Rimini Street (NASDAQ:RMNI) Stock Rating Lowered by Wall Street Zen

Rimini Street (NASDAQ:RMNI) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

Other research analysts also recently issued reports about the company. TD Cowen cut their price objective on Rimini Street from $6.00 to $5.00 and set a “hold” rating for the company in a research report on Friday, October 31st. Weiss Ratings reissued a “sell (d+)” rating on shares of Rimini Street in a report on Wednesday, October 8th. Finally, Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $5.83.

Rimini Street Trading Up 1.0%

NASDAQ:RMNI opened at $3.90 on Friday. The company has a market capitalization of $357.83 million, a P/E ratio of 8.48 and a beta of 1.37. The firm has a 50-day moving average price of $4.47 and a two-hundred day moving average price of $4.07. Rimini Street has a twelve month low of $1.84 and a twelve month high of $5.38.

Insider Activity

In other news, CFO Michael L. Perica sold 100,249 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $4.20, for a total transaction of $421,045.80. Following the sale, the chief financial officer owned 146,032 shares in the company, valued at $613,334.40. This trade represents a 40.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 205,366 shares of company stock worth $864,728 in the last 90 days. 41.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rimini Street

Several large investors have recently added to or reduced their stakes in RMNI. CenterBook Partners LP acquired a new stake in Rimini Street in the 3rd quarter worth about $1,571,000. Manatuck Hill Partners LLC purchased a new position in shares of Rimini Street during the 2nd quarter worth about $455,000. Mink Brook Asset Management LLC acquired a new stake in shares of Rimini Street in the second quarter worth approximately $188,000. Ameriprise Financial Inc. grew its holdings in Rimini Street by 42.3% in the second quarter. Ameriprise Financial Inc. now owns 139,390 shares of the company’s stock valued at $526,000 after purchasing an additional 41,459 shares during the period. Finally, Jane Street Group LLC grew its holdings in Rimini Street by 24.1% in the second quarter. Jane Street Group LLC now owns 41,182 shares of the company’s stock valued at $155,000 after purchasing an additional 8,003 shares during the period. 73.75% of the stock is currently owned by hedge funds and other 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.