David Rowe Sells 7,485 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 7,485 shares of the business’s stock in a transaction dated Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $29,490.90. Following the sale, the chief marketing officer owned 498,119 shares in the company, valued at approximately $1,962,588.86. The trade was a 1.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Stock Performance

Rimini Street stock opened at $4.02 on Friday. The business’s 50-day simple moving average is $3.46 and its two-hundred day simple moving average is $3.70. The company has a market cap of $372.09 million, a PE ratio of 10.86 and a beta of 1.27. Rimini Street, Inc. has a fifty-two week low of $2.87 and a fifty-two week high of $5.38.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RMNI. TD Cowen upped their target price on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research note on Monday, May 4th. Zacks Research downgraded Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Finally, Alliance Global Partners restated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.50.

Rimini Street News Roundup

Here are the key news stories impacting Rimini Street this week:

• Positive Sentiment: Several executive stock sales were explicitly disclosed as transactions made to cover tax withholding obligations from vesting equity awards, which can reduce concern that insiders are cashing out for negative reasons. SEC filing for Nancy Lyskawa sale
• Positive Sentiment: Rimini Street’s stock has been trading above both its 50-day and 200-day moving averages, suggesting recent momentum has improved versus earlier in the year.
• Neutral Sentiment: EVP Nancy Lyskawa sold 5,995 shares, EVP Kevin Maddock sold 7,485 shares, CMO David W. Rowe sold 7,485 shares, and CFO Michael L. Perica sold 27,737 shares at $3.94 per share; all were reported as tax-withholding sales related to vesting equity awards. SEC filing for Kevin Maddock sale SEC filing for David W. Rowe sale SEC filing for Michael L. Perica sale
• Negative Sentiment: Zacks Research downgraded Rimini Street from “hold” to “strong sell,” which is likely weighing on sentiment and may pressure the shares. Zacks downgrade article

Institutional Trading of Rimini Street

A number of hedge funds have recently modified their holdings of RMNI. Cubist Systematic Strategies LLC purchased a new stake in shares of Rimini Street in the first quarter worth about $134,000. AQR Capital Management LLC boosted its stake in shares of Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company’s stock worth $127,000 after buying an additional 25,788 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Rimini Street in the first quarter worth about $271,000. NewEdge Advisors LLC purchased a new position in Rimini Street during the first quarter worth approximately $66,000. Finally, Jane Street Group LLC boosted its position in Rimini Street by 120.2% during the first quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock worth $115,000 after purchasing an additional 18,112 shares in the last quarter. 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.