Rimini Street (NASDAQ:RMNI) CEO Sells $213,448.56 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 41,366 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $5.16, for a total value of $213,448.56. Following the sale, the chief executive officer owned 10,258,241 shares in the company, valued at approximately $52,932,523.56. This represents a 0.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Rimini Street Price Performance

Rimini Street stock opened at $5.01 on Monday. The firm has a market capitalization of $467.73 million, a P/E ratio of 62.63 and a beta of 1.24. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.68. The business has a fifty day moving average price of $4.85 and a 200-day moving average price of $4.06.

Institutional Investors Weigh In On Rimini Street

Several institutional investors and hedge funds have recently bought and sold shares of the business. AXQ Capital LP bought a new position in shares of Rimini Street during the second quarter valued at approximately $90,000. Public Employees Retirement System of Ohio bought a new stake in Rimini Street in the second quarter valued at $158,000. Corient Private Wealth LP bought a new position in Rimini Street in the 2nd quarter worth $427,000. Bank of America Corp DE bought a new position in Rimini Street in the 2nd quarter worth $146,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Rimini Street in the 2nd quarter worth about $49,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. TD Cowen raised their target price on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Roth Capital reissued a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings lowered 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 note on Saturday, August 1st. Finally, Craig Hallum restated a “buy” rating and issued a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Rimini Street Company Profile

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.