Rimini Street (NASDAQ:RMNI) Lowered to “Strong Sell” Rating by Zacks Research
by Amy Steele · The Cerbat GemRimini Street (NASDAQ:RMNI – Get Free Report) was downgraded by equities researchers at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Tuesday,Zacks.com reports.
A number of other equities analysts also recently issued reports on RMNI. TD Cowen upped their price target on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $5.50.
View Our Latest Analysis on RMNI
Rimini Street Stock Down 0.3%
Shares of NASDAQ:RMNI opened at $3.88 on Tuesday. The firm has a 50 day moving average of $3.45 and a 200 day moving average of $3.70. The company has a market capitalization of $359.13 million, a price-to-earnings ratio of 10.49 and a beta of 1.27. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.38.
Insider Activity
In other news, CEO Seth A. Ravin sold 52,085 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total transaction of $189,589.40. Following the sale, the chief executive officer directly owned 722,564 shares of the company’s stock, valued at $2,630,132.96. The trade was a 6.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Steven Hershkowitz sold 24,884 shares of the business’s stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $3.87, for a total transaction of $96,301.08. Following the sale, the executive vice president directly owned 186,992 shares in the company, valued at $723,659.04. This trade represents a 11.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 192,376 shares of company stock valued at $725,533. 41.20% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Rimini Street
Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets boosted its holdings in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares during the last quarter. Invesco Ltd. boosted its holdings in Rimini Street by 37.2% in the fourth quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock valued at $86,000 after purchasing an additional 5,998 shares during the last quarter. Quarry LP purchased a new stake in Rimini Street in the third quarter valued at $31,000. Barclays PLC boosted its holdings in Rimini Street by 10.6% in the fourth quarter. Barclays PLC now owns 75,893 shares of the company’s stock valued at $294,000 after purchasing an additional 7,271 shares during the last quarter. Finally, Occudo Quantitative Strategies LP boosted its holdings in Rimini Street by 32.5% in the second quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company’s stock valued at $123,000 after purchasing an additional 7,998 shares during the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.
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.