Rimini Street (NASDAQ:RMNI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Saturday, Zacks.com reports. The brokerage currently has a $4.50 price target on the stock. Zacks Investment Research‘s price target would suggest a potential upside of 8.70% from the stock’s previous close.
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. “
NASDAQ:RMNI opened at $4.14 on Friday. The firm has a market capitalization of $272.79 million, a PE ratio of -12.94, a PEG ratio of 0.59 and a beta of -0.15. Rimini Street has a fifty-two week low of $3.63 and a fifty-two week high of $7.26. The stock’s fifty day moving average is $4.14 and its 200 day moving average is $4.76.
In related news, CEO Seth A. Ravin sold 5,762 shares of the company’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $5.00, for a total transaction of $28,810.00. Also, CMO David W. Rowe sold 200,000 shares of the company’s stock in a transaction on Thursday, August 29th. The stock was sold at an average price of $4.72, for a total value of $944,000.00. Following the sale, the chief marketing officer now owns 177,969 shares of the company’s stock, valued at $840,013.68. The disclosure for this sale can be found here. Insiders have sold a total of 491,526 shares of company stock valued at $2,239,344 over the last 90 days. 64.25% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. lifted its stake in shares of Rimini Street by 122.7% during the 2nd quarter. BlackRock Inc. now owns 966,161 shares of the company’s stock worth $5,120,000 after purchasing an additional 532,357 shares during the last quarter. Vanguard Group Inc. raised its stake in Rimini Street by 53.3% in the second quarter. Vanguard Group Inc. now owns 903,772 shares of the company’s stock valued at $4,790,000 after buying an additional 314,226 shares during the last quarter. Renaissance Technologies LLC raised its stake in Rimini Street by 104.9% in the second quarter. Renaissance Technologies LLC now owns 158,049 shares of the company’s stock valued at $838,000 after buying an additional 80,900 shares during the last quarter. Strs Ohio purchased a new stake in Rimini Street in the second quarter valued at about $29,000. Finally, Acadian Asset Management LLC raised its stake in Rimini Street by 1,146.2% in the second quarter. Acadian Asset Management LLC now owns 39,467 shares of the company’s stock valued at $209,000 after buying an additional 36,300 shares during the last quarter. Hedge funds and other institutional investors own 44.70% of the company’s stock.
About Rimini Street
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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