Insider Selling: Rimini Street (NASDAQ:RMNI) CMO Sells 4,884 Shares of Stock

Key Points

• Rimini Street CMO David Rowe sold 4,884 shares at an average price of $4.36, generating $21,294.24. The sale covered tax withholding obligations tied to vested equity awards, leaving him with 506,568 shares.
• RMNI shares fell 1.8% to $4.30, with the stock trading below its 50-day moving average but above its 200-day average. Institutional investors and hedge funds own 73.75% of the company.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $6.33, substantially above the reported share price.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CMO David Rowe sold 4,884 shares of the business's stock in a transaction on Monday, September 21st. The shares were sold at an average price of $4.36, for a total value of $21,294.24. Following the completion of the sale, the chief marketing officer owned 506,568 shares in the company, valued at $2,208,636.48. This represents a 0.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Trading Down 1.8%

RMNI traded down $0.08 during mid-day trading on Wednesday, hitting $4.30. 221,815 shares of the stock were exchanged, compared to its average volume of 405,422. The firm's fifty day moving average is $4.84 and its two-hundred day moving average is $4.15. Rimini Street, Inc. has a 1-year low of $2.87 and a 1-year high of $5.68. The company has a market cap of $401.43 million, a PE ratio of 53.76 and a beta of 1.24.

Hedge Funds Weigh In On Rimini Street

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Conifer Management L.L.C. purchased a new stake in shares of Rimini Street during the second quarter worth approximately $25,190,228. BlackRock Inc. purchased a new position in Rimini Street in the second quarter worth approximately $15,729,000. Manatuck Hill Partners LLC lifted its stake in Rimini Street by 5.7% in the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock worth $2,480,000 after acquiring an additional 34,475 shares during the last quarter. Immersion Corp acquired a new position in Rimini Street during the 4th quarter worth approximately $2,043,000. Finally, Dimensional Fund Advisors LP grew its holdings in Rimini Street by 77.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company's stock worth $1,222,000 after acquiring an additional 162,293 shares in the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RMNI shares. Craig Hallum reaffirmed a "buy" rating and set a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Weiss Ratings cut shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 7th. Roth Capital restated a "buy" rating and issued a $6.50 price target on shares of Rimini Street in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Zacks Research raised Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $6.33.

Rimini Street Company Profile

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.

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