Rimini Street (NASDAQ:RMNI) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Rimini Street (NASDAQ:RMNI) has been downgraded from a "strong-buy" to a "buy" rating by Wall Street Zen, signaling a shift in analysts' confidence.
• Roth Capital has set a price target of $6.50 for Rimini Street while also maintaining a "buy" rating, indicating potential upside for investors.
• CEO Seth A. Ravin and CFO Michael L. Perica both sold shares of Rimini Street stock recently, reflecting a combined decrease of over 8% in their ownership positions.

Wall Street Zen cut shares of Rimini Street (NASDAQ:RMNI - Free Report) from a strong-buy rating to a buy rating in a research note released on Saturday morning.

Separately, Roth Capital set a $6.50 price objective on Rimini Street and gave the stock a "buy" rating in a research note on Thursday, July 10th.

Rimini Street Stock Down 1.0%

Shares of NASDAQ:RMNI traded down $0.04 on Friday, reaching $3.96. The company had a trading volume of 79,489 shares, compared to its average volume of 332,020. The stock has a 50-day moving average price of $3.96 and a 200 day moving average price of $3.56. The stock has a market capitalization of $366.38 million, a P/E ratio of -99.08 and a beta of 1.34. Rimini Street has a twelve month low of $1.53 and a twelve month high of $5.38.

Hedge Funds Weigh In On Rimini Street

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC increased its stake in Rimini Street by 13.8% during the first quarter. Cerity Partners LLC now owns 349,713 shares of the company's stock valued at $1,217,000 after acquiring an additional 42,542 shares during the period. Mackenzie Financial Corp grew its stake in shares of Rimini Street by 432.4% in the 4th quarter. Mackenzie Financial Corp now owns 152,660 shares of the company's stock valued at $408,000 after purchasing an additional 123,984 shares during the period. Millennium Management LLC bought a new stake in shares of Rimini Street in the 4th quarter valued at approximately $799,000. Price T Rowe Associates Inc. MD grew its stake in shares of Rimini Street by 6.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 73,906 shares of the company's stock valued at $198,000 after purchasing an additional 4,477 shares during the period. Finally, Renaissance Technologies LLC grew its stake in shares of Rimini Street by 24.5% in the 4th quarter. Renaissance Technologies LLC now owns 198,326 shares of the company's stock valued at $530,000 after purchasing an additional 39,000 shares during the period. 73.75% of the stock is currently owned by institutional investors.

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.