Rimini Street (NASDAQ:RMNI) Rating Increased to Hold at TD Cowen

Rimini Street (NASDAQ:RMNI) was upgraded by research analysts at TD Cowen to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research report on Monday, December 29th. Wall Street Zen downgraded Rimini Street from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $5.75.

Rimini Street Stock Performance

Shares of RMNI opened at $3.40 on Monday. Rimini Street has a 52 week low of $2.79 and a 52 week high of $5.38. The stock has a fifty day moving average of $3.64 and a 200-day moving average of $4.04. The stock has a market capitalization of $311.96 million, a price-to-earnings ratio of 8.50 and a beta of 1.31.

Insider Activity at Rimini Street

In related news, CFO Michael L. Perica sold 53,882 shares of the firm’s stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.00, for a total transaction of $215,528.00. Following the transaction, the chief financial officer directly owned 92,150 shares of the company’s stock, valued at $368,600. This trade represents a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 41.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Rimini Street

A number of institutional investors and hedge funds have recently modified their holdings of RMNI. Samjo Management LLC increased its holdings in Rimini Street by 149.0% during the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after buying an additional 722,750 shares during the last quarter. Mink Brook Asset Management LLC lifted its holdings in Rimini Street by 1,399.1% during the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after purchasing an additional 699,574 shares in the last quarter. Immersion Corp bought a new position in Rimini Street in the 4th quarter worth about $2,043,000. Manatuck Hill Partners LLC boosted its position in shares of Rimini Street by 401.4% in the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock valued at $2,830,000 after acquiring an additional 484,040 shares during the period. Finally, CenterBook Partners LP bought a new position in shares of Rimini Street in the third quarter worth $1,571,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

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.