Key Points
- CEO Seth Ravin sold 191,702 Rimini Street shares at an average price of $5.18, generating approximately $993,000. He retains 10.3 million shares, and the sale reduced his ownership by 1.83%.
- Rimini Street shares opened at $5.01, with a market capitalization of approximately $467.7 million and a price-to-earnings ratio of 62.63. The stock has traded between $2.87 and $5.68 over the past year.
- Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $6.50; institutional investors own 73.75% of the company.
Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 41,366 shares of Rimini Street stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $5.16, for a total transaction of $213,448.56. Following the completion of the transaction, the chief executive officer owned 10,258,241 shares of the company's stock, valued at $52,932,523.56. The trade was a 0.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
Rimini Street Stock Down 1.8%
NASDAQ RMNI opened at $5.01 on Friday. The company's 50 day moving average is $4.85 and its 200-day moving average is $4.05. Rimini Street, Inc. has a 12-month low of $2.87 and a 12-month high of $5.68. The firm has a market cap of $467.71 million, a P/E ratio of 62.63 and a beta of 1.24.
Wall Street Analyst Weigh In
RMNI has been the topic of a number of analyst reports. Weiss Ratings cut shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, July 7th. Zacks Research raised Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. TD Cowen increased their price objective on Rimini Street from $4.50 to $5.00 and gave the stock a "hold" rating in a report on Tuesday, July 28th. Finally, Roth Capital restated a "buy" rating and issued a $6.50 target price on shares of Rimini Street in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $6.50.
Read Our Latest Research Report on Rimini Street
Institutional Trading of Rimini Street
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Conifer Management L.L.C. purchased a new stake in Rimini Street in the 2nd quarter worth approximately $25,190,228. BlackRock Inc. bought a new position in Rimini Street in the 2nd quarter valued at $15,729,000. Pacific Ridge Capital Partners LLC grew its position in shares of Rimini Street by 9.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company's stock valued at $7,207,000 after purchasing an additional 159,673 shares in the last quarter. Mink Brook Asset Management LLC grew its position in shares of Rimini Street by 73.4% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company's stock valued at $5,043,000 after purchasing an additional 550,167 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Rimini Street by 1.5% in the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company's stock worth $4,653,000 after purchasing an additional 18,808 shares during the period. Institutional investors own 73.75% of the company's stock.
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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