Rimini Street, Inc. (NASDAQ:RMNI) Stock Has Average Target Price of $6.33

Rimini Street, Inc. (NASDAQ:RMNI) has been given an average recommendation of “Moderate Buy” by the six ratings firms that are currently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $6.33.

RMNI has been the topic of several recent analyst reports. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Roth Capital reaffirmed a “buy” rating and set a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Craig Hallum reaffirmed a “buy” rating and set a $8.00 price objective on shares of Rimini Street in a research report on Friday, July 31st. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd.

Rimini Street Trading Down 0.5%

Rimini Street stock opened at $4.07 on Thursday. The company has a fifty day simple moving average of $4.68 and a 200-day simple moving average of $4.25. The stock has a market cap of $379.96 million, a P/E ratio of 50.88 and a beta of 1.31. Rimini Street has a 12-month low of $2.87 and a 12-month high of $5.68.

Insider Buying and Selling at Rimini Street

In related news, CEO Seth Ravin sold 89,639 shares of the business’s stock in a transaction that occurred on Friday, September 4th. The stock was sold at an average price of $5.02, for a total transaction of $449,987.78. Following the completion of the sale, the chief executive officer owned 10,168,602 shares in the company, valued at $51,046,382.04. The trade was a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 327,591 shares of company stock worth $1,677,747. 42.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rimini Street

Several hedge funds have recently added to or reduced their stakes in the stock. AXQ Capital LP acquired a new stake in Rimini Street during the second quarter worth approximately $90,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Rimini Street during the 2nd quarter worth approximately $158,000. Corient Private Wealth LP purchased a new stake in shares of Rimini Street during the 2nd quarter worth approximately $427,000. Bank of America Corp DE acquired a new position in shares of Rimini Street in the 2nd quarter valued at $146,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Rimini Street in the 2nd quarter valued at $49,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Company Profile

Rimini Street, Inc is a global provider of enterprise software support, managed services and consulting. The company helps organizations maintain and optimize business applications from software vendors including Oracle, SAP and IBM, offering an alternative to the vendors’ standard support programs.

Its services include third-party application maintenance and support, software management, interoperability assistance, security services, database administration, technology consulting and application management.