Key Points
- CFO Michael Perica sold 27,737 shares of Rimini Street at an average price of $3.94, totaling about $109,284. The company said the sale was to cover tax withholding obligations tied to vesting equity awards, not a discretionary cash-out.
- Multiple Rimini Street executives also sold shares in similar tax-related transactions, including EVP Nancy Lyskawa, EVP Kevin Maddock, and CMO David W. Rowe. Together, the insider sales were disclosed as being connected to equity award vesting.
- The stock was trading up 2.0% around $4.02, above its 50-day and 200-day moving averages, but analyst sentiment remains mixed. TD Cowen raised its target to $4.50, while Zacks cut the stock to “strong sell,” leaving the overall consensus at “Hold.”
Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) EVP Nancy Lyskawa sold 5,995 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $23,620.30. Following the completion of the transaction, the executive vice president directly owned 233,509 shares in the company, valued at approximately $920,025.46. The trade was a 2.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Nancy Lyskawa also recently made the following trade(s):
- On Wednesday, March 4th, Nancy Lyskawa sold 5,337 shares of Rimini Street stock. The shares were sold at an average price of $3.64, for a total value of $19,426.68.
- On Tuesday, March 3rd, Nancy Lyskawa sold 2,348 shares of Rimini Street stock. The shares were sold at an average price of $3.72, for a total value of $8,734.56.
Rimini Street Stock Up 2.0%
Shares of RMNI opened at $4.02 on Friday. The firm has a market cap of $372.09 million, a price-to-earnings ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a 52-week low of $2.87 and a 52-week high of $5.38. The business's 50 day moving average is $3.46 and its two-hundred day moving average is $3.70.
Institutional Inflows and Outflows
Several large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after buying an additional 4,891 shares in the last quarter. Invesco Ltd. boosted its stake in Rimini Street by 37.2% during the fourth quarter. Invesco Ltd. now owns 22,105 shares of the company's stock valued at $86,000 after buying an additional 5,998 shares in the last quarter. Quarry LP purchased a new stake in shares of Rimini Street during the third quarter valued at $31,000. Barclays PLC lifted its holdings in shares of Rimini Street by 10.6% during the fourth quarter. Barclays PLC now owns 75,893 shares of the company's stock valued at $294,000 after purchasing an additional 7,271 shares during the last quarter. Finally, Occudo Quantitative Strategies LP lifted its holdings in shares of Rimini Street by 32.5% during the second quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company's stock valued at $123,000 after purchasing an additional 7,998 shares during the last quarter. Institutional investors own 73.75% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Alliance Global Partners reissued a "buy" rating on shares of Rimini Street in a research report on Friday, May 1st. TD Cowen upped their price target on Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a research report on Monday. Zacks Research lowered Rimini Street from a "hold" rating to a "strong sell" rating in a research report on Tuesday. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Rimini Street in a research report on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Rimini Street has a consensus rating of "Hold" and an average target price of $5.50.
Get Our Latest Analysis on Rimini Street
Key Rimini Street News
Here are the key news stories impacting Rimini Street this week:
- Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
- Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
- Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
- Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article
Rimini Street Company Profile
(
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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