Rimini Stock: Executives Sell Shares Amid Growth

Several Rimini Street executives recently completed stock transactions, selling shares at an average price of $3.48. CEO Ravin Seth divested 2,315 shares worth approximately $8,055, while Chief Product Officer David Rowe sold 2,951 shares for about $10,268. CFO Michael Perica also sold 3,295 shares, generating roughly $11,465. Notably, these were automatic "Sell-to-Cover" transactions triggered to address tax liabilities related to Restricted stock Unit transfers, not initiated by the executives themselves. Despite these sales, the company's stock has shown remarkable strength, nearly doubling in value over the past six months and currently considered undervalued by analysts. In a significant development, Alliance Global Partners upgraded Rimini Street from Neutral to Buy, raising the price target from $2.25 to $6.50 based on expectations of a $58 million cash recovery from Oracle and improved 2026 earnings forecasts.

Strong Performance Exceeds Market Expectations

Rimini Street posted impressive fourth-quarter 2024 results, with revenue reaching $114.2 million, substantially exceeding analyst projections of $102.51 million. Earnings per share met expectations at $0.07. Though the company experienced a slight 0.6% annual revenue decline to $428.8 million, it has implemented strategic improvements, including appointing Jay Snyder to its audit committee to fulfill Nasdaq requirements and introducing a new sales model delivering significant cost savings. These initiatives have already shown positive impact, with fourth-quarter billings increasing by 7.1% year-over-year.

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Source StockWorld