Rimini Street (NASDAQ:RMNI) CMO David Rowe Sells 7,485 Shares

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 7,485 shares of the company’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $29,490.90. Following the completion of the sale, the chief marketing officer owned 498,119 shares in the company, valued at approximately $1,962,588.86. This represents a 1.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Trading Up 2.0%

Rimini Street stock opened at $4.02 on Friday. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38. The stock’s 50 day simple moving average is $3.46 and its two-hundred day simple moving average is $3.70. The firm has a market cap of $372.09 million, a PE ratio of 10.86 and a beta of 1.27.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Mink Brook Asset Management LLC raised its stake in shares of Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after buying an additional 699,574 shares during the period. CenterBook Partners LP acquired a new position in shares of Rimini Street during the 3rd quarter worth approximately $1,571,000. RWA Wealth Partners LLC acquired a new position in Rimini Street in the 3rd quarter valued at $151,000. Hillsdale Investment Management Inc. acquired a new position in Rimini Street in the 3rd quarter valued at $340,000. Finally, Bank of New York Mellon Corp raised its stake in Rimini Street by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company’s stock valued at $749,000 after purchasing an additional 17,725 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

Key Rimini Street News

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

Analyst Upgrades and Downgrades

Several research firms have commented on RMNI. Zacks Research lowered Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday. TD Cowen upped their price objective on 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 report on Friday, May 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rimini Street presently has an average rating of “Hold” and a consensus price target of $5.50.

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.