Rimini Street (NASDAQ:RMNI) CEO Seth Ravin Sells 191,702 Shares of Stock

Key Points

• CEO Seth Ravin sold 191,702 Rimini Street shares at an average price of $5.18, generating approximately $993,000. He retained 10.3 million shares after the transaction, a 1.83% reduction in his direct holdings.
• Rimini Street shares fell 1.8% to $5.01, with the company valued at approximately $468 million. Institutional investors and hedge funds own 73.75% of the stock.
• Analyst sentiment is moderately positive: the stock has an average “Moderate Buy” rating and a $6.50 consensus price target, compared with its current price near $5.01.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 191,702 shares of Rimini Street stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total transaction of $993,016.36. Following the completion of the sale, the chief executive officer directly owned 10,299,607 shares in the company, valued at $53,351,964.26. This represents a 1.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Rimini Street Trading Down 1.8%

NASDAQ:RMNI traded down $0.09 during trading hours on Friday, reaching $5.01. 522,151 shares of the company were exchanged, compared to its average volume of 407,349. The stock's 50-day moving average is $4.84 and its 200-day moving average is $4.05. The firm has a market cap of $467.73 million, a PE ratio of 62.63 and a beta of 1.24. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.68.

Hedge Funds Weigh In On Rimini Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Conifer Management L.L.C. acquired a new stake in shares of Rimini Street in the 2nd quarter worth $25,190,228. BlackRock Inc. acquired a new position in shares of Rimini Street during the 2nd quarter valued at about $15,729,000. Pacific Ridge Capital Partners LLC grew its holdings in shares of 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 purchasing an additional 159,673 shares during the period. Mink Brook Asset Management LLC increased its position in Rimini Street by 73.4% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company's stock worth $5,043,000 after purchasing an additional 550,167 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Rimini Street by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company's stock worth $4,653,000 after purchasing an additional 18,808 shares during the last quarter. Institutional investors and hedge funds own 73.75% of the company's stock.

Wall Street Analysts Forecast Growth

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

About Rimini Street

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source