Rimini Street (NASDAQ:RMNI) Rating Lowered to Strong Sell at Zacks Research

Rimini Street (NASDAQ:RMNI) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also issued reports on the stock. TD Cowen raised their target price on shares of Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday. Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.50.

Rimini Street Stock Up 1.2%

Rimini Street stock traded up $0.05 during mid-day trading on Tuesday, hitting $3.93. The company had a trading volume of 83,133 shares, compared to its average volume of 359,506. The stock has a market cap of $363.30 million, a price-to-earnings ratio of 10.61 and a beta of 1.27. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.38. The business has a fifty day moving average of $3.45 and a 200 day moving average of $3.70.

Insider Transactions at Rimini Street

In related news, EVP Steven Hershkowitz sold 24,884 shares of Rimini Street stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $3.87, for a total value of $96,301.08. Following the transaction, the executive vice president directly owned 186,992 shares in the company, valued at $723,659.04. This trade represents a 11.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Seth A. Ravin sold 52,085 shares of Rimini Street stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total transaction of $189,589.40. Following the completion of the transaction, the chief executive officer owned 722,564 shares in the company, valued at approximately $2,630,132.96. This trade represents a 6.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 192,376 shares of company stock worth $725,533 over the last quarter. 41.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently bought and sold shares of RMNI. Cubist Systematic Strategies LLC acquired a new stake in Rimini Street in the first quarter valued at $134,000. AQR Capital Management LLC lifted its holdings in Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after acquiring an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. acquired a new stake in Rimini Street in the first quarter valued at $271,000. NewEdge Advisors LLC acquired a new stake in Rimini Street in the first quarter valued at $66,000. Finally, Jane Street Group LLC lifted its holdings in Rimini Street by 120.2% in the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock valued at $115,000 after acquiring an additional 18,112 shares during the period. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

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.