Rimini Street (NASDAQ:RMNI) Receives Buy Rating from Craig Hallum

Rimini Street (NASDAQ:RMNI)‘s stock had its “buy” rating reiterated by Craig Hallum in a report released on Friday, July 31st. They presently have a $8.00 price objective on the stock. Craig Hallum’s price objective would suggest a potential upside of 56.56% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. TD Cowen boosted their target price 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. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings downgraded Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Rimini Street Stock Performance

NASDAQ RMNI traded down $0.09 on Friday, hitting $5.11. 114,478 shares of the stock were exchanged, compared to its average volume of 395,574. The stock has a fifty day moving average price of $4.67 and a two-hundred day moving average price of $3.94. The firm has a market capitalization of $477.07 million, a P/E ratio of 63.95 and a beta of 1.23. Rimini Street has a 52-week low of $2.87 and a 52-week high of $5.28.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in RMNI. Conifer Management L.L.C. acquired a new position in shares of Rimini Street in the second quarter valued at approximately $25,190,228,000. BlackRock Inc. acquired a new position in shares of Rimini Street in the second quarter valued at approximately $15,729,000. Samjo Management LLC grew its holdings in Rimini Street by 149.0% during the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after acquiring an additional 722,750 shares during the period. Mink Brook Asset Management LLC grew its holdings in Rimini Street by 73.4% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock worth $5,043,000 after acquiring an additional 550,167 shares during the period. Finally, Immersion Corp acquired a new position in Rimini Street during the fourth quarter worth $2,043,000. Institutional investors and hedge funds 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.