Zacks Investment Research upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a report released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $5.25 target price on the stock.
According to Zacks, “Rimini Street, Inc. provides enterprise software support services. The Company’s support services program consists of support, risk avoidance, technology support, innovation and roadmap, account management and archiving services, as well as global tax, legal and regulatory update services. It serves the education and public sector. Rimini Street, Inc. is based in Las Vegas, United States. “
Shares of RMNI stock opened at $4.92 on Friday. The company has a market capitalization of $316.70 million and a price-to-earnings ratio of -15.38. Rimini Street has a one year low of $4.00 and a one year high of $7.46. The company’s fifty day moving average price is $5.00 and its 200-day moving average price is $5.13.
In other news, President Sebastian Grady sold 6,618 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $5.18, for a total transaction of $34,281.24. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Nancy Lyskawa sold 45,000 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $4.96, for a total transaction of $223,200.00. The disclosure for this sale can be found here. Insiders have sold a total of 745,068 shares of company stock worth $3,809,889 over the last 90 days. Insiders own 64.25% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its stake in shares of Rimini Street by 3.8% during the fourth quarter. BlackRock Inc. now owns 468,431 shares of the company’s stock valued at $2,411,000 after acquiring an additional 17,343 shares during the last quarter. Northern Trust Corp raised its stake in shares of Rimini Street by 2.1% during the fourth quarter. Northern Trust Corp now owns 100,710 shares of the company’s stock valued at $519,000 after acquiring an additional 2,054 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Rimini Street during the first quarter valued at about $53,000. NJ State Employees Deferred Compensation Plan raised its stake in shares of Rimini Street by 9.5% during the first quarter. NJ State Employees Deferred Compensation Plan now owns 23,000 shares of the company’s stock valued at $115,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Strs Ohio bought a new position in shares of Rimini Street during the second quarter valued at about $29,000. Hedge funds and other institutional investors own 41.98% of the company’s stock.
Rimini Street Company Profile
Rimini Street, Inc provides enterprise software products and services for various industries. The company offers third-party support for Oracle and SAP software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.
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