Michael Perica Sells 27,737 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CFO Michael Perica sold 27,737 shares of the stock in a transaction that occurred on Wednesday, May 6th. The stock was sold at an average price of $3.94, for a total value of $109,283.78. Following the completion of the transaction, the chief financial officer directly owned 157,863 shares in the company, valued at approximately $621,980.22. This trade represents a 14.94% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Stock Up 2.0%

Shares of NASDAQ:RMNI opened at $4.02 on Friday. Rimini Street, Inc. has a 52-week low of $2.87 and a 52-week high of $5.38. The stock has a market cap of $372.09 million, a P/E ratio of 10.86 and a beta of 1.27. The business’s 50 day moving average is $3.46 and its 200 day moving average is $3.70.

Rimini Street News Summary

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

Analyst Upgrades and Downgrades

RMNI has been the topic of several research analyst reports. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. TD Cowen increased their price objective 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 cut Rimini Street from a “hold” rating to a “strong sell” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research note on Friday, March 27th. Two analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Rimini Street currently has an average rating of “Hold” and a consensus target price of $5.50.

Institutional Trading of Rimini Street

Several hedge funds and other institutional investors have recently bought and sold shares of RMNI. Quarry LP bought a new stake in Rimini Street during the 3rd quarter valued at $31,000. SG Americas Securities LLC bought a new stake in Rimini Street during the 4th quarter valued at $43,000. BNP Paribas Financial Markets boosted its position in Rimini Street by 96.8% during the 3rd 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. nVerses Capital LLC bought a new stake in Rimini Street during the 4th quarter valued at $57,000. Finally, NewEdge Advisors LLC bought a new stake in Rimini Street during the 1st quarter valued at $66,000. Institutional investors 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.