Zacks: Rimini Street Inc (NASDAQ:RMNI) Given Average Recommendation of “Strong Buy” by Analysts

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Shares of Rimini Street Inc (NASDAQ:RMNI) have received an average broker rating score of 1.00 (Strong Buy) from the two analysts that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy recommendation.

Analysts have set a twelve-month consensus price target of $10.00 for the company and are forecasting that the company will post $0.03 earnings per share for the current quarter, according to Zacks. Zacks has also given Rimini Street an industry rank of 74 out of 256 based on the ratings given to related companies.

Separately, Zacks Investment Research raised shares of Rimini Street from a “sell” rating to a “buy” rating and set a $5.50 price objective on the stock in a report on Tuesday, May 21st.

NASDAQ:RMNI traded down $0.02 during mid-day trading on Friday, hitting $5.16. The stock had a trading volume of 854 shares, compared to its average volume of 49,370. The stock has a market cap of $336.79 million and a price-to-earnings ratio of -16.06. Rimini Street has a twelve month low of $4.00 and a twelve month high of $8.55.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, March 14th. The company reported $0.04 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.04. The firm had revenue of $67.71 million during the quarter, compared to analyst estimates of $63.69 million. On average, research analysts predict that Rimini Street will post 0.19 EPS for the current fiscal year.

In other Rimini Street news, President Sebastian Grady sold 21,144 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $5.18, for a total transaction of $109,525.92. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 35,622 shares of company stock worth $184,713.

A number of hedge funds have recently added to or reduced their stakes in RMNI. Vanguard Group Inc raised its holdings in Rimini Street by 192.0% during the third quarter. Vanguard Group Inc now owns 603,813 shares of the company’s stock worth $3,810,000 after purchasing an additional 397,057 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Rimini Street by 192.0% during the third quarter. Vanguard Group Inc. now owns 603,813 shares of the company’s stock worth $3,810,000 after acquiring an additional 397,057 shares during the last quarter. Morgan Stanley grew its position in shares of Rimini Street by 83.2% during the third quarter. Morgan Stanley now owns 733,421 shares of the company’s stock worth $4,627,000 after acquiring an additional 333,141 shares during the last quarter. Renaissance Technologies LLC purchased a new position in shares of Rimini Street during the third quarter worth approximately $268,000. Finally, BlackRock Inc. grew its position in shares of Rimini Street by 8.1% during the third quarter. BlackRock Inc. now owns 451,088 shares of the company’s stock worth $2,846,000 after acquiring an additional 33,737 shares during the last quarter. 41.68% of the stock is currently owned by institutional investors.

About Rimini Street

Rimini Street, Inc provides enterprise software products and services for various industries. The company offers third-party support for Oracle and SAP software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.

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