Rimini Street, Inc. (NASDAQ:RMNI) Receives $5.50 Average PT from Analysts

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have received an average rating of “Hold” from the five ratings firms that are covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year price target among brokers that have covered the stock in the last year is $5.50.

Several equities research analysts have issued reports on the stock. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, TD Cowen raised their price target on Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, May 4th.

Rimini Street Stock Performance

NASDAQ RMNI opened at $4.15 on Monday. The stock has a market capitalization of $384.12 million, a price-to-earnings ratio of 11.22 and a beta of 1.30. The stock’s 50 day moving average price is $3.60 and its two-hundred day moving average price is $3.64. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.38.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings results on Thursday, April 30th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. The business had revenue of $105.47 million during the quarter, compared to analyst estimates of $102.71 million. On average, equities research analysts forecast that Rimini Street will post 0.27 EPS for the current year.

Insider Transactions at Rimini Street

In other Rimini Street news, 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 value of $96,301.08. Following the completion of the sale, the executive vice president 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 sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 51,246 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $4.00, for a total transaction of $204,984.00. Following the completion of the sale, the chief financial officer owned 116,505 shares of the company’s stock, valued at approximately $466,020. This represents a 30.55% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 181,929 shares of company stock valued at $718,133. 41.20% of the stock is owned by insiders.

Institutional Trading of Rimini Street

Large investors have recently added to or reduced their stakes in the company. Quarry LP acquired a new stake in Rimini Street in the third quarter valued at $31,000. BNP Paribas Financial Markets raised its stake in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after buying an additional 4,891 shares during the period. SG Americas Securities LLC bought a new stake in Rimini Street in the fourth quarter valued at approximately $43,000. nVerses Capital LLC bought a new stake in Rimini Street in the fourth quarter valued at approximately $57,000. Finally, Russell Investments Group Ltd. raised its stake in Rimini Street by 3,393.5% in the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock valued at $69,000 after buying an additional 17,680 shares during the period. Institutional investors and hedge funds own 73.75% of the company’s stock.

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.