Strs Ohio Takes $422,000 Position in Rimini Street, Inc. $RMNI

Key Points

• Strs Ohio has acquired a new stake in Rimini Street, Inc. ($RMNI) worth approximately $422,000 by purchasing 121,300 shares, representing about 0.13% ownership of the company.
• Wall Street analysts generally view Rimini Street positively, with three analysts rating it as a "Buy" and a price target ranging between $6.25 and $6.50.
• Insider transactions reveal significant sales, with CFO Michael L. Perica selling over 100,000 shares, indicating a 40% decrease in his ownership, amidst a broader trend where insiders have sold 226,554 shares in recent months.

Strs Ohio purchased a new position in Rimini Street, Inc. (NASDAQ:RMNI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 121,300 shares of the company's stock, valued at approximately $422,000. Strs Ohio owned approximately 0.13% of Rimini Street at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. ProShare Advisors LLC lifted its stake in shares of Rimini Street by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company's stock worth $40,000 after buying an additional 4,918 shares in the last quarter. Ameriprise Financial Inc. lifted its stake in shares of Rimini Street by 7.9% in the fourth quarter. Ameriprise Financial Inc. now owns 82,772 shares of the company's stock worth $221,000 after buying an additional 6,056 shares in the last quarter. Bard Associates Inc. lifted its stake in shares of Rimini Street by 2.1% in the first quarter. Bard Associates Inc. now owns 292,648 shares of the company's stock worth $1,018,000 after buying an additional 6,141 shares in the last quarter. Byrne Asset Management LLC lifted its stake in shares of Rimini Street by 94.7% in the first quarter. Byrne Asset Management LLC now owns 22,779 shares of the company's stock worth $79,000 after buying an additional 11,079 shares in the last quarter. Finally, Financial Management Professionals Inc. purchased a new position in shares of Rimini Street in the first quarter worth about $44,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Roth Capital set a $6.50 price target on shares of Rimini Street and gave the stock a "buy" rating in a research note on Thursday, July 10th. Wall Street Zen downgraded shares of Rimini Street from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 2nd. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $6.25.

Insider Buying and Selling

In other news, EVP Nancy Lyskawa sold 24,344 shares of the business's stock in a transaction that occurred on Thursday, August 7th. The shares were sold at an average price of $4.00, for a total value of $97,376.00. Following the sale, the executive vice president directly owned 160,609 shares of the company's stock, valued at approximately $642,436. The trade was a 13.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michael L. Perica sold 100,249 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $4.20, for a total transaction of $421,045.80. Following the completion of the sale, the chief financial officer directly owned 146,032 shares in the company, valued at $613,334.40. This trade represents a 40.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 226,554 shares of company stock worth $946,418 over the last three months. Insiders own 41.20% of the company's stock.

Rimini Street Price Performance

Shares of RMNI stock opened at $4.62 on Tuesday. The firm's 50-day moving average is $4.42 and its two-hundred day moving average is $3.84. Rimini Street, Inc. has a 12 month low of $1.53 and a 12 month high of $5.38. The company has a market capitalization of $427.44 million, a PE ratio of -115.47 and a beta of 1.47.

Rimini Street Company Profile

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients' application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.

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