Seth Ravin Sells 191,702 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 191,702 shares of the stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total transaction of $993,016.36. Following the completion of the transaction, the chief executive officer owned 10,299,607 shares of the company’s stock, valued at approximately $53,351,964.26. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $5.01 on Friday. The firm has a market cap of $467.73 million, a P/E ratio of 62.63 and a beta of 1.24. The firm’s 50-day simple moving average is $4.85 and its 200-day simple moving average is $4.05. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.68.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Conifer Management L.L.C. bought a new position in Rimini Street in the 2nd quarter valued at $25,190,228. BlackRock Inc. bought a new stake in shares of Rimini Street during the second quarter worth $15,729,000. Pacific Ridge Capital Partners LLC increased its stake in shares of Rimini Street by 9.4% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock valued at $7,207,000 after buying an additional 159,673 shares in the last quarter. Mink Brook Asset Management LLC increased its stake in shares of Rimini Street by 73.4% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock valued at $5,043,000 after buying an additional 550,167 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of 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 buying an additional 18,808 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on RMNI shares. Weiss Ratings lowered Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Roth Capital reaffirmed a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a research note on Thursday, July 30th. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Craig Hallum reiterated a “buy” rating and set a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. Three research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rimini Street presently has a consensus rating of “Moderate Buy” and an average price target of $6.50.

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.