Rimini Street (NASDAQ:RMNI) CFO Sells 53,882 Shares

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 53,882 shares of the stock in a transaction that occurred on 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 owned 92,150 shares in the company, valued at approximately $368,600. This represents a 36.90% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Rimini Street Stock Performance

Rimini Street stock traded down $0.08 during mid-day trading on Friday, reaching $3.90. 372,048 shares of the company were exchanged, compared to its average volume of 221,288. The firm has a market cap of $357.83 million, a P/E ratio of 8.48 and a beta of 1.19. The business has a fifty day moving average of $3.94 and a 200 day moving average of $4.24. Rimini Street, Inc. has a 12-month low of $2.50 and a 12-month high of $5.38.

Institutional Investors Weigh In On Rimini Street

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC purchased a new position in Rimini Street in the 4th quarter worth $43,000. Jacobs Levy Equity Management Inc. grew its stake in Rimini Street by 9.1% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 269,706 shares of the company’s stock valued at $1,262,000 after purchasing an additional 22,454 shares during the last quarter. PharVision Advisers LLC acquired a new stake in shares of Rimini Street during the third quarter worth about $226,000. XTX Topco Ltd purchased a new stake in Rimini Street in the third quarter valued at approximately $593,000. Finally, Quarry LP acquired a new position in Rimini Street in the 3rd quarter worth approximately $31,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen downgraded shares of Rimini Street from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research report on Friday, October 31st. Weiss Ratings reiterated a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. Finally, TD Cowen lowered their target price on shares of Rimini Street from $6.00 to $5.00 and set a “hold” rating for the company in a research note on Friday, October 31st. Two equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $5.75.

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.