Rimini Street, Inc. (NASDAQ:RMNI) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its stake in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 17.9% during the second quarter, HoldingsChannel reports. The firm owned 307,911 shares of the company’s stock after buying an additional 46,736 shares during the period. Bank of New York Mellon Corp’s holdings in Rimini Street were worth $945,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. LSV Asset Management raised its holdings in shares of Rimini Street by 799.6% during the 1st quarter. LSV Asset Management now owns 521,900 shares of the company’s stock valued at $1,701,000 after buying an additional 463,884 shares during the period. Acadian Asset Management LLC grew its position in Rimini Street by 43.8% in the first quarter. Acadian Asset Management LLC now owns 2,179,022 shares of the company’s stock valued at $7,099,000 after acquiring an additional 663,781 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in shares of Rimini Street during the fourth quarter valued at approximately $334,000. Quadrature Capital Ltd acquired a new position in shares of Rimini Street during the first quarter worth $33,000. Finally, Vanguard Group Inc. boosted its stake in shares of Rimini Street by 2.0% in the first quarter. Vanguard Group Inc. now owns 4,522,843 shares of the company’s stock valued at $14,744,000 after purchasing an additional 86,755 shares during the period. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Alliance Global Partners downgraded shares of Rimini Street from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st.

Rimini Street Stock Performance

NASDAQ:RMNI opened at $1.82 on Friday. The stock has a market cap of $164.55 million, a price-to-earnings ratio of 7.58 and a beta of 1.28. Rimini Street, Inc. has a one year low of $1.55 and a one year high of $3.44. The business’s 50-day simple moving average is $2.12 and its 200 day simple moving average is $2.59.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Wednesday, July 31st. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). Rimini Street had a net margin of 3.80% and a negative return on equity of 73.91%. The business had revenue of $103.12 million for the quarter, compared to analysts’ expectations of $106.42 million. On average, equities research analysts predict that Rimini Street, Inc. will post 0.22 EPS for the current year.

About Rimini Street

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.