Rimini Street, Inc. (NASDAQ:RMNI) Given Consensus Rating of "Moderate Buy" by Brokerages

Key Points

• Rimini Street has a “Moderate Buy” consensus rating among six analysts, split evenly between three buy ratings and three holds. The average 12-month price target is $6.50, compared with the stock’s reported price of $4.38.
• Recent analyst actions were generally positive: Craig Hallum set an $8.00 target and Roth Capital maintained a buy rating with a $6.50 target, while TD Cowen raised its target to $5.00 but kept a hold rating.
• Institutional investors own 73.75% of the company, while insiders own 42%; however, insiders sold 322,707 shares worth approximately $1.66 million over the past 90 days, including a sale by CEO Seth Ravin.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) has received a consensus rating of "Moderate Buy" from the six analysts that are presently covering the firm, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $6.50.

Several equities analysts recently issued reports on the stock. TD Cowen lifted their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a report on Tuesday, July 28th. Roth Capital restated a "buy" rating and set a $6.50 target price on shares of Rimini Street in a report on Thursday, July 30th. Craig Hallum reaffirmed a "buy" rating and set a $8.00 target price on shares of Rimini Street in a research report on Friday, July 31st. Wall Street Zen raised Rimini Street from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, Zacks Research upgraded Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth Ravin sold 89,639 shares of the business's stock in a transaction dated Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the completion of the transaction, the chief executive officer directly owned 10,168,602 shares in the company, valued at approximately $51,046,382.04. The trade was a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders sold a total of 322,707 shares of company stock worth $1,656,453 over the last 90 days. 42.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of RMNI. AXQ Capital LP bought a new position in shares of Rimini Street during the 2nd quarter worth approximately $90,000. Public Employees Retirement System of Ohio acquired a new stake in Rimini Street in the second quarter valued at approximately $158,000. Corient Private Wealth LP purchased a new position in Rimini Street in the second quarter worth $427,000. Bank of America Corp DE purchased a new position in Rimini Street in the second quarter worth $146,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Rimini Street during the second quarter worth $49,000. Hedge funds and other institutional investors own 73.75% of the company's stock.

Rimini Street Stock Performance

NASDAQ RMNI opened at $4.38 on Friday. Rimini Street has a one year low of $2.87 and a one year high of $5.68. The company has a market capitalization of $408.92 million, a price-to-earnings ratio of 54.76 and a beta of 1.24. The company's 50-day simple moving average is $4.86 and its two-hundred day simple moving average is $4.14.

Rimini Street Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.