Insider Selling: Rimini Street (NASDAQ:RMNI) CFO Sells $109,283.78 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 27,737 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total transaction of $109,283.78. Following the completion of the sale, the chief financial officer directly owned 157,863 shares in the company, valued at $621,980.22. This represents a 14.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Price Performance

RMNI stock traded up $0.08 during trading hours on Friday, reaching $4.02. 594,815 shares of the stock were exchanged, compared to its average volume of 367,889. The company has a market cap of $372.09 million, a price-to-earnings ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38. The firm’s 50-day moving average is $3.46 and its 200-day moving average is $3.70.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RMNI shares. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. TD Cowen upped their price objective on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday. Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday. Two equities research 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 data from MarketBeat.com, Rimini Street presently has a consensus rating of “Hold” and an average target price of $5.50.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in Rimini Street during the first quarter worth about $134,000. AQR Capital Management LLC raised its holdings in shares of Rimini Street by 243.9% in the 1st quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after acquiring an additional 25,788 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of Rimini Street during the 1st quarter valued at about $271,000. NewEdge Advisors LLC purchased a new position in shares of Rimini Street during the first quarter worth about $66,000. Finally, Jane Street Group LLC grew its holdings in shares of Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after purchasing an additional 18,112 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other 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.