Analysts Set Rimini Street, Inc. (NASDAQ:RMNI) Price Target at $5.50

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have received an average recommendation of “Hold” from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $5.50.

A number of equities analysts have commented on RMNI shares. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. TD Cowen lifted their price objective on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, May 4th. Zacks Research cut shares of Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th.

Insider Transactions at Rimini Street

In other news, CMO David W. Rowe sold 7,485 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $29,490.90. Following the completion of the sale, the chief marketing officer owned 498,119 shares in the company, valued at approximately $1,962,588.86. This trade represents a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 shares of the firm’s stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $29,490.90. Following the completion of the sale, the executive vice president owned 213,534 shares of the company’s stock, valued at $841,323.96. This trade represents a 3.39% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 298,175 shares of company stock worth $1,142,381. 41.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Rimini Street

Institutional investors have recently made changes to their positions in the company. Quarry LP bought a new stake in Rimini Street during the 3rd quarter valued at about $31,000. BNP Paribas Financial Markets raised its holdings in shares of Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Rimini Street in the 4th quarter worth approximately $43,000. nVerses Capital LLC acquired a new position in Rimini Street during the 4th quarter valued at approximately $57,000. Finally, Russell Investments Group Ltd. increased its stake in Rimini Street by 3,393.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock valued at $69,000 after purchasing an additional 17,680 shares in the last quarter. Institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Down 1.4%

Shares of NASDAQ:RMNI opened at $3.54 on Thursday. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.38. The stock has a market capitalization of $327.66 million, a P/E ratio of 9.57 and a beta of 1.27. The firm has a fifty day simple moving average of $3.46 and a two-hundred day simple moving average of $3.67.

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.