Rimini Street (NASDAQ:RMNI) Lowered to “Hold” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Rimini Street (NASDAQ:RMNI) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other research firms have also issued reports on RMNI. TD Cowen lowered their target price on Rimini Street from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Friday, October 31st. Cowen restated a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Rimini Street in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Rimini Street presently has a consensus rating of “Hold” and a consensus target price of $5.83.

Rimini Street Price Performance

Rimini Street stock traded up $0.04 during mid-day trading on Friday, hitting $3.90. 265,021 shares of the company were exchanged, compared to its average volume of 337,698. The company has a market capitalization of $357.83 million, a P/E ratio of 8.48 and a beta of 1.37. Rimini Street has a 12-month low of $1.84 and a 12-month high of $5.38. The business’s 50 day simple moving average is $4.47 and its two-hundred day simple moving average is $4.06.

Insider Buying and Selling at Rimini Street

In other news, CFO Michael L. Perica sold 100,249 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $4.20, for a total transaction of $421,045.80. Following the completion of the transaction, the chief financial officer directly owned 146,032 shares in the company, valued at approximately $613,334.40. The trade was a 40.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 205,366 shares of company stock worth $864,728 over the last quarter. Insiders own 41.20% of the company’s stock.

Institutional Trading of Rimini Street

Several hedge funds have recently added to or reduced their stakes in RMNI. Brooktree Capital Management increased its holdings in shares of Rimini Street by 0.4% during the second quarter. Brooktree Capital Management now owns 3,902,223 shares of the company’s stock valued at $14,711,000 after purchasing an additional 15,770 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Rimini Street by 2.2% in the 1st quarter. Acadian Asset Management LLC now owns 2,272,975 shares of the company’s stock worth $7,906,000 after acquiring an additional 48,993 shares during the period. Pacific Ridge Capital Partners LLC grew its holdings in shares of Rimini Street by 3.5% in the 1st quarter. Pacific Ridge Capital Partners LLC now owns 1,599,149 shares of the company’s stock worth $5,565,000 after acquiring an additional 53,478 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Rimini Street by 1.5% during the 2nd quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after purchasing an additional 18,808 shares in the last quarter. Finally, Samjo Management LLC lifted its stake in Rimini Street by 142.5% in the second quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock valued at $1,828,000 after acquiring an additional 285,000 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

About Rimini Street

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients’ application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.