Rimini Street (NASDAQ:RMNI) Trading Up 2.3% - What's Next?

Key Points

• Stock moved higher: Shares rose about 2.3% to $3.56 midday on volume of ~290,077 (4% above average); market cap is ~$326.3M with a P/E of 8.90 and 50/200-day SMAs of $3.33/$3.79.
• Analyst view: Consensus rating is "Hold" (one Buy, two Hold) with a consensus target price of $5.75.
• Notable insider activity: Corporate insiders have sold 116,246 shares (~$424K) in the last three months (including sales by the CMO and CFO); insiders still own 41.2% of the company while institutional investors hold about 73.75%.

Shares of Rimini Street, Inc. (NASDAQ:RMNI - Get Free Report) were up 2.3% during mid-day trading on Wednesday . The company traded as high as $3.56 and last traded at $3.56. Approximately 290,077 shares changed hands during trading, an increase of 4% from the average daily volume of 277,719 shares. The stock had previously closed at $3.48.

Analyst Ratings Changes

A number of research analysts have issued reports on RMNI shares. Weiss Ratings reiterated a "hold (c)" rating on shares of Rimini Street in a research report on Friday, March 27th. TD Cowen upgraded Rimini Street to a "hold" rating in a research report on Monday, February 23rd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $5.75.

Rimini Street Trading Up 2.3%

The stock has a 50-day simple moving average of $3.33 and a 200-day simple moving average of $3.79. The company has a market cap of $326.31 million, a price-to-earnings ratio of 8.90 and a beta of 1.27.

Insider Transactions at Rimini Street

In other news, CMO David W. Rowe sold 7,209 shares of the company's stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $3.64, for a total value of $26,240.76. Following the completion of the sale, the chief marketing officer owned 464,444 shares in the company, valued at $1,690,576.16. This represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Michael L. Perica sold 24,879 shares of the company's stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total value of $90,559.56. Following the completion of the sale, the chief financial officer owned 117,655 shares of the company's stock, valued at approximately $428,264.20. This trade represents a 17.45% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 116,246 shares of company stock worth $424,248. Corporate insiders own 41.20% of the company's stock.

Institutional Investors Weigh In On Rimini Street

A number of institutional investors and hedge funds have recently modified their holdings of RMNI. Cubist Systematic Strategies LLC acquired a new stake in shares of Rimini Street during the first quarter worth $134,000. AQR Capital Management LLC raised its position in Rimini Street by 243.9% during the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company's stock valued at $127,000 after buying an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Rimini Street during the first quarter valued at $271,000. NewEdge Advisors LLC acquired a new position in Rimini Street during the first quarter valued at $66,000. Finally, Jane Street Group LLC raised its position in Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company's stock valued at $115,000 after buying an additional 18,112 shares during the period. 73.75% of the stock is owned by institutional investors and hedge funds.

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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