Rimini Street (NASDAQ:RMNI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a report published on Saturday morning.

Other equities analysts have also issued reports about the stock. TD Cowen upped their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. One analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $5.00.

Rimini Street Trading Down 0.4%

Shares of RMNI stock opened at $4.79 on Friday. The company’s 50-day moving average price is $4.37 and its 200-day moving average price is $3.78. The stock has a market cap of $443.36 million, a price-to-earnings ratio of 59.88 and a beta of 1.23. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.06.

Insider Activity

In other news, CMO David W. Rowe sold 7,485 shares of the firm’s 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 sale, the chief marketing officer owned 498,119 shares of the company’s stock, valued at approximately $1,962,588.86. This trade represents a 1.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 27,737 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 105,799 shares of company stock valued at $416,848 over the last three months. 42.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Rimini Street in the 3rd quarter valued at about $31,000. SG Americas Securities LLC acquired a new stake in shares of Rimini Street in the fourth quarter valued at approximately $43,000. BNP Paribas Financial Markets grew its position in shares of Rimini Street by 96.8% during the third 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 last quarter. nVerses Capital LLC acquired a new position in shares of Rimini Street in the 4th quarter valued at $57,000. Finally, NewEdge Advisors LLC purchased a new stake in Rimini Street in the 1st quarter valued at $66,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

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.