Rimini Street, Inc. (NASDAQ:RMNI) Receives $5.75 Consensus PT from Brokerages

Rimini Street, Inc. (NASDAQ:RMNI) has been assigned an average rating of “Hold” from the five ratings firms that are covering the stock, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $5.75.

A number of analysts recently issued reports on the company. Cowen reiterated a “hold” rating on shares of Rimini Street in a report on Friday, October 31st. Wall Street Zen cut Rimini Street from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Monday, December 29th. Finally, TD Cowen decreased their price objective on Rimini Street from $6.00 to $5.00 and set a “hold” rating for the company in a report on Friday, October 31st.

Insider Buying and Selling

In other news, CFO Michael L. Perica sold 53,882 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.00, for a total value of $215,528.00. Following the completion of the sale, the chief financial officer owned 92,150 shares in the company, valued at approximately $368,600. The trade was a 36.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 41.20% of the company’s stock.

Institutional Trading of Rimini Street

Hedge funds have recently modified their holdings of the company. Brooktree Capital Management grew its position in shares of Rimini Street by 0.4% in the 2nd quarter. Brooktree Capital Management now owns 3,902,223 shares of the company’s stock worth $14,711,000 after buying an additional 15,770 shares during the last quarter. Geode Capital Management LLC boosted its stake in Rimini Street by 1.5% in the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock valued at $4,653,000 after acquiring an additional 18,808 shares in the last quarter. Mink Brook Asset Management LLC boosted its stake in Rimini Street by 1,399.1% in the third quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock valued at $3,508,000 after acquiring an additional 699,574 shares in the last quarter. Manatuck Hill Partners LLC grew its holdings in Rimini Street by 401.4% in the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock worth $2,830,000 after purchasing an additional 484,040 shares during the last quarter. Finally, Samjo Management LLC grew its holdings in Rimini Street by 142.5% in the second quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock worth $1,828,000 after purchasing an additional 285,000 shares during the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.

Rimini Street Price Performance

Rimini Street stock opened at $3.83 on Wednesday. The stock has a market cap of $351.40 million, a price-to-earnings ratio of 8.33 and a beta of 1.19. The firm has a 50-day moving average of $3.93 and a two-hundred day moving average of $4.26. Rimini Street has a 1 year low of $2.73 and a 1 year high of $5.38.

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.