Rimini Street (NASDAQ:RMNI) Upgraded at Alliance Global Partners

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

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

Rimini Street Price Performance

NASDAQ:RMNI opened at $3.55 on Friday. Rimini Street has a 1 year low of $1.53 and a 1 year high of $3.75. The stock’s fifty day moving average price is $2.91 and its two-hundred day moving average price is $2.26. The company has a market cap of $322.77 million, a P/E ratio of -9.59 and a beta of 1.31.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings data on Thursday, February 27th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $114.21 million for the quarter, compared to analysts’ expectations of $102.57 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. On average, analysts expect that Rimini Street will post 0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Rimini Street

In other Rimini Street news, CEO Seth A. Ravin sold 14,375 shares of the firm’s 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 owns 444,914 shares in the company, valued at $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 33,867 shares of company stock worth $83,982 over the last three months. 41.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of RMNI. Brooktree Capital Management boosted its stake in shares of Rimini Street by 14.6% in the 3rd quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock valued at $6,493,000 after purchasing an additional 445,984 shares in the last quarter. Pacific Ridge Capital Partners LLC grew its holdings in shares of Rimini Street by 33.8% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,545,671 shares of the company’s stock worth $4,127,000 after purchasing an additional 390,131 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Rimini Street in the fourth quarter worth $799,000. Formula Growth Ltd. bought a new stake in Rimini Street during the 4th quarter valued at $587,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Rimini Street by 28.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company’s stock valued at $1,783,000 after buying an additional 149,659 shares during the period. 73.75% of the stock is currently owned by 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.