Rimini Street (NASDAQ:RMNI) CMO Sells $22,636.20 in Stock

Key Points

• David Rowe, CMO of Rimini Street, sold 4,868 shares of the company’s stock for a total of $22,636.20, reducing his ownership by 1.11% to 432,957 shares post-sale.
• Rimini Street's stock price increased by 0.6% to $4.65 with a market cap of $430.22 million and currently holds a Buy rating on average.
• Recent reports indicate that 73.75% of Rimini Street's stock is held by institutional investors, with several hedge funds increasing their stakes in the company.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) CMO David Rowe sold 4,868 shares of the business's stock in a transaction dated Monday, September 22nd. The stock was sold at an average price of $4.65, for a total transaction of $22,636.20. Following the completion of the transaction, the chief marketing officer directly owned 432,957 shares in the company, valued at $2,013,250.05. This trade represents a 1.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Rimini Street Stock Up 0.6%

Shares of RMNI stock traded up $0.03 during trading on Tuesday, hitting $4.65. The company had a trading volume of 301,702 shares, compared to its average volume of 327,909. The stock has a market capitalization of $430.22 million, a price-to-earnings ratio of -116.22 and a beta of 1.47. The stock's 50-day moving average is $4.42 and its two-hundred day moving average is $3.84. Rimini Street, Inc. has a 52 week low of $1.53 and a 52 week high of $5.38.

Institutional Trading of Rimini Street

A number of hedge funds have recently added to or reduced their stakes in RMNI. Squarepoint Ops LLC acquired a new stake in shares of Rimini Street during the fourth quarter worth $40,000. ProShare Advisors LLC increased its position in Rimini Street by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company's stock worth $40,000 after buying an additional 4,918 shares during the last quarter. Financial Management Professionals Inc. bought a new stake in Rimini Street during the first quarter valued at about $44,000. Belvedere Trading LLC acquired a new position in Rimini Street in the second quarter worth about $64,000. Finally, NewEdge Advisors LLC acquired a new stake in shares of Rimini Street during the first quarter worth approximately $66,000. 73.75% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RMNI has been the subject of a number of recent research reports. Wall Street Zen downgraded Rimini Street from a "strong-buy" rating to a "buy" rating in a research note on Saturday, August 2nd. Roth Capital set a $6.50 price objective on Rimini Street and gave the company a "buy" rating in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has an average 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.