Rimini Street (NASDAQ:RMNI) Stock Rating Lowered by Zacks Investment Research

Rimini Street (NASDAQ:RMNIGet Rating) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday, 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. “

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

RMNI opened at $5.88 on Friday. The business has a 50 day simple moving average of $5.83 and a 200-day simple moving average of $5.93. The stock has a market capitalization of $511.80 million, a P/E ratio of 8.91, a P/E/G ratio of 1.23 and a beta of 0.79. Rimini Street has a 12 month low of $4.19 and a 12 month high of $11.52.

Rimini Street (NASDAQ:RMNIGet Rating) last posted its quarterly earnings results on Wednesday, May 4th. The company reported $0.10 EPS for the quarter, meeting the consensus estimate of $0.10. Rimini Street had a negative return on equity of 72.75% and a net margin of 18.27%. During the same period in the previous year, the company posted ($0.01) earnings per share. As a group, sell-side analysts expect that Rimini Street will post 0.47 EPS for the current fiscal year.

In other news, EVP Steven Salaets sold 10,630 shares of the business’s stock in a transaction on Wednesday, March 9th. The stock was sold at an average price of $5.96, for a total value of $63,354.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last three months, insiders sold 35,697 shares of company stock valued at $193,338. Insiders own 48.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. increased its stake in Rimini Street by 3.7% in the third quarter. Victory Capital Management Inc. now owns 26,384 shares of the company’s stock valued at $255,000 after purchasing an additional 932 shares during the last quarter. Invesco Ltd. increased its stake in Rimini Street by 9.9% in the second quarter. Invesco Ltd. now owns 14,853 shares of the company’s stock valued at $91,000 after purchasing an additional 1,334 shares during the last quarter. Royal Bank of Canada increased its stake in 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 during the last quarter. Panagora Asset Management Inc. increased its stake in Rimini Street by 3.8% in the first quarter. Panagora Asset Management Inc. now owns 65,976 shares of the company’s stock valued at $383,000 after purchasing an additional 2,422 shares during the last quarter. Finally, Financial Management Professionals Inc. increased its stake in Rimini Street by 13.6% in the first quarter. Financial Management Professionals Inc. now owns 23,799 shares of the company’s stock valued at $138,000 after purchasing an additional 2,847 shares during the last quarter. Hedge funds and other institutional investors own 79.45% of the company’s stock.

About Rimini Street (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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