Rimini Street (NASDAQ:RMNI) Raised to “Hold” at Zacks Research

Rimini Street (NASDAQ:RMNI) was upgraded by stock analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also commented on RMNI. Weiss Ratings upgraded shares of Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Finally, TD Cowen boosted their price objective on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, May 4th. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Rimini Street presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Rimini Street Stock Up 1.9%

NASDAQ:RMNI opened at $4.75 on Monday. The stock’s 50 day moving average price is $3.97 and its two-hundred day moving average price is $3.69. Rimini Street has a 12-month low of $2.87 and a 12-month high of $5.38. The firm has a market capitalization of $439.66 million, a price-to-earnings ratio of 12.84 and a beta of 1.28.

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

Insiders Place Their Bets

In related news, CFO Michael L. Perica sold 51,246 shares of the firm’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Kevin Maddock sold 7,485 shares of Rimini Street 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. Insiders sold a total of 181,929 shares of company stock valued at $718,133 in the last three months. Insiders own 42.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Several institutional investors have recently made changes to their positions in the stock. Samjo Management LLC lifted its holdings in shares of Rimini Street by 149.0% during the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after acquiring an additional 722,750 shares during the period. Mink Brook Asset Management LLC increased its stake in Rimini Street by 1,399.1% in the third quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock valued at $3,508,000 after acquiring an additional 699,574 shares during the last quarter. Immersion Corp acquired a new position in Rimini Street during the fourth quarter valued at approximately $2,043,000. Manatuck Hill Partners LLC raised its position in Rimini Street by 401.4% during the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock valued at $2,830,000 after purchasing an additional 484,040 shares in the last quarter. Finally, Marshall Wace LLP bought a new stake in Rimini Street during the second quarter worth $1,134,000. 73.75% of the stock is currently owned by institutional investors.

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.