Craig Hallum Reaffirms Buy Rating for Rimini Street (NASDAQ:RMNI)

by · The Markets Daily

Rimini Street (NASDAQ:RMNI – Get Free Report)‘s stock had its “buy” rating reiterated by Craig Hallum in a research report issued on Friday, July 31st. They currently have a $6.50 price objective on the stock. Craig Hallum’s price target suggests a potential upside of 27.08% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. TD Cowen raised their target price on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Finally, Zacks Research raised Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Three research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Rimini Street has a consensus rating of “Moderate Buy” and a consensus price target of $6.00.

Read Our Latest Analysis on RMNI

Rimini Street Trading Down 1.6%

Shares of NASDAQ:RMNI traded down $0.09 on Friday, reaching $5.12. 114,478 shares of the company traded hands, compared to its average volume of 395,574. The business’s 50-day simple moving average is $4.67 and its 200 day simple moving average is $3.94. Rimini Street has a 52 week low of $2.87 and a 52 week high of $5.28. The stock has a market capitalization of $477.54 million, a P/E ratio of 63.95 and a beta of 1.23.

Institutional Trading of Rimini Street

Several institutional investors and hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets lifted its holdings in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after buying an additional 4,891 shares during the period. Invesco Ltd. lifted its holdings in Rimini Street by 37.2% in the fourth quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock worth $86,000 after buying an additional 5,998 shares during the period. Bank of America Corp DE lifted its holdings in Rimini Street by 15.3% in the first quarter. Bank of America Corp DE now owns 45,537 shares of the company’s stock worth $149,000 after buying an additional 6,055 shares during the period. Quarry LP purchased a new stake in Rimini Street in the third quarter worth about $31,000. Finally, Barclays PLC lifted its holdings in Rimini Street by 10.6% in the fourth quarter. Barclays PLC now owns 75,893 shares of the company’s stock worth $294,000 after buying an additional 7,271 shares during the period. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Company Profile

(Get Free Report)

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.

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