Rimini Street (NASDAQ:RMNI) EVP Sells $23,620.30 in Stock

Key Points

• Rimini Street EVP Nancy Lyskawa sold 5,995 shares on May 6 at an average price of $3.94, totaling about $23,620. The company said the sale was made to cover tax withholding obligations tied to vested equity awards.
• Several other executives also recently sold shares for the same tax-withholding reason, including CFO Michael L. Perica and executives Kevin Maddock and David W. Rowe. These transactions were disclosed in SEC filings and were presented as routine, not necessarily a negative signal.
• RMNI shares were up about 2% to $4.02, trading above both the 50-day and 200-day moving averages. Analyst sentiment remains mixed, with a consensus Hold rating despite a recent Zacks downgrade to “strong sell.”

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) EVP Nancy Lyskawa sold 5,995 shares of the stock in a transaction dated Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $23,620.30. Following the completion of the transaction, the executive vice president directly owned 233,509 shares of the company's stock, valued at approximately $920,025.46. The trade was a 2.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Nancy Lyskawa also recently made the following trade(s):

• On Wednesday, March 4th, Nancy Lyskawa sold 5,337 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total transaction of $19,426.68.
• On Tuesday, March 3rd, Nancy Lyskawa sold 2,348 shares of Rimini Street stock. The stock was sold at an average price of $3.72, for a total transaction of $8,734.56.

Rimini Street Trading Up 2.0%

RMNI traded up $0.08 during midday trading on Friday, reaching $4.02. The company's stock had a trading volume of 594,815 shares, compared to its average volume of 367,889. The firm has a market capitalization of $372.09 million, a price-to-earnings 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 stock's 50-day moving average is $3.46 and its 200-day moving average is $3.70.

Trending Headlines about Rimini Street

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

Institutional Investors Weigh In On Rimini Street

Large investors have recently added to or reduced their stakes in the stock. Quarry LP bought a new stake in Rimini Street in the 3rd quarter worth approximately $31,000. SG Americas Securities LLC bought a new stake in Rimini Street in the 4th quarter worth approximately $43,000. BNP Paribas Financial Markets grew its position in Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock worth $47,000 after purchasing an additional 4,891 shares during the period. nVerses Capital LLC bought a new stake in Rimini Street in the 4th quarter worth approximately $57,000. Finally, NewEdge Advisors LLC bought a new stake in Rimini Street in the 1st quarter worth approximately $66,000. Institutional investors own 73.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on RMNI shares. TD Cowen increased their price target on shares of Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a report on Monday. Zacks Research downgraded Rimini Street from a "hold" rating to a "strong sell" rating in a report on Tuesday. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rimini Street in a research report on Friday, March 27th. Finally, Alliance Global Partners reiterated a "buy" rating on shares of Rimini Street in a report on Friday, May 1st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Rimini Street currently has a consensus rating of "Hold" and a consensus target price of $5.50.

About Rimini Street

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.

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.