Rimini Street (NASDAQ:RMNI) EVP Sells $96,301.08 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) EVP Steven Hershkowitz sold 24,884 shares of the stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $3.87, for a total transaction of $96,301.08. Following the completion of the transaction, the executive vice president directly owned 186,992 shares in the company, valued at $723,659.04. This trade represents a 11.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Steven Hershkowitz also recently made the following trade(s):

• On Wednesday, March 4th, Steven Hershkowitz sold 5,193 shares of Rimini Street stock. The shares were sold at an average price of $3.64, for a total transaction of $18,902.52.

Rimini Street Price Performance

NASDAQ RMNI opened at $3.88 on Thursday. The firm’s fifty day moving average price is $3.45 and its 200 day moving average price is $3.70. The company has a market capitalization of $359.13 million, a price-to-earnings ratio of 10.49 and a beta of 1.27. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RMNI shares. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Finally, 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 research report on Monday. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Rimini Street currently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

Institutional Trading of Rimini Street

Several hedge funds and other institutional investors have recently made changes to their positions in RMNI. Cubist Systematic Strategies LLC acquired a new stake in shares of Rimini Street in the first quarter valued at about $134,000. AQR Capital Management LLC lifted its stake in shares of Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after purchasing an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Rimini Street in the first quarter valued at about $271,000. NewEdge Advisors LLC acquired a new position in Rimini Street during the first quarter worth about $66,000. Finally, Jane Street Group LLC raised its position in Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after acquiring an additional 18,112 shares during the last quarter. 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.