Rimini Street (NASDAQ:RMNI – Get Free Report) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.
Several other brokerages have also recently commented on RMNI. TD Cowen boosted their price objective on shares of Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research note on Monday, May 4th. Weiss Ratings upgraded shares of Rimini Street from a “hold (c)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Finally, Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a report on Friday, May 1st. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $5.50.
Get Our Latest Research Report on RMNI
Rimini Street Stock Performance
Rimini Street (NASDAQ:RMNI – Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $0.01 earnings per share for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. The company had revenue of $105.47 million for the quarter, compared to analysts’ expectations of $102.71 million. On average, research analysts forecast that Rimini Street will post 0.27 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Rimini Street news, CMO David W. Rowe sold 7,485 shares of Rimini Street stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total transaction of $29,490.90. Following the completion of the sale, the chief marketing officer directly owned 498,119 shares in the company, valued at $1,962,588.86. The trade was a 1.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 27,737 shares of the business’s stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total transaction of $109,283.78. Following the completion of the transaction, the chief financial officer directly owned 157,863 shares of the company’s stock, valued at approximately $621,980.22. This represents a 14.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 181,929 shares of company stock valued at $718,133 over the last three months. Corporate insiders own 42.00% of the company’s stock.
Institutional Investors Weigh In On Rimini Street
A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its holdings in shares of Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after purchasing an additional 4,891 shares in the last quarter. Invesco Ltd. lifted its position in Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock worth $86,000 after buying an additional 5,998 shares during the last quarter. Bank of America Corp DE boosted its stake in Rimini Street by 15.3% in the first quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock worth $149,000 after buying an additional 6,055 shares in the last quarter. Quarry LP bought a new position in Rimini Street during the third quarter valued at approximately $31,000. Finally, Barclays PLC grew its position in Rimini Street by 10.6% during the fourth quarter. Barclays PLC now owns 75,893 shares of the company’s stock valued at $294,000 after acquiring an additional 7,271 shares during the last quarter. Hedge funds and other institutional investors own 73.75% of the company’s stock.
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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