Rimini Street (NASDAQ:RMNI) CEO Seth Ravin Sells 89,639 Shares

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 89,639 shares of the company’s stock in a transaction on Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the completion of the transaction, the chief executive officer owned 10,168,602 shares of the company’s stock, valued at $51,046,382.04. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Rimini Street Trading Down 1.8%

NASDAQ RMNI opened at $5.01 on Friday. The business’s 50-day moving average price is $4.85 and its 200 day moving average price is $4.05. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.68. The company has a market capitalization of $467.71 million, a PE ratio of 62.63 and a beta of 1.24.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RMNI. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. TD Cowen upped their price target on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Craig Hallum reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. Weiss Ratings downgraded shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 7th. Finally, Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $6.50.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in shares of Rimini Street in the third quarter valued at about $31,000. BNP Paribas Financial Markets boosted its holdings in Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after acquiring an additional 4,891 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Rimini Street in the 2nd quarter worth approximately $49,000. nVerses Capital LLC acquired a new stake in Rimini Street in the fourth quarter valued at approximately $57,000. Finally, NewEdge Advisors LLC purchased a new stake in shares of Rimini Street during the first quarter valued at approximately $66,000. 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.