Rimini Street (NASDAQ:RMNI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Rimini Street (NASDAQ:RMNI) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday,Wall Street Zen reports.

Several other equities research analysts have also recently issued reports on RMNI. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd. Roth Capital reaffirmed a “buy” rating and issued a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and set a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Finally, Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Rimini Street presently has a consensus rating of “Moderate Buy” and an average price target of $6.33.

Rimini Street Stock Performance

RMNI opened at $4.88 on Friday. The company’s 50-day simple moving average is $4.47 and its two-hundred day simple moving average is $4.04. The stock has a market capitalization of $455.60 million, a P/E ratio of 28.75 and a beta of 1.31. Rimini Street has a 52-week low of $2.87 and a 52-week high of $5.68.

Rimini Street (NASDAQ:RMNI) last announced its quarterly earnings results on Thursday, October 29th. The company reported $0.12 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.03. Rimini Street had a net margin of 1.69% and a negative return on equity of 53.91%. The firm had revenue of $109.34 million during the quarter, compared to analyst estimates of $110.82 million. Research analysts forecast that Rimini Street will post 0.22 EPS for the current fiscal year.

Insider Transactions at Rimini Street

In other news, CEO Seth A. Ravin sold 89,639 shares of the stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the transaction, the chief executive officer owned 10,168,602 shares in the company, valued at $51,046,382.04. This represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction that occurred on Monday, November 2nd. The stock was sold at an average price of $4.98, for a total transaction of $211,560.36. Following the completion of the transaction, the executive vice president owned 186,992 shares in the company, valued at $931,220.16. This trade represents a 18.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 370,073 shares of company stock valued at $1,889,307. Corporate insiders own 42.00% of the company’s stock.

Institutional Trading of Rimini Street

Several large investors have recently added to or reduced their stakes in RMNI. Conifer Management L.L.C. bought a new position in Rimini Street in the 2nd quarter worth $25,190,228. BlackRock Inc. purchased a new position in Rimini Street during the second quarter valued at $15,729,000. Bard Associates Inc. bought a new stake in Rimini Street during the second quarter valued at about $1,094,000. Bank of New York Mellon Corp bought a new stake in Rimini Street during the second quarter valued at about $975,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Rimini Street in the second quarter worth about $957,000. 73.75% of the stock is currently owned by 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.