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

Rimini Street (NASDAQ:RMNI - Get Free Report) was upgraded by equities researchers at Craig Hallum from a "hold" rating to a "buy" rating in a report released on Tuesday, MarketBeat.com reports. The firm 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 120.59% from the company's previous close.

Rimini Street Trading Up 3.8 %

RMNI stock traded up $0.10 during midday trading on Tuesday, hitting $2.72. The company's stock had a trading volume of 1,783,975 shares, compared to its average volume of 276,005. The firm's 50-day moving average is $1.94 and its 200-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 company has a market cap of $247.30 million, a PE ratio of -7.35 and a beta of 1.34.

Rimini Street (NASDAQ:RMNI - Get Free Report) last issued its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.05 by $0.15. The business had revenue of $104.67 million during the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. Analysts expect that Rimini Street will post 0.37 earnings per share for the current year.

Insider Activity

In other Rimini Street 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 approximately $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 41.00% of the company's stock.

Institutional Inflows and Outflows

Several 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 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 period. Acadian Asset Management LLC boosted its position in shares of Rimini Street by 1.9% during the second quarter. Acadian Asset Management LLC now owns 2,220,161 shares of the company's stock worth $6,813,000 after acquiring an additional 41,139 shares during the last quarter. Diamond Hill Capital Management Inc. grew its stake in Rimini Street by 2.3% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,007,515 shares of the company's stock valued at $6,163,000 after acquiring an additional 44,401 shares in the last quarter. State Street Corp increased its holdings in Rimini Street by 0.8% in the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company's stock valued at $1,888,000 after acquiring an additional 8,377 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Rimini Street by 3.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 806,670 shares of the company's stock worth $2,477,000 after purchasing an additional 26,694 shares in the last quarter. Institutional investors own 73.75% of the company's stock.

Rimini Street Company Profile

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.