Rimini Street Inc (RMNI) Receives Average Recommendation of “Strong Buy” from Brokerages

Rimini Street Inc (NASDAQ:RMNI) has been assigned an average broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the company, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.

Brokers have set a 1 year consensus price target of $10.00 for the company and are predicting that the company will post $0.03 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Rimini Street an industry rank of 82 out of 256 based on the ratings given to its competitors.

Separately, Zacks Investment Research upgraded shares of Rimini Street from a “hold” rating to a “buy” rating and set a $6.00 price objective on the stock in a research note on Wednesday, March 20th.

Shares of NASDAQ:RMNI traded down $0.16 during midday trading on Friday, reaching $4.74. The company’s stock had a trading volume of 38,674 shares, compared to its average volume of 33,504. The firm has a market capitalization of $309.37 million and a P/E ratio of -14.81. Rimini Street has a twelve month low of $4.00 and a twelve month high of $8.55.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings data on Thursday, March 14th. The company reported $0.04 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.04. The business had revenue of $67.71 million during the quarter, compared to analyst estimates of $63.69 million. Equities research analysts forecast that Rimini Street will post 0.19 EPS for the current fiscal year.

In related news, SVP Nancy Lyskawa sold 17,810 shares of the firm’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $6.00, for a total transaction of $106,860.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, President Sebastian Grady sold 21,144 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $5.18, for a total transaction of $109,525.92. The disclosure for this sale can be found here. Insiders sold 54,432 shares of company stock worth $297,113 in the last quarter.

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. grew its position in Rimini Street by 8.1% during the third quarter. BlackRock Inc. now owns 451,088 shares of the company’s stock valued at $2,846,000 after buying an additional 33,737 shares during the period. Vanguard Group Inc. grew its position in Rimini Street by 192.0% during the third quarter. Vanguard Group Inc. now owns 603,813 shares of the company’s stock valued at $3,810,000 after buying an additional 397,057 shares during the period. Rhumbline Advisers acquired a new stake in Rimini Street during the fourth quarter valued at $57,000. NJ State Employees Deferred Compensation Plan grew its position in Rimini Street by 50.0% during the fourth quarter. NJ State Employees Deferred Compensation Plan now owns 21,000 shares of the company’s stock valued at $108,000 after buying an additional 7,000 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Rimini Street during the third quarter valued at $268,000. Institutional investors own 42.20% of the company’s stock.

Rimini Street Company Profile

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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