Zacks Investment Research upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage currently has $5.00 price target 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. “
Several other brokerages have also recently issued reports on RMNI. ValuEngine cut shares of Rimini Street from a buy rating to a hold rating in a research report on Thursday, April 30th. Roth Capital lowered shares of Rimini Street to a hold rating in a research report on Friday, March 13th.
Shares of Rimini Street stock opened at $4.57 on Wednesday. The company has a market capitalization of $321.16 million, a P/E ratio of 47.10, a P/E/G ratio of 1.46 and a beta of 0.40. The company has a fifty day moving average of $4.40 and a 200 day moving average of $4.30. Rimini Street has a fifty-two week low of $2.22 and a fifty-two week high of $5.48.
Rimini Street (NASDAQ:RMNI) last issued its earnings results on Thursday, May 7th. The company reported ($0.01) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.03). Rimini Street had a negative return on equity of 8.21% and a negative net margin of 1.69%. The firm had revenue of $78.03 million during the quarter, compared to the consensus estimate of $76.20 million. As a group, analysts anticipate that Rimini Street will post 0.22 earnings per share for the current fiscal year.
In other news, CMO David W. Rowe sold 8,301 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $4.50, for a total transaction of $37,354.50. Following the transaction, the chief marketing officer now directly owns 84,275 shares of the company’s stock, valued at $379,237.50. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CMO David W. Rowe sold 48,082 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was sold at an average price of $4.00, for a total transaction of $192,328.00. Following the transaction, the chief marketing officer now directly owns 76,042 shares in the company, valued at $304,168. The disclosure for this sale can be found here. Insiders sold a total of 92,942 shares of company stock worth $384,347 over the last three months. 61.14% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Voss Capital LLC boosted its stake in shares of Rimini Street by 57.3% during the first quarter. Voss Capital LLC now owns 2,095,437 shares of the company’s stock valued at $5,576,000 after purchasing an additional 763,667 shares in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Rimini Street by 27.4% during the fourth quarter. Renaissance Technologies LLC now owns 398,067 shares of the company’s stock valued at $1,544,000 after purchasing an additional 85,718 shares in the last quarter. State Street Corp boosted its stake in shares of Rimini Street by 1.4% during the first quarter. State Street Corp now owns 352,078 shares of the company’s stock valued at $1,440,000 after purchasing an additional 4,928 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Rimini Street by 866.7% during the first quarter. JPMorgan Chase & Co. now owns 299,568 shares of the company’s stock valued at $1,225,000 after purchasing an additional 268,580 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its stake in Rimini Street by 76.6% in the first quarter. Acadian Asset Management LLC now owns 194,341 shares of the company’s stock valued at $795,000 after acquiring an additional 84,275 shares in the last quarter. Hedge funds and other institutional investors own 51.32% 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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