Rimini Street (NASDAQ:RMNI) Reaches New 12-Month High - What's Next?

Key Points

• Rimini Street hit a new 52-week high of $5.68, trading around $5.64; its shares have risen above their 50- and 200-day moving averages.
• Analysts’ average rating is Moderate Buy, with an average price target of $6.33. Its latest quarterly EPS of $0.12 beat estimates, while revenue of $109.34 million came in below expectations.
• Company insiders sold about 370,000 shares worth $1.89 million over the past 90 days, though insiders still own 42% of the stock.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) shares reached a new 52-week high during mid-day trading on Friday. The company traded as high as $5.68 and last traded at $5.64, with a volume of 302,900 shares traded. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

RMNI has been the subject of several research reports. Roth Capital restated a "buy" rating and set a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th. Craig Hallum reissued a "buy" rating and set a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Wall Street Zen cut Rimini Street from a "strong-buy" rating to a "buy" rating in a report on Sunday, November 8th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Rimini Street in a research report on Friday, October 2nd. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $6.33.

Rimini Street Stock Up 0.5%

The firm has a market capitalization of $520.97 million, a price-to-earnings ratio of 46.84 and a beta of 1.27. The stock's 50-day moving average price is $4.47 and its 200 day moving average price is $4.10.

Rimini Street (NASDAQ:RMNI - Get Free Report) last issued its earnings results on Thursday, October 29th. The company reported $0.12 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.03. The business had revenue of $109.34 million for the quarter, compared to analysts' expectations of $110.82 million. Rimini Street had a negative return on equity of 92.98% and a net margin of 2.51%. On average, sell-side analysts anticipate that Rimini Street, Inc. will post 0.26 earnings per share for the current year.

Insider Transactions at Rimini Street

In other news, CEO Seth A. Ravin sold 191,702 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $5.18, for a total value of $993,016.36. Following the transaction, the chief executive officer owned 10,299,607 shares of the company's stock, valued at $53,351,964.26. This represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Steven Hershkowitz sold 42,482 shares of the stock in a transaction dated Monday, November 2nd. The stock was sold at an average price of $4.98, for a total transaction of $211,560.36. Following the transaction, the executive vice president directly owned 186,992 shares of the company's stock, valued at approximately $931,220.16. This trade represents a 18.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 370,073 shares of company stock worth $1,889,307 over the last ninety days. 42.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RMNI. Advisors Asset Management Inc. purchased a new position in Rimini Street in the 3rd quarter valued at approximately $116,000. Royce & Associates LP purchased a new position in shares of Rimini Street in the 3rd quarter valued at about $58,000. Russell Investments Group Ltd. increased its stake in Rimini Street by 43.0% in the third quarter. Russell Investments Group Ltd. now owns 80,668 shares of the company's stock valued at $339,000 after purchasing an additional 24,272 shares during the last quarter. CenterBook Partners LP raised its stake in Rimini Street by 34.5% during the 3rd quarter. CenterBook Partners LP now owns 418,106 shares of the company's stock worth $1,781,000 after acquiring an additional 107,284 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Rimini Street during the third quarter worth about $53,000. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Company Profile

Rimini Street, Inc. is a provider of enterprise software support and services. The company offers third-party support for software from vendors including Oracle and SAP, as well as support for other enterprise applications and databases. Its services are designed to help organizations maintain and manage their existing software systems. Rimini Street also provides managed services, application management, security services and advisory support. The company serves clients internationally across a range of industries.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.