Rimini Street (NASDAQ:RMNI) Price Target Cut to $4.50

Rimini Street (NASDAQ:RMNI) had its target price reduced by Alliance Global Partners from $5.50 to $4.50 in a report issued on Friday, Benzinga reports. They currently have a buy rating on the stock.

Rimini Street Stock Performance

Shares of RMNI traded down $0.06 during trading hours on Friday, hitting $2.55. The company had a trading volume of 521,404 shares, compared to its average volume of 257,385. The firm has a fifty day moving average price of $3.01 and a 200-day moving average price of $3.03. The stock has a market capitalization of $230.49 million, a price-to-earnings ratio of 10.63 and a beta of 1.27. Rimini Street has a 52-week low of $2.01 and a 52-week high of $5.32.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.06. The firm had revenue of $112.11 million during the quarter, compared to analyst estimates of $105.95 million. Rimini Street had a negative return on equity of 61.55% and a net margin of 5.02%. Research analysts anticipate that Rimini Street will post 0.35 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Rimini Street news, CEO Seth A. Ravin sold 82,071 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $2.98, for a total value of $244,571.58. Following the completion of the transaction, the chief executive officer now owns 425,955 shares of the company’s stock, valued at approximately $1,269,345.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Rimini Street news, CEO Seth A. Ravin sold 82,071 shares of the business’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $2.98, for a total transaction of $244,571.58. Following the completion of the sale, the chief executive officer now directly owns 425,955 shares in the company, valued at approximately $1,269,345.90. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David W. Rowe sold 10,888 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $2.98, for a total value of $32,446.24. Following the transaction, the executive vice president now owns 385,941 shares of the company’s stock, valued at $1,150,104.18. The disclosure for this sale can be found here. In the last 90 days, insiders sold 150,202 shares of company stock valued at $450,113. 41.32% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Steamboat Capital Partners LLC bought a new position in shares of Rimini Street during the 3rd quarter valued at approximately $772,000. Acadian Asset Management LLC boosted its stake in Rimini Street by 30.6% in the 3rd quarter. Acadian Asset Management LLC now owns 1,358,364 shares of the company’s stock worth $2,987,000 after purchasing an additional 318,029 shares during the period. Brooktree Capital Management boosted its stake in Rimini Street by 43.6% in the 3rd quarter. Brooktree Capital Management now owns 2,817,829 shares of the company’s stock worth $6,199,000 after purchasing an additional 856,085 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Rimini Street by 26.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 62,456 shares of the company’s stock worth $137,000 after purchasing an additional 13,237 shares during the period. Finally, Legato Capital Management LLC bought a new position in Rimini Street in the 4th quarter worth approximately $55,000. 73.75% of the stock is currently owned by institutional investors.

About Rimini Street

Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients' application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.