Rimini Street, Inc. (NASDAQ:RMNI) Given Consensus Recommendation of “Hold” by Brokerages

Rimini Street, Inc. (NASDAQ:RMNI) has been given an average recommendation of “Hold” by the five research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokerages that have covered the stock in the last year is $5.50.

A number of equities analysts have recently issued reports on the company. Zacks Research cut Rimini Street from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. TD Cowen upped their price objective on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, May 4th. Weiss Ratings upgraded Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a report on Friday, May 1st.

Insider Transactions at Rimini Street

In other news, EVP Steven Hershkowitz sold 24,884 shares of the company’s stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $3.87, for a total value of $96,301.08. Following the completion of the transaction, the executive vice president directly owned 186,992 shares in the company, valued at approximately $723,659.04. This represents a 11.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president owned 213,534 shares of the company’s stock, valued at $841,323.96. The trade was a 3.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 181,929 shares of company stock worth $718,133. Company insiders own 42.00% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Mink Brook Asset Management LLC grew its position in 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 acquiring an additional 699,574 shares during the last quarter. Immersion Corp bought a new position in Rimini Street during the 4th quarter worth approximately $2,043,000. Pacific Ridge Capital Partners LLC grew its position in Rimini Street by 9.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after acquiring an additional 159,673 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Rimini Street by 77.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company’s stock worth $1,222,000 after acquiring an additional 162,293 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its position in Rimini Street by 8.4% during the 1st quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company’s stock worth $749,000 after acquiring an additional 17,725 shares during the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Stock Down 3.6%

Shares of NASDAQ RMNI opened at $4.07 on Friday. The firm has a market capitalization of $376.72 million, a P/E ratio of 11.00 and a beta of 1.30. The stock’s 50-day simple moving average is $3.84 and its two-hundred day simple moving average is $3.66. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.38.

Rimini Street (NASDAQ:RMNI) last announced its earnings results on Thursday, April 30th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). The business had revenue of $105.47 million during the quarter, compared to the consensus estimate of $102.71 million. Rimini Street had a negative return on equity of 24.30% and a net margin of 8.30%. As a group, research analysts anticipate that Rimini Street will post 0.27 EPS for the current fiscal year.

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.