Rimini Street (NASDAQ:RMNI) EVP Kevin Maddock Sells 7,485 Shares

Rimini Street, Inc. (NASDAQ:RMNI) EVP Kevin Maddock sold 7,485 shares of the stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $29,490.90. Following the transaction, the executive vice president directly owned 213,534 shares of the company’s stock, valued at approximately $841,323.96. The trade was a 3.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Kevin Maddock also recently made the following trade(s):

• On Wednesday, March 4th, Kevin Maddock sold 7,209 shares of Rimini Street stock. The shares were sold at an average price of $3.64, for a total value of $26,240.76.
• On Tuesday, March 3rd, Kevin Maddock sold 2,809 shares of Rimini Street stock. The shares were sold at an average price of $3.72, for a total value of $10,449.48.

Rimini Street Stock Performance

Shares of NASDAQ:RMNI opened at $4.02 on Friday. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.38. The stock has a fifty day moving average of $3.46 and a 200-day moving average of $3.70. The company has a market capitalization of $372.09 million, a PE ratio of 10.86 and a beta of 1.27.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RMNI. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Finally, TD Cowen increased their price objective on Rimini Street from $4.00 to $4.50 and gave the company a “hold” rating in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Rimini Street presently has an average rating of “Hold” and a consensus price target of $5.50.

Institutional Trading of Rimini Street

Hedge funds have recently modified their holdings of the business. Mink Brook Asset Management LLC lifted its holdings in shares of Rimini Street by 1,399.1% in the third quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock valued at $3,508,000 after purchasing an additional 699,574 shares in the last quarter. CenterBook Partners LP purchased a new stake in shares of Rimini Street in the third quarter valued at $1,571,000. RWA Wealth Partners LLC purchased a new stake in shares of Rimini Street in the third quarter valued at $151,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Rimini Street in the third quarter valued at $340,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Rimini Street by 8.4% in the first quarter. Bank of New York Mellon Corp now owns 228,461 shares of the company’s stock valued at $749,000 after purchasing an additional 17,725 shares in the last quarter. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street News Roundup

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

Rimini Street Company Profile

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.