Rimini Street (NASDAQ:RMNI) Upgraded to Hold at Zacks Research

Rimini Street (NASDAQ:RMNI) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also recently issued reports on the stock. TD Cowen raised their target price on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday, May 4th. Weiss Ratings raised shares of Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $5.50.

Rimini Street Trading Up 1.9%

RMNI opened at $4.75 on Monday. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.38. The business’s 50-day moving average price is $3.97 and its 200-day moving average price is $3.69. The company has a market cap of $439.66 million, a P/E ratio of 12.84 and a beta of 1.28.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Thursday, April 30th. The company reported $0.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.08 by ($0.07). The company had revenue of $105.47 million for 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%. Equities research analysts forecast that Rimini Street will post 0.27 earnings per share for the current fiscal year.

Insider Transactions at Rimini Street

In other Rimini Street news, EVP Kevin Maddock sold 7,485 shares of the stock in a transaction on 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 in the company, valued at approximately $841,323.96. This represents a 3.39% decrease in their ownership of the stock. 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, CEO Seth A. Ravin sold 57,097 shares of the firm’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $224,962.18. Following the transaction, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at $3,478,626. This represents a 6.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 181,929 shares of company stock worth $718,133. 42.00% of the stock is owned by insiders.

Institutional Trading of Rimini Street

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP purchased a new position in Rimini Street during the third quarter valued at $31,000. SG Americas Securities LLC purchased a new position in shares of Rimini Street in the 4th quarter worth about $43,000. BNP Paribas Financial Markets raised its position in shares of Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after purchasing an additional 4,891 shares during the last quarter. nVerses Capital LLC bought a new position in Rimini Street in the 4th quarter worth about $57,000. Finally, NewEdge Advisors LLC purchased a new stake in Rimini Street during the 1st quarter valued at about $66,000. Hedge funds and other 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.