Kevin Maddock Sells 7,485 Shares of Rimini Street (NASDAQ:RMNI) Stock

Key Points

• Rimini Street EVP Kevin Maddock sold 7,485 shares on May 6 at an average price of $3.94, totaling about $29,491. After the sale, he still held 213,534 shares valued at roughly $841,324.
• The sale was disclosed as being made to cover tax withholding obligations tied to the vesting of equity awards, and Maddock has also sold shares earlier in March.
• RMNI shares rose 2.0% to $4.02, while analysts currently have a mixed view with an average rating of Hold and a consensus price target of $5.50.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) EVP Kevin Maddock sold 7,485 shares of the business's stock in a transaction on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $29,490.90. Following the completion of the transaction, the executive vice president directly owned 213,534 shares in the company, valued at $841,323.96. This trade represents a 3.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kevin Maddock also recently made the following trade(s):

• On Wednesday, March 4th, Kevin Maddock sold 7,209 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total value of $26,240.76.
• On Tuesday, March 3rd, Kevin Maddock sold 2,809 shares of Rimini Street stock. The stock was sold at an average price of $3.72, for a total value of $10,449.48.

Rimini Street Trading Up 2.0%

Shares of NASDAQ:RMNI traded up $0.08 during mid-day trading on Friday, reaching $4.02. The stock had a trading volume of 594,815 shares, compared to its average volume of 367,889. The company has a market cap of $372.09 million, a P/E ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.38. The business's 50 day moving average price is $3.46 and its 200 day moving average price is $3.70.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Pacific Ridge Capital Partners LLC raised its position in Rimini Street by 9.4% during 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 raised its stake in shares of Rimini Street by 73.4% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company's stock valued at $5,043,000 after acquiring an additional 550,167 shares during the period. Geode Capital Management LLC raised its stake in shares of Rimini Street by 1.5% in the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company's stock valued at $4,653,000 after acquiring an additional 18,808 shares during the period. Samjo Management LLC raised its stake in shares of Rimini Street by 149.0% in the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company's stock valued at $4,686,000 after acquiring an additional 722,750 shares during the period. Finally, Manatuck Hill Partners LLC raised its stake in shares of Rimini Street by 5.7% in the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company's stock valued at $2,480,000 after acquiring an additional 34,475 shares during the period. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMNI has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rimini Street in a research note on Friday, March 27th. Zacks Research downgraded shares of Rimini Street from a "hold" rating to a "strong sell" rating in a research note on Tuesday. TD Cowen upped their price target on shares of Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a research note on Monday. Finally, Alliance Global Partners reaffirmed a "buy" rating on shares of Rimini Street in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Rimini Street has an average rating of "Hold" and a consensus target price of $5.50.

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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