Rimini Street (NASDAQ:RMNI) EVP Steven Hershkowitz Sells 42,482 Shares of Company Stock

Rimini Street, Inc. (NASDAQ:RMNI) EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $4.98, for a total transaction of $211,560.36. Following the completion of the transaction, the executive vice president owned 186,992 shares in the company, valued at $931,220.16. This trade represents a 18.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Rimini Street Price Performance

Shares of RMNI traded down $0.08 on Monday, reaching $4.88. The company’s stock had a trading volume of 849,336 shares, compared to its average volume of 404,486. The stock’s 50 day simple moving average is $4.48 and its two-hundred day simple moving average is $4.04. The stock has a market capitalization of $455.58 million, a P/E ratio of 40.67 and a beta of 1.31. Rimini Street, Inc. has a 12-month low of $2.87 and a 12-month high of $5.68.

Rimini Street (NASDAQ:RMNI) last announced its earnings results on Thursday, October 29th. The company reported $0.12 EPS 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 81.86%. The business had revenue of $109.34 million during the quarter, compared to analysts’ expectations of $110.82 million. Analysts expect that Rimini Street, Inc. will post 0.22 earnings per share for the current year.

Institutional Investors Weigh In On Rimini Street

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RMNI. Conifer Management L.L.C. purchased a new position in Rimini Street during the second quarter valued at approximately $25,190,228. BlackRock Inc. purchased a new stake in shares of Rimini Street in the second quarter worth $15,729,000. Bard Associates Inc. bought a new stake in shares of Rimini Street during the 2nd quarter valued at $1,094,000. Bank of New York Mellon Corp bought a new stake in shares of Rimini Street during the 2nd quarter valued at $975,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Rimini Street during the 2nd quarter valued at $957,000. Institutional investors own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on RMNI. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, October 2nd. Craig Hallum reiterated a “buy” rating and set a $8.00 target price on shares of Rimini Street in a research report on Friday, July 31st. Wall Street Zen raised Rimini Street from a “buy” rating to a “strong-buy” rating in a report on Saturday. Finally, Roth Capital restated a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a research report on Thursday, July 30th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.33.

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.