Rimini Street, Inc. (NASDAQ:RMNI) Receives Average Rating of “Moderate Buy” from Analysts

Rimini Street, Inc. (NASDAQ:RMNI) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $6.50.

A number of equities analysts have recently commented on RMNI shares. Roth Capital restated a “buy” rating and set a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th. Weiss Ratings downgraded Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 7th. Craig Hallum reiterated a “buy” rating and set a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, TD Cowen boosted their price target on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th.

Rimini Street Stock Down 7.3%

Shares of RMNI opened at $5.20 on Wednesday. The stock has a market capitalization of $485.45 million, a P/E ratio of 65.01 and a beta of 1.23. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.68. The company has a 50 day moving average of $4.80 and a 200-day moving average of $4.02.

Hedge Funds Weigh In On Rimini Street

Institutional investors have recently added to or reduced their stakes in the company. Cubist Systematic Strategies LLC acquired a new stake in Rimini Street in the 1st quarter valued at about $134,000. AQR Capital Management LLC grew its holdings in Rimini Street by 243.9% in the 1st quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after buying an additional 25,788 shares in the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in shares of Rimini Street in the first quarter valued at about $271,000. NewEdge Advisors LLC acquired a new position in shares of Rimini Street during the 1st quarter worth approximately $66,000. Finally, Jane Street Group LLC grew its position in Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after buying an additional 18,112 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

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.