Rimini Street, Inc. (NASDAQ:RMNI) Receives Average Recommendation of “Moderate Buy” from Analysts

Rimini Street, Inc. (NASDAQ:RMNI) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12 month price target among analysts that have covered the stock in the last year is $6.50.

Several research analysts recently commented on the company. Roth Capital reissued a “buy” rating and issued a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th. Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Zacks Research upgraded shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, TD Cowen boosted their price target on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a research report on Tuesday, July 28th.

Rimini Street Price Performance

Rimini Street stock traded down $0.10 during midday trading on Wednesday, reaching $5.11. The company had a trading volume of 131,715 shares, compared to its average volume of 395,648. Rimini Street has a 12-month low of $2.87 and a 12-month high of $5.28. The company has a market capitalization of $476.60 million, a P/E ratio of 64.02 and a beta of 1.23. The firm’s fifty day simple moving average is $4.67 and its 200-day simple moving average is $3.94.

Institutional Trading of Rimini Street

Large investors have recently made changes to their positions in the company. Conifer Management L.L.C. acquired a new position in Rimini Street during the second quarter worth approximately $25,190,228,000. BlackRock Inc. purchased a new stake in Rimini Street in the 2nd quarter valued at $15,729,000. Pacific Ridge Capital Partners LLC boosted its stake in Rimini Street by 9.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after purchasing an additional 159,673 shares during the period. Mink Brook Asset Management LLC increased its stake in Rimini Street by 73.4% in the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock valued at $5,043,000 after purchasing an additional 550,167 shares during the period. Finally, Geode Capital Management LLC raised its holdings 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 buying an additional 18,808 shares during the last quarter. 73.75% of the stock is owned by institutional investors and hedge funds.

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.