Rimini Street, Inc. (NASDAQ:RMNI) Stock Now Rated "Moderate Buy" by Wall Street Brokerages

Key Points

• Analyst sentiment is moderately positive: Six firms split evenly between buy and hold ratings, with an average 12-month price target of $6.33.
• Quarterly results were mixed: Rimini Street reported EPS of $0.12, above the $0.09 estimate, while revenue of $109.34 million fell short of the $110.82 million consensus.
• Company insiders sold shares: Insiders sold 370,073 shares worth about $1.89 million in the last quarter; insiders collectively own 42% of the company.

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) have received an average rating of "Moderate Buy" from the six ratings firms that are currently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $6.33.

A number of equities analysts have recently weighed in on the company. Wall Street Zen downgraded Rimini Street from a "strong-buy" rating to a "buy" rating in a report on Sunday. Craig Hallum restated a "buy" rating and set a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rimini Street in a research report on Friday, October 2nd. Finally, Roth Capital reaffirmed a "buy" rating and set a $6.50 price objective on shares of Rimini Street in a research report on Thursday, July 30th.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $5.22 on Monday. The stock has a 50-day moving average price of $4.46 and a 200 day moving average price of $4.07. The company has a market cap of $483.89 million, a P/E ratio of 43.50 and a beta of 1.27. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.68.

Rimini Street (NASDAQ:RMNI - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The company reported $0.12 EPS for the quarter, topping 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 firm had revenue of $109.34 million during the quarter, compared to analyst estimates of $110.82 million. On average, equities analysts forecast that Rimini Street will post 0.26 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Seth A. Ravin sold 89,639 shares of the company's stock in a transaction on Friday, September 4th. The shares were sold at an average price of $5.02, for a total value of $449,987.78. Following the transaction, the chief executive officer directly owned 10,168,602 shares of the company's stock, valued at approximately $51,046,382.04. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction on Monday, November 2nd. The stock was sold at an average price of $4.98, for a total value of $211,560.36. Following the sale, the executive vice president owned 186,992 shares of the company's stock, valued at approximately $931,220.16. This represents a 18.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 370,073 shares of company stock valued at $1,889,307. Insiders own 42.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RMNI. Bank of America Corp DE lifted its holdings in shares of Rimini Street by 15.3% during the 1st quarter. Bank of America Corp DE now owns 45,537 shares of the company's stock valued at $149,000 after buying an additional 6,055 shares during the last quarter. Byrne Asset Management LLC increased its holdings in Rimini Street by 11.2% in the second quarter. Byrne Asset Management LLC now owns 73,280 shares of the company's stock worth $312,000 after buying an additional 7,380 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new position in Rimini Street in the second quarter worth approximately $49,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Rimini Street in the third quarter worth approximately $53,000. Finally, Bank of New York Mellon Corp raised its position in Rimini Street by 8.4% during the first quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company's stock valued at $749,000 after acquiring an additional 17,725 shares in the last quarter. Hedge funds and other 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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