Renaissance Technologies LLC Cuts Stock Position in Rimini Street, Inc. (NASDAQ:RMNI)

Renaissance Technologies LLC lowered its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 57.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 136,530 shares of the company’s stock after selling 187,700 shares during the quarter. Renaissance Technologies LLC owned about 0.15% of Rimini Street worth $419,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Dimensional Fund Advisors LP raised its position in shares of Rimini Street by 3.4% in the second quarter. Dimensional Fund Advisors LP now owns 806,670 shares of the company’s stock worth $2,477,000 after acquiring an additional 26,694 shares during the period. Massachusetts Financial Services Co. MA raised its position in Rimini Street by 3.5% during the second quarter. Massachusetts Financial Services Co. MA now owns 301,607 shares of the company’s stock worth $926,000 after acquiring an additional 10,105 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Rimini Street by 2.3% during the second quarter. Diamond Hill Capital Management Inc. now owns 2,007,515 shares of the company’s stock valued at $6,163,000 after purchasing an additional 44,401 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Rimini Street by 1.9% in the second quarter. Acadian Asset Management LLC now owns 2,220,161 shares of the company’s stock valued at $6,813,000 after purchasing an additional 41,139 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in shares of Rimini Street by 57.9% during the second quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock worth $986,000 after purchasing an additional 117,739 shares in the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners cut Rimini Street from a “buy” rating to a “neutral” rating in a report on Wednesday, July 31st.

Rimini Street Stock Up 6.0 %

Shares of NASDAQ RMNI opened at $1.93 on Friday. The firm has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $2.47. The stock has a market capitalization of $175.05 million, a price-to-earnings ratio of 8.04 and a beta of 1.28. Rimini Street, Inc. has a 52 week low of $1.55 and a 52 week high of $3.44.

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

Rimini Street 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.