Zacks: Rimini Street Inc (NASDAQ:RMNI) Given $9.00 Consensus Target Price by Brokerages

Shares of Rimini Street Inc (NASDAQ:RMNI) have earned an average broker rating score of 1.00 (Strong Buy) from the two brokers that cover the company, Zacks Investment Research reports. Two investment analysts have rated the stock with a strong buy recommendation.

Brokers have set a 12-month consensus price objective of $9.00 for the company and are forecasting that the company will post $0.09 earnings per share for the current quarter, according to Zacks. Zacks has also given Rimini Street an industry rank of 33 out of 254 based on the ratings given to related companies.

A number of equities analysts recently issued reports on RMNI shares. Zacks Investment Research lowered Rimini Street from a “buy” rating to a “hold” rating in a research note on Tuesday. Roth Capital downgraded Rimini Street to a “hold” rating in a research report on Friday, March 13th. Finally, ValuEngine downgraded Rimini Street from a “buy” rating to a “hold” rating in a research report on Thursday, April 30th.

In other news, CMO David W. Rowe sold 48,082 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was sold at an average price of $4.00, for a total transaction of $192,328.00. Following the sale, the chief marketing officer now directly owns 76,042 shares in the company, valued at approximately $304,168. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CMO David W. Rowe sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $4.33, for a total value of $25,980.00. Following the sale, the chief marketing officer now owns 81,942 shares in the company, valued at $354,808.86. The disclosure for this sale can be found here. Insiders have sold a total of 120,684 shares of company stock worth $496,975 over the last ninety days. 64.25% of the stock is owned by insiders.

Several large investors have recently bought and sold shares of the company. Voss Capital LLC grew its position in shares of Rimini Street by 57.3% during the 1st quarter. Voss Capital LLC now owns 2,095,437 shares of the company’s stock valued at $5,576,000 after acquiring an additional 763,667 shares during the period. Renaissance Technologies LLC grew its position in shares of Rimini Street by 27.4% during the 4th quarter. Renaissance Technologies LLC now owns 398,067 shares of the company’s stock valued at $1,544,000 after acquiring an additional 85,718 shares during the period. State Street Corp grew its position in shares of Rimini Street by 1.4% during the 1st quarter. State Street Corp now owns 352,078 shares of the company’s stock valued at $1,440,000 after acquiring an additional 4,928 shares during the period. JPMorgan Chase & Co. boosted its holdings in Rimini Street by 866.7% in the 1st quarter. JPMorgan Chase & Co. now owns 299,568 shares of the company’s stock worth $1,225,000 after buying an additional 268,580 shares during the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in Rimini Street by 76.6% in the 1st quarter. Acadian Asset Management LLC now owns 194,341 shares of the company’s stock worth $795,000 after buying an additional 84,275 shares during the last quarter. Hedge funds and other institutional investors own 48.98% of the company’s stock.

RMNI stock traded down $0.09 during midday trading on Friday, reaching $4.32. The stock had a trading volume of 50,699 shares, compared to its average volume of 75,777. The stock has a market cap of $300.70 million, a PE ratio of 44.10, a P/E/G ratio of 1.37 and a beta of 0.42. The firm has a fifty day simple moving average of $4.06 and a two-hundred day simple moving average of $4.22. Rimini Street has a 52-week low of $2.22 and a 52-week high of $5.48.

Rimini Street (NASDAQ:RMNI) last issued its earnings results on Monday, March 16th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.03). The firm had revenue of $76.13 million during the quarter, compared to analysts’ expectations of $71.77 million. Rimini Street had a negative return on equity of 8.21% and a negative net margin of 1.69%. As a group, research analysts forecast that Rimini Street will post 0.22 EPS for the current fiscal year.

About Rimini Street

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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