Rimini Street (NASDAQ:RMNI) Given New $4.00 Price Target at TD Cowen

Rimini Street (NASDAQ:RMNI) had its price objective reduced by TD Cowen from $4.25 to $4.00 in a report released on Monday,Benzinga reports. They currently have a hold rating on the stock.

Separately, Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Rimini Street presently has a consensus rating of “Hold” and an average price target of $5.25.

Rimini Street Trading Up 1.2%

NASDAQ RMNI opened at $3.51 on Monday. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.38. The stock’s fifty day moving average price is $3.41 and its 200-day moving average price is $3.73. The stock has a market cap of $321.73 million, a P/E ratio of 8.78 and a beta of 1.27.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth A. Ravin sold 52,085 shares of the stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $3.64, for a total transaction of $189,589.40. Following the sale, the chief executive officer directly owned 722,564 shares in the company, valued at approximately $2,630,132.96. This trade represents a 6.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Michael L. Perica sold 24,879 shares of Rimini Street stock in a transaction on Wednesday, March 4th. The stock was sold at an average price of $3.64, for a total value of $90,559.56. Following the completion of the sale, the chief financial officer directly owned 117,655 shares of the company’s stock, valued at approximately $428,264.20. The trade was a 17.45% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 116,246 shares of company stock valued at $424,248. Insiders own 41.20% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

A number of hedge funds have recently bought and sold shares of RMNI. Quarry LP bought a new position in Rimini Street during the 3rd quarter valued at about $31,000. SG Americas Securities LLC bought a new stake in shares of Rimini Street in the fourth quarter worth approximately $43,000. BNP Paribas Financial Markets raised its holdings in shares of Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after purchasing an additional 4,891 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Rimini Street during the fourth quarter valued at approximately $57,000. Finally, NewEdge Advisors LLC bought a new position in Rimini Street during the first quarter valued at approximately $66,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street Company Profile

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.