451,717. The firm has a market capitalization of $340.06 million, a PE ratio of 9.28 and a beta of 1.28. Rimini Street, Inc. has a 52 week low of $2.79 and a 52 week high of $5.38. The company’s 50 day moving average is $3.58 and its two-hundred day moving average is $4.02.

Hedge Funds Weigh In On Rimini Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cubist Systematic Strategies LLC acquired a new position in shares of Rimini Street during the first quarter worth $134,000. AQR Capital Management LLC grew its position in Rimini Street by 243.9% during the 1st quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock worth $127,000 after acquiring an additional 25,788 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Rimini Street in the 1st quarter worth about $271,000. NewEdge Advisors LLC acquired a new position in Rimini Street in the 1st quarter worth about $66,000. Finally, Jane Street Group LLC raised its position 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 purchasing an additional 18,112 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on RMNI shares. TD Cowen raised shares of Rimini Street to a “hold” rating in a report on Monday, February 23rd. Wall Street Zen lowered shares of Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Rimini Street presently has an average rating of “Hold” and an average target price of $5.75.

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.