Rimini Street, Inc. (NASDAQ:RMNI) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have received an average recommendation of “Hold” from the five ratings firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $5.75.

Several brokerages have weighed in on RMNI. TD Cowen reduced 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. Wall Street Zen cut Rimini Street from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Monday. Finally, Cowen restated a “hold” rating on shares of Rimini Street in a report on Friday, October 31st.

Institutional Trading of Rimini Street

A number of large investors have recently made changes to their positions in RMNI. Nuveen LLC purchased a new position in shares of Rimini Street during the first quarter valued at $473,000. Samjo Management LLC bought a new position in Rimini Street during the 1st quarter worth about $696,000. MetLife Investment Management LLC purchased a new position in Rimini Street during the 1st quarter valued at about $109,000. Cubist Systematic Strategies LLC purchased a new position in Rimini Street during the 1st quarter valued at about $134,000. Finally, AQR Capital Management LLC raised its holdings in shares of Rimini Street by 243.9% in the 1st quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock valued at $127,000 after purchasing an additional 25,788 shares in the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $3.97 on Friday. The company has a market capitalization of $364.25 million, a P/E ratio of 8.63 and a beta of 1.19. The company has a fifty day moving average of $4.10 and a 200 day moving average of $4.18. Rimini Street has a fifty-two week low of $2.46 and a fifty-two week high of $5.38.

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.