Rimini Street (NASDAQ:RMNI) Downgraded by Zacks Investment Research to “Hold”

Rimini Street (NASDAQ:RMNIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Rimini Street, Inc. provides enterprise software support services. The Company’s support services program consists of support, risk avoidance, technology support, innovation and roadmap, account management and archiving services, as well as global tax, legal and regulatory update services. It serves the education and public sector. Rimini Street, Inc. is based in Las Vegas, United States. “

A number of other research firms also recently weighed in on RMNI. Alliance Global Partners upgraded Rimini Street from a “neutral” rating to a “buy” rating and cut their target price for the stock from $10.50 to $8.50 in a research report on Thursday, March 3rd. Roth Capital upgraded Rimini Street from a “neutral” rating to a “buy” rating and set a $8.00 target price for the company in a research report on Wednesday, January 19th.

Shares of RMNI stock opened at $5.80 on Wednesday. Rimini Street has a 12-month low of $4.19 and a 12-month high of $11.52. The firm has a market capitalization of $506.57 million, a price-to-earnings ratio of 11.60, a price-to-earnings-growth ratio of 1.27 and a beta of 0.79. The business has a 50 day simple moving average of $5.71 and a 200 day simple moving average of $6.11.

Rimini Street (NASDAQ:RMNIGet Rating) last released its earnings results on Wednesday, March 2nd. The company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.72. The firm had revenue of $99.28 million during the quarter, compared to the consensus estimate of $96.17 million. Rimini Street had a negative return on equity of 58.05% and a net margin of 15.30%. During the same period in the prior year, the firm posted $0.12 earnings per share. On average, sell-side analysts forecast that Rimini Street will post 0.46 EPS for the current fiscal year.

In other news, EVP Steven Salaets sold 10,630 shares of the stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $5.96, for a total transaction of $63,354.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 27,509 shares of company stock valued at $146,421 in the last quarter. Insiders own 48.40% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sandy Cove Advisors LLC purchased a new stake in shares of Rimini Street in the fourth quarter valued at $34,000. Advisor Group Holdings Inc. lifted its holdings in shares of Rimini Street by 1,266.7% in the third quarter. Advisor Group Holdings Inc. now owns 4,100 shares of the company’s stock valued at $40,000 after purchasing an additional 3,800 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in shares of Rimini Street in the fourth quarter valued at $49,000. Koshinski Asset Management Inc. purchased a new stake in shares of Rimini Street in the first quarter valued at $55,000. Finally, Royal Bank of Canada lifted its holdings in shares of Rimini Street by 21.9% in the second quarter. Royal Bank of Canada now owns 9,002 shares of the company’s stock valued at $55,000 after purchasing an additional 1,618 shares in the last quarter. Institutional investors own 79.45% of the company’s stock.

Rimini Street Company Profile (Get Rating)

Rimini Street, Inc provides enterprise software products, services, and support for various industries. The company offers software support services for Oracle and SAP enterprise software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.

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