Rimini Street (NASDAQ:RMNI) Stock Rating Lowered by Wall Street Zen

Key Points

• Wall Street Zen downgraded Rimini Street from “strong buy” to “buy.” Across analysts, the stock has a “Moderate Buy” consensus and an average price target of $6.33.
• Rimini Street reported quarterly EPS of $0.12, beating the $0.09 estimate, but revenue of $109.34 million fell short of the $110.82 million forecast.
• Company insiders sold about 370,000 shares worth roughly $1.89 million over the past 90 days.

Rimini Street (NASDAQ:RMNI - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Sunday, Wall Street Zen reports.

A number of other research firms have also recently issued reports on RMNI. Weiss Ratings reiterated a "hold (c)" rating on shares of Rimini Street in a research report on Friday, October 2nd. Craig Hallum reissued a "buy" rating and set a $8.00 price objective on shares of Rimini Street in a report on Friday, July 31st. Finally, Roth Capital restated a "buy" rating and issued a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $6.33.

Rimini Street Stock Performance

NASDAQ RMNI opened at $5.22 on Friday. Rimini Street has a 52-week low of $2.87 and a 52-week high of $5.68. The company has a fifty day moving average of $4.46 and a 200-day moving average of $4.07. The company has a market capitalization of $483.89 million, a P/E ratio of 43.50 and a beta of 1.27.

Rimini Street (NASDAQ:RMNI - Get Free Report) last released its earnings results on Thursday, October 29th. The company reported $0.12 EPS for the quarter, beating analysts' consensus estimates of $0.09 by $0.03. Rimini Street had a negative return on equity of 92.98% and a net margin of 2.51%. The business had revenue of $109.34 million for the quarter, compared to analysts' expectations of $110.82 million. As a group, analysts forecast that Rimini Street will post 0.26 EPS for the current fiscal year.

Insider Buying and Selling at Rimini Street

In related news, EVP Steven Hershkowitz sold 42,482 shares of Rimini Street stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $4.98, for a total value of $211,560.36. Following the transaction, the executive vice president owned 186,992 shares in the company, valued at $931,220.16. This trade represents a 18.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Seth Ravin sold 191,702 shares of Rimini Street stock in a transaction on Wednesday, September 2nd. The stock was 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 in the company, valued at approximately $53,351,964.26. The trade was a 1.83% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 370,073 shares of company stock worth $1,889,307. 42.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Conifer Management L.L.C. purchased a new stake in Rimini Street during the 2nd quarter valued at about $25,190,228. BlackRock Inc. purchased a new position in Rimini Street in the 2nd quarter worth approximately $15,729,000. CenterBook Partners LP increased its stake in Rimini Street by 34.5% in the 3rd quarter. CenterBook Partners LP now owns 418,106 shares of the company's stock worth $1,781,000 after purchasing an additional 107,284 shares during the period. Dimensional Fund Advisors LP lifted its position in Rimini Street by 77.0% in the first quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company's stock valued at $1,222,000 after purchasing an additional 162,293 shares during the last quarter. Finally, Bard Associates Inc. bought a new stake in Rimini Street in the second quarter valued at approximately $1,094,000. Institutional investors own 73.75% of the company's stock.

About Rimini Street

Rimini Street, Inc provides enterprise software support, products and services for organizations using business applications and database systems. The company is best known for third-party support for software from Oracle, SAP and other enterprise technology providers, helping customers maintain existing systems while reducing the need for frequent upgrades.

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

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