Rimini Street (NASDAQ:RMNI) CEO Seth Ravin Sells 191,702 Shares

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 191,702 shares of the firm’s stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total value of $993,016.36. Following the sale, the chief executive officer owned 10,299,607 shares of the company’s stock, valued at $53,351,964.26. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Rimini Street Stock Performance

NASDAQ:RMNI opened at $5.01 on Friday. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.68. The business’s 50-day simple moving average is $4.85 and its 200 day simple moving average is $4.05. The stock has a market cap of $467.71 million, a price-to-earnings ratio of 62.63 and a beta of 1.24.

Analyst Upgrades and Downgrades

RMNI has been the topic of a number of recent analyst reports. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. TD Cowen increased their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a research note on Tuesday, July 28th. Roth Capital reissued a “buy” rating and set a $6.50 price objective on shares of Rimini Street in a report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and issued a $8.00 price target on shares of Rimini Street in a research note on Friday, July 31st. Finally, Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.50.

Hedge Funds Weigh In On Rimini Street

Several institutional investors have recently modified their holdings of the company. Quarry LP bought a new position in Rimini Street in the 3rd quarter worth about $31,000. BNP Paribas Financial Markets increased its stake in shares of 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. The Manufacturers Life Insurance Company bought a new stake in shares of Rimini Street during the second quarter valued at approximately $49,000. nVerses Capital LLC bought a new position in Rimini Street in the 4th quarter worth approximately $57,000. Finally, Russell Investments Group Ltd. increased its holdings in shares of Rimini Street by 3,393.5% during the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock valued at $69,000 after purchasing an additional 17,680 shares during the period. Institutional investors own 73.75% of the company’s stock.

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.