Insider Selling: Rimini Street (NASDAQ:RMNI) CEO Sells 3,080 Shares of Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 3,080 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $3.72, for a total transaction of $11,457.60. Following the sale, the chief executive officer directly owned 682,125 shares of the company’s stock, valued at approximately $2,537,505. This trade represents a 0.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Rimini Street Stock Performance

Shares of NASDAQ RMNI traded up $0.02 during trading hours on Thursday, hitting $3.71. 325,872 shares of the stock were exchanged, compared to its average volume of 451,717. The company’s fifty day simple moving average is $3.58 and its two-hundred day simple moving average is $4.02. The company has a market cap of $340.06 million, a PE ratio of 9.28 and a beta of 1.28. Rimini Street, Inc. has a 1-year low of $2.79 and a 1-year high of $5.38.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Wall Street Zen cut Rimini Street from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. TD Cowen upgraded Rimini Street to a “hold” rating in a research report on Monday, February 23rd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $5.75.

Institutional Trading of Rimini Street

A number of hedge funds have recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Rimini Street in the third quarter valued at approximately $31,000. SG Americas Securities LLC bought a new stake in Rimini Street during the 4th quarter worth approximately $43,000. BNP Paribas Financial Markets increased its position in Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after acquiring an additional 4,891 shares during the period. nVerses Capital LLC acquired a new position in Rimini Street in the 4th quarter valued at approximately $57,000. Finally, NewEdge Advisors LLC bought a new position in shares of Rimini Street during the first quarter valued at $66,000. 73.75% of the stock is 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.