Insider Selling: Rimini Street (NASDAQ:RMNI) EVP Sells 24,884 Shares of Stock

Rimini Street, Inc. (NASDAQ:RMNI) EVP Steven Hershkowitz sold 24,884 shares of Rimini Street stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $3.87, for a total value of $96,301.08. Following the sale, the executive vice president owned 186,992 shares of the company’s stock, valued at approximately $723,659.04. This trade represents a 11.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Steven Hershkowitz also recently made the following trade(s):

• On Wednesday, March 4th, Steven Hershkowitz sold 5,193 shares of Rimini Street stock. The shares were sold at an average price of $3.64, for a total value of $18,902.52.

Rimini Street Trading Down 4.0%

Shares of RMNI traded down $0.16 during trading hours on Monday, reaching $3.89. 649,636 shares of the company’s stock traded hands, compared to its average volume of 359,974. The stock has a market cap of $356.56 million, a PE ratio of 10.51 and a beta of 1.27. The firm’s 50 day simple moving average is $3.43 and its 200-day simple moving average is $3.71. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RMNI shares. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research report on Friday. TD Cowen boosted their target price on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.50.

Institutional Trading of Rimini Street

A number of hedge funds have recently bought and sold shares of RMNI. Cubist Systematic Strategies LLC bought a new stake in Rimini Street in the 1st quarter worth approximately $134,000. AQR Capital Management LLC increased its holdings in shares of Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock worth $127,000 after buying an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Rimini Street in the first quarter worth about $271,000. NewEdge Advisors LLC purchased a new position in shares of Rimini Street in the first quarter worth about $66,000. Finally, Jane Street Group LLC increased its holdings in shares of Rimini Street by 120.2% in the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after buying an additional 18,112 shares during the period. 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.