Zacks Investment Research Downgrades Rimini Street (NASDAQ:RMNI) to Hold

Zacks Investment Research lowered shares of Rimini Street (NASDAQ:RMNI – Get Rating) from a buy rating to a hold rating in a report issued on Saturday morning, Zacks.com reports.

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. “

Several other research firms also recently commented on RMNI. Alliance Global Partners upgraded shares of Rimini Street from a neutral rating to a buy rating and lowered their price objective for the stock from $10.50 to $8.50 in a research note on Thursday, March 3rd. Roth Capital upgraded shares of Rimini Street from a neutral rating to a buy rating and set a $8.00 price objective for the company in a research note on Wednesday, January 19th.

NASDAQ RMNI opened at $6.00 on Friday. The firm’s fifty day simple moving average is $5.84 and its two-hundred day simple moving average is $5.86. Rimini Street has a 12-month low of $4.19 and a 12-month high of $11.52. The firm has a market capitalization of $522.24 million, a P/E ratio of 9.09, a P/E/G ratio of 1.28 and a beta of 0.79.

Rimini Street (NASDAQ:RMNI – Get Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $0.10 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.10. Rimini Street had a net margin of 18.27% and a negative return on equity of 72.75%. During the same period last year, the company earned ($0.01) EPS. On average, analysts forecast that Rimini Street will post 0.46 EPS for the current year.

In related news, EVP Steven Salaets sold 10,630 shares of the business’s stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $5.96, for a total transaction of $63,354.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 35,697 shares of company stock valued at $193,338 over the last quarter. Insiders own 48.40% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. lifted its position in Rimini Street by 11.5% during the fourth quarter. BlackRock Inc. now owns 2,670,434 shares of the company’s stock valued at $15,941,000 after purchasing an additional 276,467 shares during the period. Diamond Hill Capital Management Inc. acquired a new position in Rimini Street during the first quarter valued at $14,832,000. Vanguard Group Inc. lifted its position in Rimini Street by 7.9% during the first quarter. Vanguard Group Inc. now owns 2,540,688 shares of the company’s stock valued at $14,737,000 after purchasing an additional 186,079 shares during the period. Conifer Management L.L.C. raised its position in shares of Rimini Street by 94.9% in the fourth quarter. Conifer Management L.L.C. now owns 2,336,135 shares of the company’s stock worth $13,947,000 after acquiring an additional 1,137,290 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Rimini Street by 2.9% in the first quarter. Wellington Management Group LLP now owns 2,156,744 shares of the company’s stock worth $12,509,000 after acquiring an additional 60,751 shares during the period. Institutional investors own 79.45% of the company’s stock.

Rimini Street Company Profile (Get Rating)

Rimini Street, Inc provides enterprise software products, services, and support for various industries. The company offers software support services for Oracle and SAP enterprise 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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