Rimini Street (NASDAQ:RMNI) Stock Rating Lowered by Wall Street Zen

Rimini Street (NASDAQ:RMNI) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday, Wall Street Zen reports.

A number of other analysts also recently issued reports on the company. Roth Capital reaffirmed a “buy” rating and issued a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd. Finally, Craig Hallum reissued a “buy” rating and set a $8.00 price target on shares of Rimini Street in a research report on Friday, July 31st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.33.

Rimini Street Stock Up 3.6%

Shares of RMNI stock opened at $5.41 on Friday. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.68. The company’s fifty day simple moving average is $4.46 and its 200-day simple moving average is $4.07. The firm has a market cap of $501.51 million, a PE ratio of 27.68 and a beta of 1.27.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Thursday, October 29th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. Rimini Street had a net margin of 2.51% and a negative return on equity of 92.98%. The business had revenue of $109.34 million during the quarter, compared to the consensus estimate of $110.82 million. On average, equities analysts predict that Rimini Street will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Rimini Street

In other Rimini Street news, CEO Seth Ravin sold 89,639 shares of the 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 sale, the chief executive officer owned 10,168,602 shares in the company, valued at $51,046,382.04. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $4.98, for a total transaction of $211,560.36. Following the completion of the sale, the executive vice president owned 186,992 shares of the company’s stock, valued at approximately $931,220.16. This represents a 18.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 370,073 shares of company stock worth $1,889,307 over the last ninety days. Insiders own 42.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Several hedge funds have recently bought and sold shares of RMNI. Bank of America Corp DE raised its position in shares of Rimini Street by 15.3% in the first quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock valued at $149,000 after buying an additional 6,055 shares in the last quarter. Byrne Asset Management LLC boosted its stake in shares of Rimini Street by 11.2% in the second quarter. Byrne Asset Management LLC now owns 73,280 shares of the company’s stock valued at $312,000 after buying an additional 7,380 shares during the period. The Manufacturers Life Insurance Company acquired a new stake in Rimini Street during the second quarter worth approximately $49,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rimini Street during the third quarter worth approximately $53,000. Finally, Royce & Associates LP bought a new position in Rimini Street during the 3rd quarter worth $58,000. 73.75% of the stock is currently owned by institutional investors and hedge funds.

About Rimini Street

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

Its offerings include application management, database support, interoperability services, security services, managed services and professional services.