Rimini Street (NASDAQ:RMNI) Stock: Insider Steven Hershkowitz Sells 42,482 Shares

Rimini Street, Inc. (NASDAQ:RMNI) EVP Steven Hershkowitz sold 42,482 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $4.98, for a total transaction of $211,560.36. Following the sale, the executive vice president owned 186,992 shares of the company’s stock, valued at approximately $931,220.16. This represents a 18.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Rimini Street Price Performance

NASDAQ RMNI opened at $4.90 on Wednesday. The business’s fifty day moving average price is $4.46 and its 200-day moving average price is $4.04. The stock has a market capitalization of $454.23 million, a price-to-earnings ratio of 25.68 and a beta of 1.27. Rimini Street, Inc. has a 1-year low of $2.87 and a 1-year high of $5.68.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings results on Thursday, October 29th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. Rimini Street had a negative return on equity of 92.98% and a net margin of 2.51%. The firm had revenue of $109.34 million for the quarter, compared to the consensus estimate of $110.82 million. Equities research analysts anticipate that Rimini Street, Inc. will post 0.22 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RMNI. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Friday, October 2nd. Wall Street Zen raised shares of Rimini Street from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Roth Capital reiterated a “buy” rating and issued a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th. Finally, Craig Hallum reissued a “buy” rating and issued a $8.00 price objective on shares of Rimini Street in a report on Friday, July 31st. Three equities 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, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.33.

Institutional Investors Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently modified their holdings of RMNI. CenterBook Partners LP raised its holdings in Rimini Street by 34.5% in the 3rd quarter. CenterBook Partners LP now owns 418,106 shares of the company’s stock worth $1,781,000 after purchasing an additional 107,284 shares during the period. Mirae Asset Global Investments Co. Ltd. bought a new stake in Rimini Street during the third quarter valued at about $53,000. AXQ Capital LP bought a new stake in Rimini Street during the second quarter valued at about $90,000. Public Employees Retirement System of Ohio bought a new stake in Rimini Street during the second quarter valued at about $158,000. Finally, Corient Private Wealth LP bought a new stake in Rimini Street during the second quarter valued at about $427,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Company Profile

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

Its offerings include application management, database support, interoperability services, security services, managed services and professional services.