Rimini Street (NASDAQ:RMNI) Upgraded at Craig Hallum

Craig Hallum upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a research note published on Tuesday, MarketBeat Ratings reports. Craig Hallum currently has $6.00 price target on the stock, up from their previous price target of $2.00.

Rimini Street Stock Down 4.2 %

Shares of NASDAQ RMNI opened at $2.51 on Tuesday. The firm has a 50-day simple moving average of $1.98 and a 200-day simple moving average of $2.20. The stock has a market capitalization of $228.21 million, a price-to-earnings ratio of -6.78 and a beta of 1.34. Rimini Street has a 52 week low of $1.53 and a 52 week high of $3.43.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. The company had revenue of $104.67 million during the quarter, compared to the consensus estimate of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. As a group, equities research analysts expect that Rimini Street will post 0.37 EPS for the current year.

Insider Buying and Selling at Rimini Street

In other 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 owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. The trade was a 3.13 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 41.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rimini Street

Several hedge funds and other institutional investors have recently bought and sold shares of RMNI. SG Americas Securities LLC boosted its holdings in Rimini Street by 60.7% in the 3rd quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock valued at $34,000 after purchasing an additional 6,905 shares during the last quarter. State Street Corp raised its position in shares of Rimini Street by 0.8% during the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after buying an additional 8,377 shares during the period. Ruane Cunniff & Goldfarb L.P. lifted its holdings in Rimini Street by 34.3% in the third quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock valued at $70,000 after acquiring an additional 9,719 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in Rimini Street by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 301,607 shares of the company’s stock worth $926,000 after acquiring an additional 10,105 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Rimini Street by 18.5% during the second quarter. Rhumbline Advisers now owns 95,661 shares of the company’s stock worth $294,000 after acquiring an additional 14,917 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

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.