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

by · The Cerbat Gem

Wall Street Zen lowered shares of Rimini Street (NASDAQ:RMNI – Free Report) from a buy rating to a hold rating in a report published on Saturday.

RMNI has been the subject of a number of other reports. Weiss Ratings reissued a “sell (d+)” rating on shares of Rimini Street in a research report on Wednesday, October 8th. Cowen reiterated a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Finally, TD Cowen lowered their target price on shares of Rimini Street from $6.00 to $5.00 and set a “hold” rating on the stock in a research report on Friday, October 31st. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $5.83.

Check Out Our Latest Stock Report on Rimini Street

Rimini Street Price Performance

NASDAQ RMNI opened at $3.99 on Friday. The company has a fifty day moving average of $4.47 and a two-hundred day moving average of $4.07. The company has a market capitalization of $366.08 million, a PE ratio of 8.67 and a beta of 1.37. Rimini Street has a 1 year low of $1.84 and a 1 year high of $5.38.

Insiders Place Their Bets

In other Rimini Street news, CFO Michael L. Perica sold 100,249 shares of Rimini Street stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $4.20, for a total value of $421,045.80. Following the transaction, the chief financial officer directly owned 146,032 shares in the company, valued at approximately $613,334.40. This trade represents a 40.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders sold 205,366 shares of company stock worth $864,728. 41.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Rimini Street

Hedge funds have recently modified their holdings of the stock. Belvedere Trading LLC purchased a new position in Rimini Street in the 2nd quarter valued at $64,000. NewEdge Advisors LLC acquired a new stake in shares of Rimini Street in the 1st quarter worth $66,000. Russell Investments Group Ltd. boosted its holdings in shares of Rimini Street by 3,393.5% in the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock valued at $69,000 after acquiring an additional 17,680 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Rimini Street by 899.4% in the second quarter. Public Employees Retirement System of Ohio now owns 23,446 shares of the company’s stock valued at $88,000 after acquiring an additional 21,100 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Rimini Street during the second quarter worth about $90,000. 73.75% of the stock is owned by institutional investors and hedge funds.

About Rimini Street

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Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients’ application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.

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