Rimini Street, Inc. (NASDAQ:RMNI) Given Consensus Recommendation of “Hold” by Brokerages

Rimini Street, Inc. (NASDAQ:RMNI) has received a consensus recommendation of “Hold” from the five brokerages that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $5.50.

Several analysts have recently commented on the company. TD Cowen raised their price target on Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a report on Monday, May 4th. Weiss Ratings raised Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Zacks Research cut Rimini Street from a “hold” rating to a “strong sell” rating in a report on Tuesday, May 5th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a report on Friday, May 1st.

Rimini Street Trading Up 0.5%

Rimini Street stock opened at $4.26 on Friday. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.38. The stock has a 50 day moving average of $3.87 and a two-hundred day moving average of $3.67. The stock has a market capitalization of $394.31 million, a price-to-earnings ratio of 11.51 and a beta of 1.30.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Rimini Street had a negative return on equity of 24.30% and a net margin of 8.30%.The company had revenue of $105.47 million for the quarter, compared to analyst estimates of $102.71 million. Equities analysts predict that Rimini Street will post 0.27 earnings per share for the current year.

Insider Transactions at Rimini Street

In related news, CEO Seth A. Ravin sold 57,097 shares of the firm’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $224,962.18. Following the completion of the transaction, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at $3,478,626. This trade represents a 6.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 shares of the firm’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 $29,490.90. Following the completion of the transaction, the executive vice president directly owned 213,534 shares of the company’s stock, valued at $841,323.96. The trade was a 3.39% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 181,929 shares of company stock worth $718,133 over the last ninety days. 42.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rimini Street

Hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new position in Rimini Street in the 3rd quarter valued at approximately $31,000. SG Americas Securities LLC purchased a new position in Rimini Street during the fourth quarter worth $43,000. BNP Paribas Financial Markets increased its position 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 in the last quarter. nVerses Capital LLC purchased a new position in Rimini Street during the fourth quarter worth $57,000. Finally, NewEdge Advisors LLC purchased a new position in Rimini Street during the first quarter worth $66,000. 73.75% of the stock is owned by hedge funds and other 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.