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

Alliance Global Partners upgraded shares of Rimini Street (NASDAQ:RMNI - Free Report) from a neutral rating to a buy rating in a report released on Friday morning, Marketbeat Ratings reports.

Separately, Craig Hallum upgraded Rimini Street from a "hold" rating to a "buy" rating and increased their price objective for the company from $2.00 to $6.00 in a research report on Tuesday, December 17th.

Rimini Street Price Performance

Shares of RMNI stock traded down $0.23 during trading hours on Friday, hitting $3.48. 303,147 shares of the company's stock were exchanged, compared to its average volume of 283,385. Rimini Street has a 52 week low of $1.53 and a 52 week high of $3.80. The stock has a market cap of $316.40 million, a price-to-earnings ratio of -9.41 and a beta of 1.31. The stock's 50-day moving average is $2.93 and its 200-day moving average is $2.28.

Rimini Street (NASDAQ:RMNI - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported $0.09 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 the consensus estimate of $102.57 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. Equities research analysts forecast that Rimini Street will post 0.37 earnings per share for the current fiscal year.

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Insider Activity

In related news, CEO Seth A. Ravin sold 14,375 shares of the stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $2.20, for a total value of $31,625.00. Following the transaction, the chief executive officer now directly owns 444,914 shares in the company, valued at $978,810.80. This represents a 3.13 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have sold 33,867 shares of company stock valued at $83,982. 41.00% of the stock is currently owned by insiders.

Institutional Trading of Rimini Street

Institutional investors and hedge funds have recently made changes to their positions in the business. Brooktree Capital Management boosted its position 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 worth $6,493,000 after purchasing an additional 445,984 shares during the last quarter. Bard Associates Inc. boosted its holdings in Rimini Street by 7.7% during the third quarter. Bard Associates Inc. now owns 345,257 shares of the company's stock worth $639,000 after buying an additional 24,757 shares during the last quarter. Gladius Capital Management LP grew its position in shares of Rimini Street by 201.2% during the 3rd quarter. Gladius Capital Management LP now owns 56,018 shares of the company's stock worth $104,000 after buying an additional 37,418 shares during the period. Banque Cantonale Vaudoise increased its stake in shares of Rimini Street by 165.0% in the 3rd quarter. Banque Cantonale Vaudoise now owns 75,367 shares of the company's stock valued at $139,000 after acquiring an additional 46,928 shares during the last quarter. Finally, Cerity Partners LLC raised its position in shares of Rimini Street by 80.2% in the 3rd quarter. Cerity Partners LLC now owns 306,843 shares of the company's stock valued at $568,000 after acquiring an additional 136,609 shares during the period. 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.