Rimini Street (NASDAQ:RMNI) Cut to Buy at Wall Street Zen

by · The Markets Daily

Wall Street Zen downgraded shares of Rimini Street (NASDAQ:RMNI – Free Report) from a strong-buy rating to a buy rating in a report published on Sunday,Wall Street Zen reports.

Other equities analysts have also issued research reports about the stock. Craig Hallum reaffirmed a “buy” rating and set a $8.00 target price on shares of Rimini Street in a research report on Friday, July 31st. 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. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, October 2nd. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $6.33.

Check Out Our Latest Stock Analysis on RMNI

Rimini Street Stock Performance

Rimini Street stock opened at $5.53 on Friday. The business’s 50-day simple moving average is $4.46 and its 200-day simple moving average is $4.08. The firm has a market capitalization of $512.63 million, a PE ratio of 28.47 and a beta of 1.27. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.68.

Rimini Street (NASDAQ:RMNI – Get Free Report) last posted its quarterly earnings data on Thursday, October 29th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.03. Rimini Street had a negative return on equity of 92.98% and a net margin of 2.51%. The business had revenue of $109.34 million during the quarter, compared to analysts’ expectations of $110.82 million. Research analysts forecast that Rimini Street will post 0.26 earnings per share for the current year.

Insider Transactions at Rimini Street

In related news, EVP Steven Hershkowitz sold 42,482 shares of the company’s stock in a transaction dated Monday, November 2nd. The shares were sold at an average price of $4.98, for a total value of $211,560.36. Following the sale, the executive vice president owned 186,992 shares of the company’s stock, valued at $931,220.16. The trade was a 18.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Seth A. Ravin sold 191,702 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $5.18, for a total transaction of $993,016.36. Following the completion of the transaction, the chief executive officer directly owned 10,299,607 shares of the company’s stock, valued at $53,351,964.26. This trade represents a 1.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 370,073 shares of company stock valued at $1,889,307 over the last ninety days. 42.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Rimini Street

A number of institutional investors have recently added to or reduced their stakes in RMNI. Bank of New York Mellon Corp acquired a new position in shares of Rimini Street in the 2nd quarter worth approximately $975,000. Conifer Management L.L.C. bought a new position in shares of Rimini Street during the 2nd quarter worth approximately $25,190,228. BlackRock Inc. acquired a new position in Rimini Street during the second quarter worth $15,729,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Rimini Street during the second quarter worth $957,000. Finally, Bard Associates Inc. bought a new position in shares of Rimini Street during the second quarter valued at $1,094,000. 73.75% of the stock is owned by institutional investors and hedge funds.

About Rimini Street

(Get Free Report)

Rimini Street, Inc. provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades. Its offerings include application management, database support, interoperability services, security services, managed services and professional services.

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