David Rowe Sells 7,485 Shares of Rimini Street (NASDAQ:RMNI) Stock

Key Points

• Rimini Street CMO David Rowe sold 7,485 shares on May 6 at an average price of $3.94, totaling about $29,491. The sale was made to cover tax withholding obligations tied to vested equity awards.
• After the transaction, Rowe still owned 498,119 shares valued at roughly $1.96 million, representing a 1.48% reduction in his holdings.
• Analysts remain mixed on RMNI: the stock has a consensus Hold rating with an average price target of $5.50, while recent reports ranged from a Buy to a Strong Sell.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CMO David Rowe sold 7,485 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $29,490.90. Following the completion of the sale, the chief marketing officer owned 498,119 shares of the company's stock, valued at $1,962,588.86. The trade was a 1.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Price Performance

NASDAQ RMNI traded up $0.08 on Friday, reaching $4.02. The company had a trading volume of 594,815 shares, compared to its average volume of 367,889. The firm has a market cap of $372.09 million, a price-to-earnings ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a fifty-two week low of $2.87 and a fifty-two week high of $5.38. The business has a 50 day moving average of $3.46 and a two-hundred day moving average of $3.70.

Analysts Set New Price Targets

RMNI has been the subject of a number of recent analyst reports. Alliance Global Partners reissued a "buy" rating on shares of Rimini Street in a research report on Friday, May 1st. Zacks Research downgraded shares of Rimini Street from a "hold" rating to a "strong sell" rating in a research report on Tuesday. TD Cowen increased their target price on shares of Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a research report on Monday. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Rimini Street in a research report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $5.50.

Institutional Trading of Rimini Street

A number of large investors have recently bought and sold shares of the business. Pacific Ridge Capital Partners LLC grew its holdings in Rimini Street by 9.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company's stock worth $7,207,000 after acquiring an additional 159,673 shares during the period. Mink Brook Asset Management LLC grew its position in shares of Rimini Street by 73.4% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company's stock worth $5,043,000 after buying an additional 550,167 shares during the period. Geode Capital Management LLC grew its position in shares of Rimini Street by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company's stock worth $4,653,000 after buying an additional 18,808 shares during the period. Samjo Management LLC grew its position in shares of Rimini Street by 149.0% during the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company's stock worth $4,686,000 after buying an additional 722,750 shares during the period. Finally, Manatuck Hill Partners LLC grew its position in shares of Rimini Street by 5.7% during the 4th quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock worth $2,480,000 after buying an additional 34,475 shares during the period. 73.75% of the stock is currently owned by institutional investors and hedge funds.

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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