Insider Selling: Rimini Street (NASDAQ:RMNI) CFO Sells 51,246 Shares of Stock
by Doug Wharley · The Cerbat GemRimini Street, Inc. (NASDAQ:RMNI – Get Free Report) CFO Michael Perica sold 51,246 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $4.00, for a total value of $204,984.00. Following the sale, the chief financial officer directly owned 116,505 shares of the company’s stock, valued at $466,020. This represents a 30.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
Rimini Street Stock Performance
RMNI traded down $0.16 during midday trading on Monday, reaching $3.89. 649,636 shares of the company were exchanged, compared to its average volume of 359,974. The company’s fifty day moving average price is $3.43 and its 200 day moving average price is $3.71. The company has a market cap of $356.56 million, a price-to-earnings ratio of 10.51 and a beta of 1.27. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.38.
Analysts Set New Price Targets
A number of analysts have commented on RMNI shares. TD Cowen boosted their price objective on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a report on Monday. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a report on Friday. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Rimini Street has an average rating of “Moderate Buy” and a consensus price target of $5.50.
Check Out Our Latest Stock Report on RMNI
Hedge Funds Weigh In On Rimini Street
Institutional investors have recently modified their holdings of the business. Quarry LP bought a new position in shares of Rimini Street in the third quarter valued at approximately $31,000. BNP Paribas Financial Markets increased its holdings in Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after buying an additional 4,891 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Rimini Street during the fourth quarter worth about $43,000. nVerses Capital LLC bought a new stake in Rimini Street in the fourth quarter worth about $57,000. Finally, Russell Investments Group Ltd. raised its position in Rimini Street by 3,393.5% in the second 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 period. 73.75% of the stock is owned by institutional investors.
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.