Michael Perica Sells 51,246 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 51,246 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $4.00, for a total transaction of $204,984.00. Following the transaction, the chief financial officer directly owned 116,505 shares of the company’s stock, valued at approximately $466,020. This trade represents a 30.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Rimini Street Price Performance

NASDAQ RMNI opened at $3.89 on Wednesday. The stock has a market capitalization of $360.06 million, a PE ratio of 10.51 and a beta of 1.27. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.38. The business’s 50-day moving average is $3.44 and its 200 day moving average is $3.70.

Institutional Investors Weigh In On Rimini Street

A number of institutional investors have recently modified their holdings of the stock. Quarry LP bought a new position in Rimini Street in the 3rd quarter worth about $31,000. SG Americas Securities LLC purchased a new position in Rimini Street in the fourth quarter worth about $43,000. BNP Paribas Financial Markets raised 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 worth $47,000 after buying an additional 4,891 shares during the last quarter. nVerses Capital LLC bought a new position in shares of Rimini Street in the fourth quarter worth approximately $57,000. Finally, NewEdge Advisors LLC bought a new position in shares of Rimini Street in the first quarter worth approximately $66,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have commented on RMNI shares. TD Cowen raised their price objective on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a report on Friday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $5.50.

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.