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

Key Points

• Analyst sentiment is moderately bullish: Three analysts rate Rimini Street a “buy” and three recommend “hold,” producing a consensus “Moderate Buy” rating. The average 12-month price target is $6.50, with targets ranging from $6.50 to $8.00.
• Institutional ownership is substantial: Hedge funds and other institutional investors own 73.75% of Rimini Street’s stock, while several firms recently initiated or increased their positions.
• RMNI shares recently traded at $5.11, near their 52-week high of $5.28, up from a 52-week low of $2.87. The stock has a market capitalization of approximately $476.6 million and a P/E ratio of 64.02.

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) have been assigned a consensus recommendation of "Moderate Buy" from the six ratings firms that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $6.50.

Several brokerages have commented on RMNI. Roth Capital reaffirmed a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a research report on Thursday, July 30th. Wall Street Zen raised shares of Rimini Street from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Zacks Research raised shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. 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, Weiss Ratings downgraded shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th.

Institutional Investors Weigh In On Rimini Street

Large investors have recently modified their holdings of the business. Quarry LP acquired a new position in shares of Rimini Street in the 3rd quarter valued at $31,000. BNP Paribas Financial Markets grew its stake in Rimini Street by 96.8% during the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after purchasing an additional 4,891 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of Rimini Street in the second quarter valued at about $49,000. nVerses Capital LLC acquired a new stake in shares of Rimini Street during the fourth quarter worth about $57,000. Finally, NewEdge Advisors LLC acquired a new position in Rimini Street in the 1st quarter worth approximately $66,000. Hedge funds and other institutional investors own 73.75% of the company's stock.

Rimini Street Stock Performance

Shares of Rimini Street stock traded down $0.10 on Wednesday, hitting $5.11. 131,715 shares of the company's stock were exchanged, compared to its average volume of 395,648. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.28. The company has a 50-day simple moving average of $4.67 and a 200-day simple moving average of $3.94. The stock has a market capitalization of $476.60 million, a PE ratio of 64.02 and a beta of 1.23.

Rimini Street Company Profile

Rimini Street, Inc NASDAQ: RMNI is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.

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