Rimini street’s CPO David Rowe sells $528 in stock

David W. Rowe, Chief Product Officer of Rimini Street , Inc. (NASDAQ:RMNI), recently executed a series of transactions involving the company’s common stock. According to the latest SEC filings, Rowe sold 147 shares of Rimini Street stock, generating a total of $528. The shares were sold at a price of $3.598 each. The stock has since climbed to $3.96, marking a strong 14% return over the past week and currently trading near its 52-week high of $3.99. InvestingPro analysis suggests the stock is slightly undervalued at current levels.

The sale was part of an automatically-triggered "sell-to-cover" transaction, which was executed to meet withholding tax obligations related to the vesting of Restricted Stock Units (RSUs). This transaction was not initiated by Rowe but was carried out in accordance with the company’s policy for tax withholdings. The company, with a market capitalization of $364 million, has shown promising momentum, with InvestingPro data revealing expectations for positive net income growth this year.

Additionally, Rowe acquired 333 shares of common stock through the vesting of RSUs. This acquisition did not involve any monetary transaction as the RSUs were converted to common stock at no cost. Following these transactions, Rowe holds a total of 394,665 shares of Rimini Street stock. For deeper insights into RMNI’s valuation metrics and growth prospects, investors can access comprehensive analysis through InvestingPro’s detailed research reports.

In other recent news, Rimini Street Inc. reported its Q4 2024 earnings, revealing revenue of $114.2 million, which surpassed analyst forecasts of $102.51 million. The company also met earnings per share (EPS) expectations with a result of $0.07. Despite these positive financial results, Rimini Street’s stock experienced a decline during regular trading hours. In another development, Alliance Global Partners (NYSE:GLP) upgraded Rimini Street’s stock from Neutral to Buy, raising the price target to $6.50, citing the company’s anticipated cash recovery from Oracle (NYSE:ORCL) and a stronger profit forecast.

Additionally, Rimini Street addressed a compliance issue with Nasdaq by appointing Jay Snyder to its Audit Committee, thus fulfilling Nasdaq’s requirement for a minimum of three qualified members. This move followed a period of noncompliance due to a previous resignation. The company’s strategic efforts include a new sales model and cost reductions aimed at future growth, with a focus on expanding service offerings and strategic partnerships. These recent developments highlight Rimini Street’s ongoing efforts to strengthen its financial position and governance standards.

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