Rimini Street (NASDAQ:RMNI) CEO Sells 89,639 Shares of Stock

Key Points

• CEO Seth Ravin sold 89,639 Rimini Street shares at an average price of $5.02, generating approximately $450,000. He continues to own 10.17 million shares, valued at about $51 million.
• RMNI shares fell 1.8% to $5.01, though the stock remains above its 50-day and 200-day moving averages. Institutional investors and hedge funds own 73.75% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and a $6.50 average price target; individual targets range as high as $8.00.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 89,639 shares of the company's stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $5.02, for a total transaction of $449,987.78. Following the completion of the sale, the chief executive officer directly owned 10,168,602 shares in the company, valued at approximately $51,046,382.04. The trade was a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rimini Street Trading Down 1.8%

RMNI stock traded down $0.09 during trading on Friday, hitting $5.01. 522,149 shares of the stock traded hands, compared to its average volume of 407,347. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.68. The stock has a market cap of $467.73 million, a price-to-earnings ratio of 62.63 and a beta of 1.24. The company has a 50 day simple moving average of $4.84 and a 200 day simple moving average of $4.05.

Institutional Investors Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Conifer Management L.L.C. bought a new position in shares of Rimini Street in the 2nd quarter valued at about $25,190,228. Immersion Corp bought a new stake in shares of Rimini Street during the fourth quarter worth approximately $2,043,000. Bard Associates Inc. acquired a new position in Rimini Street in the second quarter valued at approximately $1,094,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Rimini Street in the second quarter valued at approximately $957,000. Finally, Pacific Ridge Capital Partners LLC boosted its stake in Rimini Street by 9.4% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company's stock valued at $7,207,000 after acquiring an additional 159,673 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RMNI has been the topic of several recent analyst reports. Roth Capital reissued a "buy" rating and issued a $6.50 target price on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings lowered Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Craig Hallum reaffirmed a "buy" rating and issued a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Finally, Zacks Research upgraded shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $6.50.

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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