Alliance Global Partners Upgrades Rimini Street (NASDAQ:RMNI) to Buy

Rimini Street (NASDAQ:RMNI) was upgraded by investment analysts at Alliance Global Partners from a “neutral” rating to a “buy” rating in a report issued on Friday,Finviz reports.

Separately, Craig Hallum raised shares of Rimini Street from a “hold” rating to a “buy” rating and boosted their target price for the stock from $2.00 to $6.00 in a research report on Tuesday, December 17th.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $3.05 on Friday. The stock has a market capitalization of $277.31 million, a PE ratio of -8.24 and a beta of 1.31. Rimini Street has a 52 week low of $1.53 and a 52 week high of $3.75. The stock has a 50 day moving average price of $2.88 and a two-hundred day moving average price of $2.24.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. Research analysts forecast that Rimini Street will post 0.37 EPS for the current year.

Insider Activity at Rimini Street

In related news, CEO Seth A. Ravin sold 14,375 shares of the business’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $2.20, for a total transaction of $31,625.00. Following the transaction, the chief executive officer now directly owns 444,914 shares in the company, valued at approximately $978,810.80. The trade was a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 33,867 shares of company stock valued at $83,982 over the last 90 days. Insiders own 41.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds have recently made changes to their positions in RMNI. ProShare Advisors LLC increased its holdings in Rimini Street by 49.1% during the fourth quarter. ProShare Advisors LLC now owns 14,942 shares of the company’s stock worth $40,000 after buying an additional 4,918 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Rimini Street during the 4th quarter worth approximately $40,000. Prudential Financial Inc. raised its holdings in shares of Rimini Street by 67.0% in the 4th quarter. Prudential Financial Inc. now owns 19,935 shares of the company’s stock worth $53,000 after purchasing an additional 8,000 shares during the period. Virtu Financial LLC purchased a new position in Rimini Street in the third quarter valued at approximately $58,000. Finally, SG Americas Securities LLC increased its position in Rimini Street by 23.2% in the fourth quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock worth $60,000 after buying an additional 4,238 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Company Profile

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.