Rimini Street, Inc. (NASDAQ:RMNI) Stock Has Consensus Price Target of $6.50

Rimini Street, Inc. (NASDAQ:RMNI) has been given an average recommendation of “Moderate Buy” by the six research firms that are presently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $6.33.

Several research firms recently weighed in on RMNI. Craig Hallum restated a “buy” rating and set a $8.00 target price on shares of Rimini Street in a report on Friday, July 31st. Weiss Ratings downgraded Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Roth Capital restated a “buy” rating and set a $6.50 price objective on shares of Rimini Street in a research note on Thursday, July 30th.

Insider Activity

In related news, CEO Seth Ravin sold 89,639 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $5.02, for a total transaction of $449,987.78. Following the sale, the chief executive officer directly owned 10,168,602 shares in the company, valued at approximately $51,046,382.04. This trade represents a 0.87% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 327,591 shares of company stock valued at $1,677,747 in the last ninety days. 42.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Rimini Street

Institutional investors and hedge funds have recently bought and sold shares of the stock. AXQ Capital LP acquired a new stake in Rimini Street in the second quarter valued at approximately $90,000. Public Employees Retirement System of Ohio purchased a new position in shares of Rimini Street in the second quarter valued at $158,000. Corient Private Wealth LP purchased a new position in shares of Rimini Street in the second quarter valued at $427,000. Bank of America Corp DE acquired a new stake in Rimini Street during the 2nd quarter valued at $146,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Rimini Street during the 2nd quarter valued at $49,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Down 0.5%

Shares of RMNI stock opened at $4.28 on Friday. The stock has a market cap of $399.58 million, a price-to-earnings ratio of 53.51 and a beta of 1.24. Rimini Street has a fifty-two week low of $2.87 and a fifty-two week high of $5.68. The firm’s 50 day moving average price is $4.83 and its two-hundred day moving average price is $4.16.

Rimini Street Company Profile

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.