Rimini Street, Inc. (NASDAQ:RMNI) Given Average Recommendation of "Moderate Buy" by Analysts

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) has received an average rating of "Moderate Buy" from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $6.3333.

A number of equities research analysts have recently commented on RMNI shares. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Roth Capital reissued a "buy" rating and issued a $6.50 price target on shares of Rimini Street in a research note on Thursday, July 30th. Craig Hallum reaffirmed a "buy" rating and set a $8.00 price objective 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 research report on Monday, July 6th. Finally, Weiss Ratings downgraded shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 7th.

Get Our Latest Analysis on Rimini Street

Rimini Street Trading Down 1.0%

RMNI stock traded down $0.05 during trading on Friday, hitting $4.34. The company had a trading volume of 39,662 shares, compared to its average volume of 404,411. Rimini Street has a fifty-two week low of $2.87 and a fifty-two week high of $5.68. The business has a 50 day moving average of $4.84 and a 200 day moving average of $4.15. The firm has a market capitalization of $404.72 million, a price-to-earnings ratio of 54.19 and a beta of 1.24.

Insiders Place Their Bets

In other news, CEO Seth Ravin sold 191,702 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer directly owned 10,299,607 shares of the company's stock, valued at $53,351,964.26. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 322,707 shares of company stock worth $1,656,453. Insiders own 42.00% of the company's stock.

Hedge Funds Weigh In On Rimini Street

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

Rimini Street Company Profile

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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.