Rimini Street (NASDAQ:RMNI) Reaches New 12-Month High – What’s Next?

Rimini Street, Inc. (NASDAQ:RMNI) shares hit a new 52-week high on Friday. The stock traded as high as $5.68 and last traded at $5.64, with a volume of 302,900 shares. The stock had previously closed at $5.59.

Analyst Upgrades and Downgrades

RMNI has been the subject of several recent research reports. Craig Hallum reaffirmed a “buy” rating and set a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd. Roth Capital restated a “buy” rating and set a $6.50 target price on shares of Rimini Street in a report on Thursday, July 30th. Finally, Wall Street Zen cut Rimini Street from a “strong-buy” rating to a “buy” rating in a report on Sunday, November 8th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.33.

Rimini Street Stock Performance

The company’s fifty day moving average price is $4.47 and its two-hundred day moving average price is $4.10. The firm has a market capitalization of $520.97 million, a PE ratio of 46.84 and a beta of 1.27.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Thursday, October 29th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.03. Rimini Street had a net margin of 2.51% and a negative return on equity of 92.98%. The firm had revenue of $109.34 million during the quarter, compared to the consensus estimate of $110.82 million. On average, equities analysts expect that Rimini Street, Inc. will post 0.26 earnings per share for the current year.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth Ravin sold 191,702 shares of Rimini Street stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total value of $993,016.36. Following the transaction, the chief executive officer owned 10,299,607 shares in the company, valued at $53,351,964.26. This trade represents a 1.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steven Hershkowitz sold 42,482 shares of the business’s stock in a transaction on Monday, November 2nd. The shares were sold at an average price of $4.98, for a total transaction of $211,560.36. Following the sale, the executive vice president directly owned 186,992 shares of the company’s stock, valued at $931,220.16. This represents a 18.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 370,073 shares of company stock worth $1,889,307. 42.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Conifer Management L.L.C. purchased a new stake in Rimini Street during the second quarter valued at about $25,190,228. BlackRock Inc. acquired a new stake in Rimini Street during the second quarter worth about $15,729,000. CenterBook Partners LP increased its stake in Rimini Street by 34.5% during the third quarter. CenterBook Partners LP now owns 418,106 shares of the company’s stock worth $1,781,000 after acquiring an additional 107,284 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Rimini Street by 77.0% during the first quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company’s stock worth $1,222,000 after acquiring an additional 162,293 shares during the last quarter. Finally, Bard Associates Inc. purchased a new position in shares of Rimini Street in the 2nd quarter worth about $1,094,000. Institutional investors and hedge funds own 73.75% of the company’s stock.

About Rimini Street

Rimini Street, Inc. is a provider of enterprise software support and services. The company offers third-party support for software from vendors including Oracle and SAP, as well as support for other enterprise applications and databases. Its services are designed to help organizations maintain and manage their existing software systems. Rimini Street also provides managed services, application management, security services and advisory support. The company serves clients internationally across a range of industries.