Michael L. Perica Sells 100,249 Shares of Rimini Street (NASDAQ:RMNI) Stock

Key Points

• Rimini Street CFO Michael Perica sold 100,249 shares at an average price of $4.20, reducing his ownership by 40.71% and leaving him with 146,032 shares valued at approximately $613,334.
• Hedge funds and institutional investors own 73.75% of Rimini Street, with notable recent purchases by Cerity Partners and Mackenzie Financial Corp.
• Wall Street analysts have a consensus rating of "Buy" for Rimini Street, with an average price target of $6.25, though one firm recently downgraded its rating from "strong-buy" to "buy."

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CFO Michael L. Perica sold 100,249 shares of the business's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $4.20, for a total transaction of $421,045.80. Following the completion of the transaction, the chief financial officer owned 146,032 shares in the company, valued at $613,334.40. The trade was a 40.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Rimini Street Trading Up 2.5%

Shares of RMNI stock traded up $0.11 during mid-day trading on Friday, reaching $4.50. The stock had a trading volume of 260,218 shares, compared to its average volume of 297,784. The stock's 50-day moving average price is $4.36 and its two-hundred day moving average price is $3.75. Rimini Street, Inc. has a 52-week low of $1.53 and a 52-week high of $5.38. The firm has a market capitalization of $416.34 million, a PE ratio of -112.47 and a beta of 1.46.

Wall Street Analysts Forecast Growth

RMNI has been the topic of a number of analyst reports. Wall Street Zen cut shares of Rimini Street from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd. Roth Capital set a $6.50 price target on shares of Rimini Street and gave the company a "buy" rating in a research report on Thursday, July 10th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $6.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RMNI. Price T Rowe Associates Inc. MD raised its position in Rimini Street by 6.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 73,906 shares of the company's stock worth $198,000 after acquiring an additional 4,477 shares during the period. ProShare Advisors LLC raised its position in Rimini Street by 49.1% in the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company's stock worth $40,000 after acquiring an additional 4,918 shares during the period. Ameriprise Financial Inc. raised its position in shares of Rimini Street by 7.9% during the 4th quarter. Ameriprise Financial Inc. now owns 82,772 shares of the company's stock valued at $221,000 after purchasing an additional 6,056 shares during the period. Bard Associates Inc. raised its position in shares of Rimini Street by 2.1% during the 1st quarter. Bard Associates Inc. now owns 292,648 shares of the company's stock valued at $1,018,000 after purchasing an additional 6,141 shares during the period. Finally, Wells Fargo & Company MN raised its position in shares of Rimini Street by 27.7% during the 4th quarter. Wells Fargo & Company MN now owns 32,415 shares of the company's stock valued at $87,000 after purchasing an additional 7,023 shares during the period. Institutional investors own 73.75% of the company's stock.

About Rimini Street

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients' application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.