Rimini Street, Inc. (NASDAQ:RMNI) Receives $5.75 Average Price Target from Analysts

Rimini Street, Inc. (NASDAQ:RMNI) has been given a consensus recommendation of “Hold” by the five brokerages that are presently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price target among brokers that have covered the stock in the last year is $5.75.

RMNI has been the subject of a number of recent analyst reports. Wall Street Zen downgraded shares of Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. Cowen reaffirmed a “hold” rating on shares of Rimini Street in a report on Friday, October 31st. Finally, 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.

Insider Activity at Rimini Street

In related news, CFO Michael L. Perica sold 53,882 shares of the business’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.00, for a total transaction of $215,528.00. Following the sale, the chief financial officer owned 92,150 shares of the company’s stock, valued at approximately $368,600. The trade was a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 41.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rimini Street

Several institutional investors and hedge funds have recently made changes to their positions in the business. Brooktree Capital Management increased its holdings in Rimini Street by 0.4% during the 2nd quarter. Brooktree Capital Management now owns 3,902,223 shares of the company’s stock valued at $14,711,000 after acquiring an additional 15,770 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Rimini Street by 1.5% in the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock valued at $4,653,000 after purchasing an additional 18,808 shares during the last quarter. Mink Brook Asset Management LLC increased its stake in shares of Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after purchasing an additional 699,574 shares in the last quarter. Manatuck Hill Partners LLC raised its position in shares of Rimini Street by 401.4% during the 3rd quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock worth $2,830,000 after purchasing an additional 484,040 shares during the last quarter. Finally, Samjo Management LLC lifted its stake in Rimini Street by 142.5% in the 2nd quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock valued at $1,828,000 after buying an additional 285,000 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Stock Performance

RMNI stock opened at $3.83 on Wednesday. The stock has a market capitalization of $351.40 million, a PE ratio of 8.33 and a beta of 1.19. The company has a fifty day moving average of $3.93 and a 200-day moving average of $4.26. Rimini Street has a one year low of $2.73 and a one year high of $5.38.

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.