Rimini Street (NASDAQ:RMNI) Reaches New 12-Month High – What’s Next?

Shares of Rimini Street, Inc. (NASDAQ:RMNI) hit a new 52-week high during trading on Thursday . The stock traded as high as $5.38 and last traded at $5.3650, with a volume of 273851 shares traded. The stock had previously closed at $5.15.

Analyst Ratings Changes

A number of analysts recently weighed in on the company. TD Cowen boosted their target price on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Roth Capital restated a “buy” rating and set a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and set a $8.00 price objective on shares of Rimini Street in a report on Friday, July 31st. Finally, Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.50.

Rimini Street Trading Up 4.0%

The company has a market capitalization of $499.94 million, a PE ratio of 66.95 and a beta of 1.23. The stock has a fifty day simple moving average of $4.69 and a 200-day simple moving average of $3.95.

Institutional Investors Weigh In On Rimini Street

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP Paribas Financial Markets raised its position in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares during the period. Invesco Ltd. lifted its stake in shares of Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock valued at $86,000 after purchasing an additional 5,998 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Rimini Street by 15.3% during the 1st quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock valued at $149,000 after acquiring an additional 6,055 shares during the last quarter. Quarry LP bought a new stake in shares of Rimini Street during the third quarter worth $31,000. Finally, Barclays PLC lifted its position in shares of Rimini Street by 10.6% during the fourth quarter. Barclays PLC now owns 75,893 shares of the company’s stock worth $294,000 after purchasing an additional 7,271 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

About Rimini Street

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.