TD Cowen Cuts Rimini Street (NASDAQ:RMNI) Price Target to $4.00

Key Points

• TD Cowen cut its price target on Rimini Street to $4.00 (from $4.25) and maintains a "hold" rating, implying about a 14.45% upside from the prior close.
• Insider selling accelerated: CEO Seth A. Ravin sold 52,085 shares and EVP Kevin Maddock sold 7,209 shares on March 4, and insiders sold 116,246 shares worth $424,248 in the last quarter while still owning 41.20% of the company.
• RMNI traded around $3.50 midday with a market cap of $320.35M and a 12‑month range of $2.87–$5.38; the consensus analyst rating is Hold with a consensus price target of $5.25.

Rimini Street (NASDAQ:RMNI - Get Free Report) had its price target decreased by equities researchers at TD Cowen from $4.25 to $4.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. TD Cowen's price target suggests a potential upside of 14.45% from the stock's previous close.

Separately, Weiss Ratings restated a "hold (c)" rating on shares of Rimini Street in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $5.25.

Rimini Street Price Performance

RMNI stock traded up $0.03 during midday trading on Monday, hitting $3.50. The company's stock had a trading volume of 157,588 shares, compared to its average volume of 338,853. Rimini Street has a twelve month low of $2.87 and a twelve month high of $5.38. The company's fifty day moving average price is $3.40 and its 200 day moving average price is $3.73. The stock has a market capitalization of $320.35 million, a P/E ratio of 8.74 and a beta of 1.27.

Insider Activity at Rimini Street

In related news, CEO Seth A. Ravin sold 52,085 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total value of $189,589.40. Following the transaction, the chief executive officer owned 722,564 shares in the company, valued at approximately $2,630,132.96. This represents a 6.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kevin Maddock sold 7,209 shares of the company's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total transaction of $26,240.76. Following the completion of the transaction, the executive vice president owned 184,217 shares in the company, valued at approximately $670,549.88. This trade represents a 3.77% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 116,246 shares of company stock worth $424,248 in the last quarter. Corporate insiders own 41.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RMNI. BNP Paribas Financial Markets boosted its holdings in Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after purchasing an additional 4,891 shares during the period. Invesco Ltd. boosted its holdings in Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company's stock valued at $86,000 after purchasing an additional 5,998 shares during the period. Quarry LP bought a new stake in Rimini Street in the 3rd quarter valued at about $31,000. Barclays PLC boosted its holdings in Rimini Street by 10.6% in the 4th quarter. Barclays PLC now owns 75,893 shares of the company's stock valued at $294,000 after purchasing an additional 7,271 shares during the period. Finally, Occudo Quantitative Strategies LP boosted its holdings in Rimini Street by 32.5% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company's stock valued at $123,000 after purchasing an additional 7,998 shares during the period. Institutional investors and hedge funds own 73.75% of the company's stock.

Rimini Street Company Profile

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.