Rimini Street, Inc. (NASDAQ:RMNI) Major Shareholder Sells $732,712.64 in Stock

Rimini Street, Inc. (NASDAQ:RMNI) major shareholder Gpiac, Llc sold 81,232 shares of the business’s stock in a transaction on Tuesday, August 24th. The shares were sold at an average price of $9.02, for a total transaction of $732,712.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Gpiac, Llc also recently made the following trade(s):

  • On Friday, September 10th, Gpiac, Llc sold 541,547 shares of Rimini Street stock. The shares were sold at an average price of $9.75, for a total transaction of $5,280,083.25.
  • On Wednesday, September 8th, Gpiac, Llc sold 1,137,249 shares of Rimini Street stock. The shares were sold at an average price of $9.92, for a total transaction of $11,281,510.08.
  • On Friday, August 27th, Gpiac, Llc sold 81,232 shares of Rimini Street stock. The stock was sold at an average price of $9.33, for a total transaction of $757,894.56.
  • On Thursday, August 5th, Gpiac, Llc sold 332,185 shares of Rimini Street stock. The stock was sold at an average price of $8.22, for a total transaction of $2,730,560.70.

Shares of NASDAQ:RMNI opened at $9.57 on Friday. The stock has a market capitalization of $820.76 million, a PE ratio of -34.18, a P/E/G ratio of 2.77 and a beta of 0.64. Rimini Street, Inc. has a 1 year low of $3.04 and a 1 year high of $10.72. The firm has a fifty day moving average price of $8.71 and a 200 day moving average price of $7.95.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings data on Wednesday, August 4th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.15). The business had revenue of $91.61 million during the quarter, compared to the consensus estimate of $89.77 million. Rimini Street had a negative return on equity of 5.82% and a negative net margin of 4.14%. On average, equities analysts anticipate that Rimini Street, Inc. will post 0.35 earnings per share for the current year.

A number of equities analysts have recently weighed in on the stock. Alliance Global Partners dropped their price target on shares of Rimini Street from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 5th. Cowen reaffirmed a “buy” rating and issued a $13.50 price target on shares of Rimini Street in a research note on Friday, July 9th. Finally, Zacks Investment Research raised shares of Rimini Street from a “sell” rating to a “hold” rating in a research note on Saturday, August 21st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $11.10.

A number of hedge funds have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its holdings in Rimini Street by 9.9% during the second quarter. Invesco Ltd. now owns 14,853 shares of the company’s stock valued at $91,000 after acquiring an additional 1,334 shares during the period. Royal Bank of Canada boosted its holdings in Rimini Street by 21.9% during the second quarter. Royal Bank of Canada now owns 9,002 shares of the company’s stock valued at $55,000 after acquiring an additional 1,618 shares during the period. Goldman Sachs Group Inc. boosted its holdings in Rimini Street by 5.0% during the second quarter. Goldman Sachs Group Inc. now owns 35,782 shares of the company’s stock valued at $220,000 after acquiring an additional 1,706 shares during the period. Legal & General Group Plc boosted its holdings in Rimini Street by 92.9% during the second quarter. Legal & General Group Plc now owns 4,626 shares of the company’s stock valued at $28,000 after acquiring an additional 2,228 shares during the period. Finally, Los Angeles Capital Management LLC boosted its holdings in Rimini Street by 2.4% during the first quarter. Los Angeles Capital Management LLC now owns 121,203 shares of the company’s stock valued at $1,087,000 after acquiring an additional 2,815 shares during the period. Institutional investors own 58.91% of the company’s stock.

About Rimini Street

Rimini Street, Inc engages in the provision of enterprise software support products and services. It offers global tax, legal, and regulatory update, security support, proactive support, advanced technology, license advisory and onboarding and archiving services. The company was founded by Seth A. Ravin and Thomas C.

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