Rimini Street (NASDAQ:RMNI) Upgraded by Craig Hallum to Buy Rating

Rimini Street (NASDAQ:RMNI) was upgraded by equities research analysts at Craig Hallum from a “hold” rating to a “buy” rating in a research note issued on Tuesday,Benzinga reports. The firm presently has a $6.00 price target on the stock, up from their previous price target of $2.00. Craig Hallum’s target price suggests a potential upside of 129.01% from the company’s previous close.

Rimini Street Price Performance

RMNI stock opened at $2.62 on Tuesday. The company has a market capitalization of $238.21 million, a P/E ratio of -7.08 and a beta of 1.34. The business has a 50-day moving average price of $1.94 and a 200 day moving average price of $2.19. Rimini Street has a 1-year low of $1.53 and a 1-year high of $3.44.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.05 by $0.15. The business had revenue of $104.67 million during the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. On average, analysts anticipate that Rimini Street will post 0.37 earnings per share for the current fiscal year.

Institutional Trading of Rimini Street

Several hedge funds have recently modified their holdings of the company. Brooktree Capital Management raised its position in shares of Rimini Street by 14.6% in the 3rd quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock valued at $6,493,000 after purchasing an additional 445,984 shares during the last quarter. Cerity Partners LLC raised its position in shares of Rimini Street by 80.2% in the 3rd quarter. Cerity Partners LLC now owns 306,843 shares of the company’s stock valued at $568,000 after purchasing an additional 136,609 shares during the last quarter. Round Hill Asset Management raised its position in shares of Rimini Street by 54.1% in the 3rd quarter. Round Hill Asset Management now owns 348,306 shares of the company’s stock valued at $644,000 after purchasing an additional 122,333 shares during the last quarter. Los Angeles Capital Management LLC raised its position in shares of Rimini Street by 57.9% in the 2nd quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock valued at $986,000 after purchasing an additional 117,739 shares during the last quarter. Finally, Janus Henderson Group PLC purchased a new position in shares of Rimini Street in the 3rd quarter valued at approximately $210,000. 73.75% of the stock is owned by hedge funds and other institutional investors.

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.