Rimini Street (NASDAQ:RMNI) CEO Seth Ravin Sells 41,366 Shares of Stock

Key Points

• CEO Seth Ravin sold 41,366 Rimini Street shares at an average price of $5.16, generating $213,448.56. His remaining stake totals 10,258,241 shares, worth approximately $52.9 million.
• RMNI fell 1.8% to $5.01, with a market capitalization of about $467.7 million. The stock has traded between $2.87 and $5.68 over the past year.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $6.50; institutional investors own 73.75% of the company.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 41,366 shares of Rimini Street stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $5.16, for a total value of $213,448.56. Following the completion of the transaction, the chief executive officer owned 10,258,241 shares of the company's stock, valued at approximately $52,932,523.56. This trade represents a 0.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Rimini Street Stock Down 1.8%

RMNI traded down $0.09 during trading on Friday, reaching $5.01. 522,149 shares of the company were exchanged, compared to its average volume of 407,347. Rimini Street, Inc. has a 12-month low of $2.87 and a 12-month high of $5.68. The company's 50-day moving average is $4.84 and its two-hundred day moving average is $4.05. The company has a market cap of $467.73 million, a price-to-earnings ratio of 62.63 and a beta of 1.24.

Analyst Upgrades and Downgrades

RMNI has been the topic of several recent analyst reports. Craig Hallum reiterated a "buy" rating and issued a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Roth Capital reiterated a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a research report on Thursday, July 30th. TD Cowen boosted their target price on Rimini Street from $4.50 to $5.00 and gave the stock a "hold" rating in a research report on Tuesday, July 28th. Weiss Ratings lowered Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Finally, Zacks Research raised Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $6.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMNI. Conifer Management L.L.C. bought a new position in Rimini Street in the second quarter valued at $25,190,228. Immersion Corp purchased a new position in shares of Rimini Street in the 4th quarter worth about $2,043,000. Bard Associates Inc. bought a new position in shares of Rimini Street during the 2nd quarter valued at about $1,094,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Rimini Street during the 2nd quarter valued at about $957,000. Finally, Pacific Ridge Capital Partners LLC raised its holdings in shares of 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 valued at $7,207,000 after buying an additional 159,673 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

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.

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