Rimini Street (NASDAQ:RMNI) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a strong sell rating in a research note released on Tuesday morning,Zacks.com reports.

Several other equities analysts have also commented on RMNI. TD Cowen upped their price target on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $5.50.

Rimini Street Trading Up 1.2%

RMNI traded up $0.05 during trading on Tuesday, reaching $3.93. 71,803 shares of the company were exchanged, compared to its average volume of 359,337. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.38. The firm has a 50 day moving average of $3.45 and a 200 day moving average of $3.70. The stock has a market cap of $363.30 million, a P/E ratio of 10.61 and a beta of 1.27.

Insider Activity

In other Rimini Street news, CMO David W. Rowe sold 7,209 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total value of $26,240.76. Following the sale, the chief marketing officer directly owned 464,444 shares in the company, valued at approximately $1,690,576.16. The trade was a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steven Hershkowitz sold 24,884 shares of the company’s stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $3.87, for a total transaction of $96,301.08. Following the completion of the sale, the executive vice president directly owned 186,992 shares of the company’s stock, valued at $723,659.04. The trade was a 11.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 192,376 shares of company stock valued at $725,533 over the last quarter. Insiders own 41.20% of the company’s stock.

Institutional Trading of Rimini Street

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMNI. Cubist Systematic Strategies LLC bought a new stake in Rimini Street during the first quarter worth approximately $134,000. AQR Capital Management LLC increased its holdings in shares of Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after buying an additional 25,788 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in shares of Rimini Street during the 1st quarter valued at $271,000. NewEdge Advisors LLC acquired a new stake in shares of Rimini Street during the 1st quarter valued at $66,000. Finally, Jane Street Group LLC boosted its stake in shares of Rimini Street by 120.2% during the 1st quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after acquiring an additional 18,112 shares in the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

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.