Rimini Street (NASDAQ:RMNI) Stock Rating Upgraded by Craig Hallum

Rimini Street (NASDAQ:RMNI) was upgraded by analysts at Craig Hallum from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage presently has a $6.00 price target on the stock, up from their previous price target of $2.00. Craig Hallum’s price objective indicates a potential upside of 129.01% from the company’s previous close.

Rimini Street Price Performance

NASDAQ:RMNI opened at $2.62 on Tuesday. The business’s 50-day moving average is $1.96 and its two-hundred day moving average is $2.19. Rimini Street has a 12 month low of $1.53 and a 12 month high of $3.43. The firm has a market capitalization of $238.21 million, a PE ratio of -7.08 and a beta of 1.34.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings data on Wednesday, October 30th. The company reported $0.20 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 company had revenue of $104.67 million for the quarter, compared to analyst estimates of $99.39 million. Equities analysts anticipate 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 Rimini Street stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $2.20, for a total transaction of $31,625.00. Following the sale, the chief executive officer now directly owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. The trade was a 3.13 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 41.00% of the stock is currently owned by corporate insiders.

Institutional Trading of Rimini Street

A number of hedge funds and other institutional investors have recently modified their holdings of RMNI. Brooktree Capital Management increased its position in shares of Rimini Street by 14.6% during the third quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock worth $6,493,000 after acquiring an additional 445,984 shares during the last quarter. Cerity Partners LLC grew its stake in Rimini Street by 80.2% in the third quarter. Cerity Partners LLC now owns 306,843 shares of the company’s stock worth $568,000 after purchasing an additional 136,609 shares in the last quarter. Round Hill Asset Management grew its stake in Rimini Street by 54.1% in the third quarter. Round Hill Asset Management now owns 348,306 shares of the company’s stock worth $644,000 after purchasing an additional 122,333 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Rimini Street by 57.9% in the second quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock worth $986,000 after purchasing an additional 117,739 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in Rimini Street in the third quarter worth about $210,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

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.