Rimini Street (NASDAQ:RMNI) CMO Sells $21,294.24 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) CMO David Rowe sold 4,884 shares of the firm’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $4.36, for a total transaction of $21,294.24. Following the completion of the transaction, the chief marketing officer directly owned 506,568 shares in the company, valued at approximately $2,208,636.48. The trade was a 0.95% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Rimini Street Stock Performance

RMNI stock opened at $4.22 on Friday. The business has a 50-day simple moving average of $4.82 and a two-hundred day simple moving average of $4.16. The company has a market capitalization of $393.98 million, a P/E ratio of 52.76 and a beta of 1.24. Rimini Street, Inc. has a 52-week low of $2.87 and a 52-week high of $5.68.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Craig Hallum reiterated a “buy” rating and set a $8.00 price target on shares of Rimini Street in a report on Friday, July 31st. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Weiss Ratings lowered shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Finally, Roth Capital reiterated a “buy” rating and issued a $6.50 target price on shares of Rimini Street in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.33.

Hedge Funds Weigh In On Rimini Street

Several institutional investors have recently modified their holdings of RMNI. Conifer Management L.L.C. bought a new stake in Rimini Street during the second quarter worth $25,190,228. BlackRock Inc. purchased a new position in shares of Rimini Street in the second quarter worth about $15,729,000. Manatuck Hill Partners LLC raised its position in shares of Rimini Street by 5.7% in the fourth quarter. Manatuck Hill Partners LLC now owns 639,115 shares of the company’s stock valued at $2,480,000 after purchasing an additional 34,475 shares during the period. Immersion Corp bought a new stake in shares of Rimini Street in the fourth quarter valued at approximately $2,043,000. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Rimini Street by 77.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 373,019 shares of the company’s stock valued at $1,222,000 after buying an additional 162,293 shares in the last quarter. 73.75% of the stock is owned by institutional investors.

About Rimini Street

Rimini Street, Inc is a global provider of enterprise software products and services. The company is best known for third-party support for enterprise applications, including Oracle and SAP software, and helps organizations maintain, optimize and extend the useful life of their existing technology systems.

Its offerings include software support, managed services, security services, application management, database services, integration and interoperability solutions, and professional services.