Rimini Street (NASDAQ:RMNI) Rating Increased to Buy at Craig Hallum

Craig Hallum upgraded shares of Rimini Street (NASDAQ:RMNI) from a hold rating to a buy rating in a research note released on Tuesday morning, Marketbeat reports. They currently have $6.00 price target on the stock, up from their prior price target of $2.00.

Rimini Street Stock Up 3.8 %

NASDAQ RMNI opened at $2.72 on Tuesday. The firm’s 50 day moving average is $1.94 and its 200-day moving average is $2.19. The company has a market capitalization of $247.30 million, a PE ratio of -7.35 and a beta of 1.34. Rimini Street has a 12-month low of $1.53 and a 12-month high of $3.43.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.05 by $0.15. The firm had revenue of $104.67 million for the quarter, compared to analysts’ expectations 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, sell-side analysts expect that Rimini Street will post 0.37 EPS for the current year.

Insider Activity

In other news, CEO Seth A. Ravin sold 14,375 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 444,914 shares of the company’s stock, valued at $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 41.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Several hedge funds have recently added to or reduced their stakes in RMNI. Brooktree Capital Management lifted its stake in shares of Rimini Street by 14.6% during the 3rd quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock worth $6,493,000 after buying an additional 445,984 shares during the last quarter. Cerity Partners LLC lifted its position in Rimini Street by 80.2% during the third quarter. Cerity Partners LLC now owns 306,843 shares of the company’s stock worth $568,000 after acquiring an additional 136,609 shares during the last quarter. Round Hill Asset Management boosted its holdings in shares of Rimini Street by 54.1% during the third quarter. Round Hill Asset Management now owns 348,306 shares of the company’s stock worth $644,000 after acquiring an additional 122,333 shares during the period. Los Angeles Capital Management LLC grew its position in shares of Rimini Street by 57.9% in the second quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock valued at $986,000 after purchasing an additional 117,739 shares during the last quarter. Finally, Janus Henderson Group PLC bought a new position in shares of Rimini Street during the third quarter worth approximately $210,000. Institutional investors and hedge funds 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.