Rimini Street (NASDAQ:RMNI) CEO Sells $224,962.18 in Stock

Key Points

• CEO Seth Ravin sold 57,097 shares of Rimini Street stock for about $224,962 at $3.94 per share, reducing his direct ownership by 6.07%. The company said the sale was made to cover tax withholding tied to vested equity awards.
• RMNI stock rose 2.0% to $4.02 and has been trading above both its 50-day and 200-day moving averages. The move suggests recent momentum has improved, though the stock remains below its 1-year high of $5.38.
• Analyst sentiment is mixed: Alliance Global Partners reiterated a buy rating, TD Cowen raised its target to $4.50, but Zacks Research cut the stock from hold to strong sell. MarketBeat shows a consensus rating of Hold with an average target price of $5.50.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CEO Seth Ravin sold 57,097 shares of the company's stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $224,962.18. Following the completion of the sale, the chief executive officer directly owned 882,900 shares of the company's stock, valued at approximately $3,478,626. This trade represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Stock Up 2.0%

NASDAQ:RMNI traded up $0.08 during mid-day trading on Friday, reaching $4.02. The company's stock had a trading volume of 594,815 shares, compared to its average volume of 441,479. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.38. The stock has a fifty day moving average of $3.46 and a 200-day moving average of $3.70. The firm has a market capitalization of $372.09 million, a PE ratio of 10.86 and a beta of 1.27.

Hedge Funds Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP increased its holdings in Rimini Street by 77.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company's stock worth $1,222,000 after buying an additional 162,293 shares during the period. Bank of New York Mellon Corp increased its holdings in Rimini Street by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company's stock worth $749,000 after buying an additional 17,725 shares during the period. Invesco Ltd. increased its holdings in Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company's stock worth $86,000 after buying an additional 5,998 shares during the period. nVerses Capital LLC acquired a new position in Rimini Street in the 4th quarter worth approximately $57,000. Finally, Oxford Asset Management LLP acquired a new position in Rimini Street in the 4th quarter worth approximately $127,000. Institutional investors and hedge funds own 73.75% of the company's stock.

Rimini Street News Summary

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

Wall Street Analyst Weigh In

A number of equities analysts have commented on RMNI shares. Alliance Global Partners reiterated a "buy" rating on shares of Rimini Street in a report on Friday, May 1st. TD Cowen boosted their target price on shares of Rimini Street from $4.00 to $4.50 and gave the stock a "hold" rating in a report on Monday. Zacks Research downgraded shares of Rimini Street from a "hold" rating to a "strong sell" rating in a report on Tuesday. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Rimini Street in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average 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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