Rimini Street (NASDAQ:RMNI) Upgraded by Craig Hallum to “Buy” Rating

Craig Hallum upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a research report released on Tuesday morning, MarketBeat.com reports. The firm currently has $6.00 target price on the stock, up from their prior target price of $2.00.

Rimini Street Stock Performance

Rimini Street stock opened at $2.51 on Tuesday. The company has a market capitalization of $228.21 million, a PE ratio of -6.78 and a beta of 1.34. Rimini Street has a fifty-two week low of $1.53 and a fifty-two week high of $3.43. The firm has a 50 day moving average price of $1.98 and a 200 day moving average price of $2.20.

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

Insider Transactions at Rimini Street

In other news, CEO Seth A. Ravin sold 14,375 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $2.20, for a total value of $31,625.00. Following the sale, the chief executive officer now directly owns 444,914 shares in the company, valued at approximately $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 41.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Large investors have recently bought and sold shares of the stock. Virtu Financial LLC acquired a new position in shares of Rimini Street during the third quarter worth about $58,000. Barclays PLC lifted its stake in Rimini Street by 281.6% in the third quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after acquiring an additional 51,870 shares during the last quarter. State Street Corp lifted its stake in Rimini Street by 0.8% in the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock worth $1,888,000 after acquiring an additional 8,377 shares during the last quarter. Janus Henderson Group PLC acquired a new position in Rimini Street during the 3rd quarter worth approximately $210,000. Finally, Ruane Cunniff & Goldfarb L.P. increased its position in shares of Rimini Street by 34.3% in the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock valued at $70,000 after purchasing an additional 9,719 shares during the last quarter. Hedge funds and other institutional investors own 73.75% of the company’s stock.

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.