Insider Selling: Rimini Street (NASDAQ:RMNI) CFO Sells 100,249 Shares of 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 Perica sold 100,249 shares of the company's stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $4.20, for a total value of $421,045.80. Following the sale, the chief financial officer owned 146,032 shares of the company's stock, valued at approximately $613,334.40. The trade was a 40.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Rimini Street Price Performance

RMNI traded down $0.17 during trading hours on Tuesday, reaching $4.16. 375,772 shares of the stock traded hands, compared to its average volume of 332,014. The company has a market cap of $384.88 million, a price-to-earnings ratio of -103.97 and a beta of 1.47. The firm's fifty day simple moving average is $4.31 and its two-hundred day simple moving average is $3.73. Rimini Street, Inc. has a fifty-two week low of $1.53 and a fifty-two week high of $5.38.

Hedge Funds Weigh In On Rimini Street

Several large investors have recently modified their holdings of RMNI. Cerity Partners LLC lifted its holdings in shares of Rimini Street by 13.8% in the first quarter. Cerity Partners LLC now owns 349,713 shares of the company's stock worth $1,217,000 after buying an additional 42,542 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Rimini Street by 432.4% in the fourth quarter. Mackenzie Financial Corp now owns 152,660 shares of the company's stock worth $408,000 after buying an additional 123,984 shares in the last quarter. Informed Momentum Co LLC purchased a new stake in shares of Rimini Street in the first quarter worth about $718,000. Samjo Management LLC purchased a new stake in shares of Rimini Street in the first quarter worth about $696,000. Finally, Millennium Management LLC purchased a new stake in shares of Rimini Street in the fourth quarter worth about $799,000. Hedge funds and other institutional investors own 73.75% of the company's stock.

Wall Street Analyst Weigh In

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

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.

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