Wall Street Zen Downgrades Rimini Street (NASDAQ:RMNI) to Hold

Rimini Street (NASDAQ:RMNI) was downgraded by investment analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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

Rimini Street Stock Up 1.0%

RMNI opened at $3.90 on Friday. Rimini Street has a twelve month low of $1.84 and a twelve month high of $5.38. The company’s 50-day moving average price is $4.47 and its two-hundred day moving average price is $4.05. The stock has a market cap of $357.83 million, a price-to-earnings ratio of 8.48 and a beta of 1.37.

Insider Buying and Selling

In other news, CFO Michael L. Perica sold 100,249 shares of the business’s stock in a transaction on Tuesday, September 2nd. The shares were 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 $613,334.40. The trade was a 40.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders have sold 205,366 shares of company stock valued at $864,728. 41.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rimini Street

Several large investors have recently added to or reduced their stakes in RMNI. Belvedere Trading LLC purchased a new stake in shares of Rimini Street in the 2nd quarter valued at about $64,000. NewEdge Advisors LLC purchased a new position in shares of Rimini Street during the first quarter worth about $66,000. Russell Investments Group Ltd. increased its position in shares of Rimini Street by 3,393.5% in the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock worth $69,000 after purchasing an additional 17,680 shares during the last quarter. Public Employees Retirement System of Ohio raised its stake in Rimini Street by 899.4% in the second quarter. Public Employees Retirement System of Ohio now owns 23,446 shares of the company’s stock valued at $88,000 after purchasing an additional 21,100 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Rimini Street during the second quarter valued at approximately $90,000. 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.