Rimini Street (NASDAQ:RMNI) CMO David Rowe Sells 7,485 Shares
by Renee Jackson · The Cerbat GemRimini Street, Inc. (NASDAQ:RMNI – Get Free Report) CMO David Rowe sold 7,485 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $29,490.90. Following the sale, the chief marketing officer directly owned 498,119 shares of the company’s stock, valued at approximately $1,962,588.86. This trade represents a 1.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Rimini Street Stock Performance
Shares of RMNI stock traded up $0.08 during trading hours on Friday, hitting $4.02. 594,815 shares of the company were exchanged, compared to its average volume of 367,889. The firm has a market cap of $372.09 million, a P/E ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a fifty-two week low of $2.87 and a fifty-two week high of $5.38. The company has a 50 day simple moving average of $3.46 and a two-hundred day simple moving average of $3.70.
Analysts Set New Price Targets
RMNI has been the subject of several research reports. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Zacks Research downgraded shares of Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday. TD Cowen lifted their price target on shares of Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research report on Monday. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Rimini Street currently has a consensus rating of “Hold” and an average target price of $5.50.
Check Out Our Latest Stock Analysis on Rimini Street
Hedge Funds Weigh In On Rimini Street
A number of hedge funds have recently added to or reduced their stakes in RMNI. Mink Brook Asset Management LLC boosted its holdings in Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after acquiring an additional 699,574 shares during the last quarter. CenterBook Partners LP purchased a new position in Rimini Street during the 3rd quarter worth $1,571,000. Russell Investments Group Ltd. boosted its holdings in Rimini Street by 3,393.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock worth $69,000 after acquiring an additional 17,680 shares during the last quarter. NewEdge Advisors LLC purchased a new position in Rimini Street during the 1st quarter worth $66,000. Finally, nVerses Capital LLC purchased a new position in Rimini Street during the 4th quarter worth $57,000. Institutional investors and hedge funds own 73.75% of the company’s stock.
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.