Kevin Maddock Sells 7,485 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) EVP Kevin Maddock sold 7,485 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $29,490.90. Following the completion of the sale, the executive vice president owned 213,534 shares in the company, valued at approximately $841,323.96. The trade was a 3.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kevin Maddock also recently made the following trade(s):

• On Wednesday, March 4th, Kevin Maddock sold 7,209 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total value of $26,240.76.
• On Tuesday, March 3rd, Kevin Maddock sold 2,809 shares of Rimini Street stock. The stock was sold at an average price of $3.72, for a total value of $10,449.48.

Rimini Street Trading Up 2.0%

Shares of NASDAQ RMNI traded up $0.08 during midday trading on Friday, hitting $4.02. The company’s stock had a trading volume of 594,815 shares, compared to its average volume of 367,889. The business’s 50 day moving average is $3.46 and its two-hundred day moving average is $3.70. Rimini Street, Inc. has a 12-month low of $2.87 and a 12-month high of $5.38. The firm has a market cap of $372.09 million, a P/E ratio of 10.86 and a beta of 1.27.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in Rimini Street by 77.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company’s stock valued at $1,222,000 after purchasing an additional 162,293 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Rimini Street by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company’s stock worth $749,000 after purchasing an additional 17,725 shares during the period. Invesco Ltd. lifted its position in shares of Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock worth $86,000 after purchasing an additional 5,998 shares during the period. nVerses Capital LLC purchased a new stake in shares of Rimini Street in the 4th quarter worth approximately $57,000. Finally, Oxford Asset Management LLP purchased a new stake in shares of Rimini Street in the 4th quarter worth approximately $127,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RMNI has been the topic of several recent analyst reports. Zacks Research downgraded shares of Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Finally, TD Cowen raised their price target on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.50.

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.