TD Cowen Cuts Rimini Street (NASDAQ:RMNI) Price Target to $4.00

Rimini Street (NASDAQ:RMNI) had its target price cut by stock analysts at TD Cowen from $4.25 to $4.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price target would indicate a potential upside of 14.45% from the company’s previous close.

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Friday, March 27th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.25.

Rimini Street Trading Up 0.7%

NASDAQ RMNI traded up $0.03 during trading on Monday, reaching $3.50. The company’s stock had a trading volume of 157,588 shares, compared to its average volume of 338,853. The firm has a market capitalization of $320.35 million, a price-to-earnings ratio of 8.74 and a beta of 1.27. Rimini Street has a 12 month low of $2.87 and a 12 month high of $5.38. The firm has a 50 day moving average price of $3.40 and a 200 day moving average price of $3.73.

Insider Activity

In other news, EVP Kevin Maddock sold 7,209 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $3.64, for a total transaction of $26,240.76. Following the completion of the sale, the executive vice president owned 184,217 shares of the company’s stock, valued at approximately $670,549.88. This represents a 3.77% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Michael L. Perica sold 24,879 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $3.64, for a total transaction of $90,559.56. Following the sale, the chief financial officer directly owned 117,655 shares of the company’s stock, valued at approximately $428,264.20. This trade represents a 17.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 116,246 shares of company stock worth $424,248. Insiders own 41.20% of the company’s stock.

Institutional Trading of Rimini Street

Institutional investors and hedge funds have recently made changes to their positions in the company. Invesco Ltd. lifted its stake in Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock valued at $86,000 after purchasing an additional 5,998 shares during the last quarter. nVerses Capital LLC bought a new position in Rimini Street in the 4th quarter valued at approximately $57,000. Oxford Asset Management LLP bought a new position in Rimini Street in the 4th quarter valued at approximately $127,000. Millennium Management LLC lifted its stake in Rimini Street by 49.0% in the 4th quarter. Millennium Management LLC now owns 70,834 shares of the company’s stock valued at $275,000 after purchasing an additional 23,286 shares during the last quarter. Finally, Manatuck Hill Partners LLC lifted its stake in Rimini Street by 5.7% in the 4th 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 last quarter. 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.