Rimini Street (NASDAQ:RMNI) EVP Sells $96,301.08 in Stock

Key Points

• Rimini Street EVP Steven Hershkowitz sold 24,884 shares at an average price of $3.87 for $96,301.08 on April 30 to cover tax withholding from vested equity, cutting his stake by 11.74% to 186,992 shares (≈$723,659).
• Stock movement: RMNI traded down 4.0% to $3.89 with volume of 649,636 (vs. average 359,974); the company has a market cap of $356.56M, a P/E of 10.51, and a 52-week range of $2.87–$5.38.
• Analyst and institutional picture: Analysts are split (two Buy, two Hold) with a MarketBeat consensus "Moderate Buy" and $5.50 target, while institutional investors own 73.75% of the stock and several funds recently added or initiated positions.

Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) EVP Steven Hershkowitz sold 24,884 shares of Rimini Street stock in a transaction dated Thursday, April 30th. The stock was sold at an average price of $3.87, for a total value of $96,301.08. Following the completion of the sale, the executive vice president directly owned 186,992 shares of the company's stock, valued at approximately $723,659.04. This trade represents a 11.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Steven Hershkowitz also recently made the following trade(s):

• On Wednesday, March 4th, Steven Hershkowitz sold 5,193 shares of Rimini Street stock. The stock was sold at an average price of $3.64, for a total value of $18,902.52.

Rimini Street Stock Down 4.0%

RMNI traded down $0.16 during trading hours on Monday, hitting $3.89. The stock had a trading volume of 649,636 shares, compared to its average volume of 359,974. The company's fifty day simple moving average is $3.43 and its 200 day simple moving average is $3.71. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.38. The stock has a market cap of $356.56 million, a PE ratio of 10.51 and a beta of 1.27.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Alliance Global Partners reaffirmed a "buy" rating on shares of Rimini Street in a report on Friday. TD Cowen lifted their target price on Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a report on Monday. Finally, Weiss Ratings reaffirmed 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 and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $5.50.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Mink Brook Asset Management LLC grew its holdings in Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company's stock valued at $3,508,000 after buying an additional 699,574 shares in the last quarter. CenterBook Partners LP bought a new stake in shares of Rimini Street during the 3rd quarter valued at about $1,571,000. RWA Wealth Partners LLC bought a new stake in shares of Rimini Street during the 3rd quarter valued at about $151,000. Hillsdale Investment Management Inc. bought a new stake in shares of Rimini Street during the 3rd quarter valued at about $340,000. Finally, nVerses Capital LLC bought a new stake in shares of Rimini Street during the 4th quarter valued at about $57,000. Hedge funds and other institutional investors own 73.75% of the company's stock.

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.

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