Craig Hallum Reiterates Buy Rating for Rimini Street (NASDAQ:RMNI)

Rimini Street (NASDAQ:RMNI)‘s stock had its “buy” rating reaffirmed by equities researchers at Craig Hallum in a note issued to investors on Friday, July 31st. They presently have a $6.50 price objective on the stock. Craig Hallum’s target price suggests a potential upside of 27.18% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings downgraded shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 7th. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. TD Cowen lifted their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a research report on Tuesday, July 28th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Rimini Street has an average rating of “Moderate Buy” and an average target price of $6.00.

Rimini Street Price Performance

RMNI stock traded down $0.09 during midday trading on Friday, hitting $5.11. The company’s stock had a trading volume of 114,478 shares, compared to its average volume of 395,574. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.28. The company’s fifty day moving average price is $4.67 and its 200 day moving average price is $3.94. The stock has a market capitalization of $477.16 million, a P/E ratio of 63.95 and a beta of 1.23.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Immersion Corp bought a new position in shares of Rimini Street in the 4th quarter valued at about $2,043,000. Conifer Management L.L.C. bought a new stake in shares of Rimini Street during the 2nd quarter worth about $25,190,228,000. Bard Associates Inc. bought a new stake in shares of Rimini Street during the 2nd quarter worth about $1,094,000. Pacific Ridge Capital Partners LLC boosted its holdings in shares of 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 buying an additional 159,673 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of 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 buying an additional 162,293 shares during the period. Institutional investors own 73.75% of the company’s stock.

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.