Rimini Street, Inc. (NASDAQ:RMNI) Stock Has Average Price Target of $6.33 According to Brokerages

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have earned a consensus rating of “Moderate Buy” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $6.33.

A number of analysts have recently commented on RMNI shares. Craig Hallum restated a “buy” rating and issued a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a report on Friday, October 2nd. Roth Capital reissued a “buy” rating and issued a $6.50 target price on shares of Rimini Street in a research report on Thursday, July 30th. Finally, Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st.

Insider Buying and Selling at Rimini Street

In other news, CEO Seth Ravin sold 191,702 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $5.18, for a total transaction of $993,016.36. Following the completion of the transaction, the chief executive officer directly owned 10,299,607 shares of the company’s stock, valued at $53,351,964.26. This trade represents a 1.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders have sold 327,591 shares of company stock worth $1,677,747. 42.00% of the stock is owned by company insiders.

Institutional Trading of Rimini Street

A number of institutional investors have recently made changes to their positions in RMNI. Bank of America Corp DE boosted its holdings in Rimini Street by 15.3% during the first quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock worth $149,000 after purchasing an additional 6,055 shares during the last quarter. Byrne Asset Management LLC increased its stake in Rimini Street by 11.2% in the 2nd quarter. Byrne Asset Management LLC now owns 73,280 shares of the company’s stock valued at $312,000 after buying an additional 7,380 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Rimini Street in the 2nd quarter valued at $49,000. Bank of New York Mellon Corp increased its stake in Rimini Street by 8.4% in the 1st quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company’s stock valued at $749,000 after buying an additional 17,725 shares during the last quarter. Finally, AXQ Capital LP bought a new stake in Rimini Street during the 2nd quarter worth about $90,000. Institutional investors own 73.75% of the company’s stock.

Rimini Street Trading Up 1.5%

RMNI stock opened at $4.13 on Thursday. The stock has a 50-day moving average price of $4.60 and a two-hundred day moving average price of $4.28. The stock has a market cap of $385.58 million, a PE ratio of 29.07 and a beta of 1.31. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.68.

Rimini Street Company Profile

Rimini Street, Inc is a global provider of enterprise software support, managed services and consulting. The company helps organizations maintain and optimize business applications from software vendors including Oracle, SAP and IBM, offering an alternative to the vendors’ standard support programs.

Its services include third-party application maintenance and support, software management, interoperability assistance, security services, database administration, technology consulting and application management.