Rimini Street, Inc. (NASDAQ:RMNI) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have earned a consensus rating of “Moderate Buy” from the six analysts that are covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $6.33.

A number of brokerages have commented on RMNI. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Craig Hallum restated a “buy” rating and set a $8.00 price objective on shares of Rimini Street in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Roth Capital reissued a “buy” rating and set a $6.50 price objective on shares of Rimini Street in a report on Thursday, July 30th.

Insider Activity

In other news, CEO Seth Ravin sold 191,702 shares of Rimini Street stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total value of $993,016.36. Following the completion of the transaction, the chief executive officer directly owned 10,299,607 shares of the company’s stock, valued at approximately $53,351,964.26. The trade was a 1.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last 90 days, insiders have sold 327,591 shares of company stock valued at $1,677,747. Company insiders own 42.00% of the company’s stock.

Institutional Trading of Rimini Street

A number of large investors have recently modified their holdings of RMNI. Conifer Management L.L.C. bought a new stake in shares of Rimini Street during the second quarter valued at approximately $25,190,228. BlackRock Inc. acquired a new position in Rimini Street during the 2nd quarter worth $15,729,000. Manatuck Hill Partners LLC boosted its position in Rimini Street by 5.7% during the 4th quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company’s stock worth $2,480,000 after acquiring an additional 34,475 shares during the period. Immersion Corp acquired a new stake in Rimini Street in the fourth quarter worth about $2,043,000. Finally, Diamond Hill Capital Management Inc. grew its position in Rimini Street by 8.1% in the 4th quarter. Diamond Hill Capital Management Inc. now owns 316,013 shares of the company’s stock valued at $1,226,000 after buying an additional 23,700 shares in the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

Rimini Street Stock Down 1.4%

RMNI opened at $4.22 on Friday. Rimini Street has a 52-week low of $2.87 and a 52-week high of $5.68. The company has a 50 day moving average of $4.82 and a two-hundred day moving average of $4.16. The company has a market cap of $393.98 million, a P/E ratio of 52.76 and a beta of 1.24.

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.