Insider Selling: Rimini Street (NASDAQ:RMNI) CFO Sells 53,882 Shares of Stock

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 53,882 shares of the business’s stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $4.00, for a total transaction of $215,528.00. Following the transaction, the chief financial officer owned 92,150 shares of the company’s stock, valued at $368,600. This represents a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Rimini Street Trading Down 2.0%

Shares of NASDAQ RMNI traded down $0.08 during trading on Friday, reaching $3.90. 372,048 shares of the company traded hands, compared to its average volume of 221,288. The stock has a market cap of $357.83 million, a P/E ratio of 8.48 and a beta of 1.19. The firm’s fifty day simple moving average is $3.94 and its 200 day simple moving average is $4.24. Rimini Street, Inc. has a 12-month low of $2.50 and a 12-month high of $5.38.

Analysts Set New Price Targets

RMNI has been the topic of a number of analyst reports. Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. TD Cowen lowered their target price on shares of Rimini Street from $6.00 to $5.00 and set a “hold” rating on the stock in a research note on Friday, October 31st. Finally, Wall Street Zen lowered Rimini Street from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Two investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $5.75.

Institutional Trading of Rimini Street

A number of institutional investors have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its stake in Rimini Street by 899.4% during the second quarter. Public Employees Retirement System of Ohio now owns 23,446 shares of the company’s stock worth $88,000 after purchasing an additional 21,100 shares during the period. Boston Partners increased its stake in Rimini Street by 37.1% during the 2nd quarter. Boston Partners now owns 347,915 shares of the company’s stock worth $1,312,000 after buying an additional 94,160 shares during the period. Strs Ohio purchased a new position in Rimini Street in the first quarter valued at $422,000. Voss Capital LP acquired a new position in Rimini Street during the 2nd quarter worth $942,000. Finally, Samjo Management LLC increased its holdings in Rimini Street by 142.5% during the 2nd quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock worth $1,828,000 after purchasing an additional 285,000 shares during the period. 73.75% of the stock is owned by institutional investors and hedge funds.

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.