Alliance Global Partners Upgrades Rimini Street (NASDAQ:RMNI) to “Buy”

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

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

Rimini Street Trading Up 16.4 %

RMNI stock opened at $3.55 on Friday. The firm has a market cap of $322.77 million, a PE ratio of -9.59 and a beta of 1.31. The stock has a 50-day moving average price of $2.91 and a 200-day moving average price of $2.26. Rimini Street has a 1-year low of $1.53 and a 1-year high of $3.75.

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

Insider Buying and Selling at Rimini Street

In other Rimini Street news, CEO Seth A. Ravin sold 14,375 shares of the company’s stock in a transaction dated Friday, December 13th. The shares were 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 approximately $978,810.80. This represents a 3.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In the last three months, insiders have sold 33,867 shares of company stock worth $83,982. Corporate insiders own 41.00% of the company’s stock.

Hedge Funds Weigh In On Rimini Street

Several institutional investors have recently added to or reduced their stakes in the stock. Brooktree Capital Management boosted its stake in Rimini Street by 14.6% in the third quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock valued at $6,493,000 after acquiring an additional 445,984 shares during the last quarter. Pacific Ridge Capital Partners LLC raised its holdings in shares of Rimini Street by 33.8% in the 4th 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 period. Millennium Management LLC purchased a new position in Rimini Street in the fourth quarter valued at approximately $799,000. Formula Growth Ltd. bought a new position in Rimini Street during the fourth quarter valued at $587,000. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Rimini Street by 28.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company’s stock worth $1,783,000 after buying an additional 149,659 shares during 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.