David Rowe Sells 4,884 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 4,884 shares of the business’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $4.36, for a total transaction of $21,294.24. Following the transaction, the chief marketing officer owned 506,568 shares of the company’s stock, valued at approximately $2,208,636.48. The trade was a 0.95% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Stock Down 1.8%

Rimini Street stock traded down $0.08 during midday trading on Wednesday, reaching $4.30. The company’s stock had a trading volume of 221,815 shares, compared to its average volume of 405,422. Rimini Street, Inc. has a fifty-two week low of $2.87 and a fifty-two week high of $5.68. The company has a market cap of $401.43 million, a P/E ratio of 53.76 and a beta of 1.24. The business has a 50-day simple moving average of $4.84 and a 200-day simple moving average of $4.15.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings lowered Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, July 7th. Roth Capital reaffirmed a “buy” rating and issued a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Craig Hallum reiterated a “buy” rating and issued a $8.00 price target on shares of Rimini Street in a research note on Friday, July 31st. Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Finally, Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Three analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.33.

Institutional Trading of Rimini Street

A number of large investors have recently made changes to their positions in RMNI. AXQ Capital LP purchased a new position in Rimini Street during the 2nd quarter worth approximately $90,000. Public Employees Retirement System of Ohio purchased a new stake in Rimini Street in the second quarter valued at approximately $158,000. Corient Private Wealth LP purchased a new stake in Rimini Street in the second quarter valued at approximately $427,000. Bank of America Corp DE acquired a new stake in shares of Rimini Street in the second quarter valued at approximately $146,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Rimini Street in the second quarter valued at approximately $49,000. 73.75% of the stock is owned by institutional investors and hedge funds.

About Rimini Street

Rimini Street, Inc is a global provider of enterprise software products and services. The company is best known for third-party support for enterprise applications, including Oracle and SAP software, and helps organizations maintain, optimize and extend the useful life of their existing technology systems.

Its offerings include software support, managed services, security services, application management, database services, integration and interoperability solutions, and professional services.