Craig Hallum Upgrades Rimini Street (NASDAQ:RMNI) to “Buy”

Rimini Street (NASDAQ:RMNI) was upgraded by analysts at Craig Hallum from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $6.00 price objective on the stock, up from their prior price objective of $2.00. Craig Hallum’s price objective points to a potential upside of 129.01% from the stock’s previous close.

Rimini Street Stock Performance

Shares of NASDAQ:RMNI opened at $2.62 on Tuesday. The business’s fifty day moving average price is $1.96 and its two-hundred day moving average price is $2.19. The stock has a market cap of $238.21 million, a PE ratio of -7.08 and a beta of 1.34. Rimini Street has a one year low of $1.53 and a one year high of $3.43.

Rimini Street (NASDAQ:RMNI) last announced its earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The firm had revenue of $104.67 million for the quarter, compared to analysts’ expectations of $99.39 million. As a group, equities research analysts predict that Rimini Street will post 0.37 earnings per share for the current fiscal year.

Insider Transactions at Rimini Street

In other news, CEO Seth A. Ravin sold 14,375 shares of the firm’s stock in a transaction on 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 Securities & Exchange Commission, which is available through this link. Insiders own 41.00% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Several hedge funds have recently made changes to their positions in RMNI. Virtu Financial LLC purchased a new position in shares of Rimini Street in the 3rd quarter worth $58,000. Barclays PLC raised its position in shares of Rimini Street by 281.6% in the 3rd quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after buying an additional 51,870 shares during the period. State Street Corp raised its position in shares of Rimini Street by 0.8% in the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company’s stock worth $1,888,000 after buying an additional 8,377 shares during the period. Janus Henderson Group PLC purchased a new position in shares of Rimini Street in the 3rd quarter worth $210,000. Finally, Ruane Cunniff & Goldfarb L.P. raised its position in shares of Rimini Street by 34.3% in the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock worth $70,000 after buying an additional 9,719 shares during the period. 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.