Key Points
- EVP Steven Hershkowitz sold 24,884 shares on April 30 at an average of $3.87 (≈$96,301) to cover tax withholding on vested equity, cutting his stake by 11.74% to 186,992 shares (≈$723,659).
- RMNI is trading around $3.89 (down ~4%) with a $356.6M market cap, 73.75% institutional ownership after several funds added positions, and a consensus rating of "Moderate Buy" with a $5.50 target (2 Buy, 2 Hold).
Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) EVP Steven Hershkowitz sold 24,884 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $3.87, for a total value of $96,301.08. Following the sale, the executive vice president directly owned 186,992 shares in the company, valued at approximately $723,659.04. This trade represents a 11.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Steven Hershkowitz also recently made the following trade(s):
- On Wednesday, March 4th, Steven Hershkowitz sold 5,193 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total value of $18,902.52.
Rimini Street Trading Down 4.0%
Shares of RMNI opened at $3.89 on Tuesday. The company has a market capitalization of $356.57 million, a PE ratio of 10.51 and a beta of 1.27. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38. The stock's 50-day moving average price is $3.43 and its two-hundred day moving average price is $3.71.
Institutional Inflows and Outflows
A number of institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. increased its stake 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 acquiring an additional 5,998 shares during the last quarter. nVerses Capital LLC purchased a new stake in shares of Rimini Street during the fourth quarter worth about $57,000. Oxford Asset Management LLP purchased a new stake in shares of Rimini Street during the fourth quarter worth about $127,000. Millennium Management LLC boosted its holdings in shares of Rimini Street by 49.0% during the fourth quarter. Millennium Management LLC now owns 70,834 shares of the company's stock worth $275,000 after purchasing an additional 23,286 shares during the period. Finally, Manatuck Hill Partners LLC boosted its holdings in shares of Rimini Street by 5.7% during the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock worth $2,480,000 after purchasing an additional 34,475 shares during the period. Institutional investors own 73.75% of the company's stock.
Analysts Set New Price Targets
Several research analysts have recently weighed in on RMNI shares. Alliance Global Partners reissued a "buy" rating on shares of Rimini Street in a research report on Friday. TD Cowen boosted their target price on Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a research report on Monday. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Rimini Street in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $5.50.
Get Our Latest Stock Report on RMNI
About Rimini Street
(
Get Free Report)
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.
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