Rimini Street’s EVP sells shares worth $15,654

LAS VEGAS— Rimini Street , Inc. (NASDAQ:RMNI) Executive Vice President and Chief Recurring Revenue Officer Kevin Maddock recently sold shares of the company’s stock, according to a regulatory filing. On February 3, Maddock sold 5,615 shares at an average price of $2.788 per share, totaling approximately $15,654. This transaction was part of an automatically-triggered "sell-to-cover" event to address tax obligations related to the vesting of restricted stock units. The stock, which InvestingPro analysis indicates is currently undervalued, has shown strong momentum with a 59% gain over the past six months.

In addition to the sale, Maddock acquired 13,334 shares of common stock at no cost through the vesting of restricted stock units on the same day. Following these transactions, Maddock holds a total of 116,968 shares of Rimini Street. While the company isn’t currently profitable, InvestingPro data shows analysts expect profitability this year, with the company maintaining a "Fair" financial health score. Get deeper insights into insider trading patterns and comprehensive valuation metrics with InvestingPro’s detailed research reports.

In other recent news, Rimini Street has seen significant developments in its ongoing legal battle with Oracle (NYSE:ORCL). A favorable ruling from the Appeals Court reversed many of the previous district court’s decisions against Rimini Street, including requirements to end support of certain software environments and delete client data. This reversal may have positive implications for Rimini Street’s appeal for a refund of the $58.5M in legal fees paid to Oracle.

The company has also been upgraded from Hold to Buy by a Craig-Hallum analyst, with a new price target set at $6.00. This upgrade follows the recent court ruling and reflects an evaluation of 1.5 times Revenue and 12.2 times EBITDA. The analyst suggests that the stock is significantly undervalued considering the company’s strong momentum and recent cost reductions.

Despite previous legal challenges, Rimini Street demonstrated a strong financial quarter with an increase in Annual Recurring Revenue (ARR), billings, and clients, as well as an uptick in retention rates. These are noteworthy developments and demonstrate the company’s resilience amid ongoing legal hurdles.

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