Rimini Street (NASDAQ:RMNI) Lifted to “Hold” at Zacks Investment Research

Rimini Street (NASDAQ:RMNI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, Zacks.com reports.

According to Zacks, “Rimini Street, Inc. provides enterprise software support services. The Company’s support services program consists of support, risk avoidance, technology support, innovation and roadmap, account management and archiving services, as well as global tax, legal and regulatory update services. It serves the education and public sector. Rimini Street, Inc. is based in Las Vegas, United States. “

Shares of NASDAQ RMNI traded up $0.01 during mid-day trading on Thursday, hitting $5.20. The company’s stock had a trading volume of 617 shares, compared to its average volume of 52,952. The stock has a market capitalization of $344.66 million and a PE ratio of -16.31. Rimini Street has a one year low of $4.00 and a one year high of $8.55. The company has a fifty day simple moving average of $5.06.

In related news, President Sebastian Grady sold 13,863 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $5.18, for a total value of $71,810.34. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders sold a total of 600,075 shares of company stock worth $3,112,825 over the last quarter. 64.25% of the stock is currently owned by corporate insiders.

Large investors have recently made changes to their positions in the stock. SG Americas Securities LLC acquired a new stake in shares of Rimini Street in the 1st quarter valued at approximately $53,000. Rhumbline Advisers acquired a new stake in Rimini Street during the 4th quarter worth approximately $57,000. NJ State Employees Deferred Compensation Plan raised its holdings in Rimini Street by 9.5% during the 1st quarter. NJ State Employees Deferred Compensation Plan now owns 23,000 shares of the company’s stock worth $115,000 after buying an additional 2,000 shares during the period. Northern Trust Corp raised its holdings in Rimini Street by 2.1% during the 4th quarter. Northern Trust Corp now owns 100,710 shares of the company’s stock worth $519,000 after buying an additional 2,054 shares during the period. Finally, BlackRock Inc. raised its holdings in Rimini Street by 3.8% during the 4th quarter. BlackRock Inc. now owns 468,431 shares of the company’s stock worth $2,411,000 after buying an additional 17,343 shares during the period. Institutional investors and hedge funds own 41.68% of the company’s stock.

Rimini Street Company Profile

Rimini Street, Inc provides enterprise software products and services for various industries. The company offers third-party support for Oracle and SAP software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.

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