Rimini Street (NASDAQ:RMNI) Upgraded to Hold at TD Cowen

TD Cowen upgraded shares of Rimini Street (NASDAQ:RMNI) to a hold rating in a research report report published on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. Wall Street Zen downgraded shares of Rimini Street from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $5.75.

Rimini Street Stock Down 5.3%

Shares of NASDAQ:RMNI opened at $3.40 on Monday. The company has a market capitalization of $311.96 million, a P/E ratio of 8.50 and a beta of 1.31. Rimini Street has a 52-week low of $2.79 and a 52-week high of $5.38. The stock’s fifty day simple moving average is $3.64 and its 200-day simple moving average is $4.04.

Insider Buying and Selling at Rimini Street

In other news, CFO Michael L. Perica sold 53,882 shares of the stock in a transaction dated Thursday, January 8th. The shares were sold at an average price of $4.00, for a total transaction of $215,528.00. Following the transaction, the chief financial officer directly owned 92,150 shares in the company, valued at $368,600. This represents a 36.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 41.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rimini Street

Several institutional investors and hedge funds have recently bought and sold shares of RMNI. Samjo Management LLC boosted its holdings in shares of Rimini Street by 149.0% in the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock valued at $4,686,000 after purchasing an additional 722,750 shares during the last quarter. Mink Brook Asset Management LLC raised its position in shares of Rimini Street by 1,399.1% in the 3rd quarter. Mink Brook Asset Management LLC now owns 749,574 shares of the company’s stock worth $3,508,000 after buying an additional 699,574 shares during the period. Immersion Corp acquired a new position in Rimini Street in the fourth quarter valued at $2,043,000. Manatuck Hill Partners LLC grew its position in Rimini Street by 401.4% during the third quarter. Manatuck Hill Partners LLC now owns 604,640 shares of the company’s stock valued at $2,830,000 after acquiring an additional 484,040 shares during the period. Finally, CenterBook Partners LP acquired a new stake in Rimini Street during the third quarter worth about $1,571,000. Institutional investors and hedge funds 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.