Rimini Street, Inc. (NASDAQ:RMNI) Receives $5.50 Average Target Price from Analysts

Shares of Rimini Street, Inc. (NASDAQ:RMNI) have received a consensus recommendation of “Hold” from the five analysts that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $5.50.

RMNI has been the topic of several analyst reports. Zacks Research cut Rimini Street from a “hold” rating to a “strong sell” rating in a research report on Tuesday, May 5th. TD Cowen boosted their price objective on Rimini Street from $4.00 to $4.50 and gave the stock a “hold” rating in a research report on Monday, May 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Rimini Street in a research report on Friday, March 27th. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st.

Rimini Street Price Performance

Shares of RMNI opened at $4.15 on Monday. Rimini Street has a 1 year low of $2.87 and a 1 year high of $5.38. The company has a market capitalization of $384.12 million, a price-to-earnings ratio of 11.22 and a beta of 1.30. The business has a 50-day moving average of $3.60 and a 200-day moving average of $3.64.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings data on Thursday, April 30th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.08 by ($0.07). The company had revenue of $105.47 million for the quarter, compared to the consensus estimate of $102.71 million. Rimini Street had a negative return on equity of 24.30% and a net margin of 8.30%. As a group, sell-side analysts anticipate that Rimini Street will post 0.27 EPS for the current year.

Insiders Place Their Bets

In other Rimini Street news, EVP Steven Hershkowitz sold 24,884 shares of the business’s stock in a transaction on Thursday, April 30th. The stock was sold at an average price of $3.87, for a total value of $96,301.08. Following the sale, the executive vice president directly owned 186,992 shares in the company, valued at $723,659.04. The trade was a 11.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Kevin Maddock sold 7,485 shares of the business’s stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total value of $29,490.90. Following the completion of the sale, the executive vice president owned 213,534 shares in the company, valued at approximately $841,323.96. The trade was a 3.39% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 182,077 shares of company stock valued at $718,650. 41.20% of the stock is currently owned by insiders.

Institutional Trading of Rimini Street

Several hedge funds have recently made changes to their positions in RMNI. Samjo Management LLC raised its stake in shares of Rimini Street by 149.0% in the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock valued at $4,686,000 after buying an additional 722,750 shares during the period. Mink Brook Asset Management LLC raised its stake in shares of Rimini Street by 1,399.1% in the third quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock valued at $3,508,000 after buying an additional 699,574 shares during the period. Immersion Corp bought a new stake in shares of Rimini Street in the fourth quarter valued at $2,043,000. Manatuck Hill Partners LLC raised its stake in shares of Rimini Street by 401.4% in the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock valued at $2,830,000 after buying an additional 484,040 shares during the period. Finally, CenterBook Partners LP bought a new stake in shares of Rimini Street in the third quarter valued at $1,571,000. 73.75% of the stock is currently owned by institutional investors.

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.