Seth Ravin Sells 41,366 Shares of Rimini Street (NASDAQ:RMNI) Stock

Rimini Street, Inc. (NASDAQ:RMNI) CEO Seth Ravin sold 41,366 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $5.16, for a total transaction of $213,448.56. Following the transaction, the chief executive officer directly owned 10,258,241 shares of the company’s stock, valued at $52,932,523.56. This represents a 0.40% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Rimini Street Trading Down 1.8%

Rimini Street stock opened at $5.01 on Friday. The business’s fifty day simple moving average is $4.85 and its two-hundred day simple moving average is $4.05. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.68. The company has a market capitalization of $467.73 million, a price-to-earnings ratio of 62.63 and a beta of 1.24.

Analyst Upgrades and Downgrades

RMNI has been the subject of several analyst reports. Wall Street Zen raised shares of Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Craig Hallum reiterated a “buy” rating and issued a $8.00 price objective on shares of Rimini Street in a report on Friday, July 31st. Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a research report on Monday, July 6th. TD Cowen raised their price target on shares of Rimini Street from $4.50 to $5.00 and gave the company a “hold” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings cut shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.50.

Institutional Investors Weigh In On Rimini Street

A number of institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets boosted its position in shares of 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 during the last quarter. Invesco Ltd. lifted its position in Rimini Street by 37.2% during the fourth 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. Bank of America Corp DE grew its stake in shares of Rimini Street by 15.3% in the 1st quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock worth $149,000 after buying an additional 6,055 shares in the last quarter. Quarry LP purchased a new position in shares of Rimini Street in the 3rd quarter worth $31,000. Finally, Barclays PLC increased its holdings in shares of Rimini Street by 10.6% in the 4th quarter. Barclays PLC now owns 75,893 shares of the company’s stock worth $294,000 after buying an additional 7,271 shares during the last quarter. 73.75% of the stock is owned by hedge funds and other 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.