Michael Perica Sells 53,882 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 53,882 shares of the company’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 approximately $368,600. This represents a 36.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Rimini Street Stock Performance

Rimini Street stock opened at $3.90 on Friday. Rimini Street, Inc. has a 1 year low of $2.50 and a 1 year high of $5.38. The firm has a 50 day moving average price of $3.94 and a 200 day moving average price of $4.26. The company has a market cap of $357.83 million, a price-to-earnings ratio of 8.48 and a beta of 1.19.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research report on Monday, December 29th. Cowen restated a “hold” rating on shares of Rimini Street in a report on Friday, October 31st. 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. Finally, Wall Street Zen downgraded shares of Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $5.75.

Institutional Investors Weigh In On Rimini Street

A number of large investors have recently modified their holdings of RMNI. Quarry LP purchased a new stake in shares of Rimini Street during the 3rd quarter valued at about $31,000. BNP Paribas Financial Markets grew its position in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after acquiring an additional 4,891 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Rimini Street during the fourth quarter valued at approximately $43,000. Belvedere Trading LLC acquired a new position in shares of Rimini Street during the second quarter worth $64,000. Finally, Russell Investments Group Ltd. boosted its stake 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 valued at $69,000 after purchasing an additional 17,680 shares during the period. Institutional investors and hedge funds own 73.75% of the company’s stock.

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.