Insider Selling: Rimini Street (NASDAQ:RMNI) CEO Sells 3,080 Shares of Stock

Key Points

• CEO Seth Ravin sold 3,080 shares on March 3 at an average price of $3.72 for about $11,458, trimming his stake by 0.45% to 682,125 shares valued at roughly $2.54 million.
• Rimini Street shares trade near $3.71 with a market capitalization of about $340 million, a 12‑month range of $2.79–$5.38, a P/E of 9.28, and a 50‑day SMA below the 200‑day SMA ($3.58 vs. $4.02).
• Wall Street’s consensus rating is a Hold with a $5.75 consensus price target (one Buy, two Hold analysts).

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 3,080 shares of the company's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $3.72, for a total transaction of $11,457.60. Following the completion of the sale, the chief executive officer directly owned 682,125 shares of the company's stock, valued at $2,537,505. The trade was a 0.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Rimini Street Price Performance

Shares of NASDAQ RMNI traded up $0.02 during midday trading on Thursday, reaching $3.71. 325,872 shares of the stock were exchanged, compared to its average volume of 451,717. Rimini Street, Inc. has a 12 month low of $2.79 and a 12 month high of $5.38. The company has a market capitalization of $340.06 million, a price-to-earnings ratio of 9.28 and a beta of 1.28. The business has a 50-day simple moving average of $3.58 and a two-hundred day simple moving average of $4.02.

Hedge Funds Weigh In On Rimini Street

Several hedge funds have recently made changes to their positions in the business. Boston Partners increased its stake in Rimini Street by 37.1% during the 2nd quarter. Boston Partners now owns 347,915 shares of the company's stock worth $1,312,000 after acquiring an additional 94,160 shares during the period. Voss Capital LP acquired a new stake in shares of Rimini Street during the 2nd quarter worth $942,000. Brooktree Capital Management grew its holdings in shares of Rimini Street by 0.4% during the 2nd quarter. Brooktree Capital Management now owns 3,902,223 shares of the company's stock worth $14,711,000 after purchasing an additional 15,770 shares in the last quarter. Samjo Management LLC increased its position in shares of Rimini Street by 142.5% in the second quarter. Samjo Management LLC now owns 485,000 shares of the company's stock worth $1,828,000 after purchasing an additional 285,000 shares during the period. Finally, Formula Growth Ltd. acquired a new position in Rimini Street in the second quarter valued at about $754,000. 73.75% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RMNI. Weiss Ratings restated a "hold (c)" rating on shares of Rimini Street in a report on Monday, December 29th. TD Cowen raised Rimini Street to a "hold" rating in a research note on Monday, February 23rd. Finally, Wall Street Zen lowered shares of Rimini Street from a "buy" rating to a "hold" rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $5.75.

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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