State Street Corp Increases Stock Holdings in Rimini Street, Inc. (NASDAQ:RMNI)

State Street Corp boosted its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 0.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 1,020,639 shares of the company’s stock after purchasing an additional 8,377 shares during the period. State Street Corp’s holdings in Rimini Street were worth $1,888,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooktree Capital Management boosted its holdings in Rimini Street by 14.6% in the 3rd quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock valued at $6,493,000 after purchasing an additional 445,984 shares during the period. Acadian Asset Management LLC boosted its stake in Rimini Street by 1.9% during the second quarter. Acadian Asset Management LLC now owns 2,220,161 shares of the company’s stock valued at $6,813,000 after buying an additional 41,139 shares during the period. Diamond Hill Capital Management Inc. grew its position 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 worth $6,163,000 after buying an additional 44,401 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Rimini Street by 3.4% during the second quarter. Dimensional Fund Advisors LP now owns 806,670 shares of the company’s stock worth $2,477,000 after buying an additional 26,694 shares in the last quarter. Finally, Round Hill Asset Management increased its stake in Rimini Street by 54.1% in the 3rd quarter. Round Hill Asset Management now owns 348,306 shares of the company’s stock worth $644,000 after acquiring an additional 122,333 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

Rimini Street Price Performance

Shares of NASDAQ:RMNI opened at $2.67 on Thursday. The company’s fifty day moving average price is $2.15 and its 200-day moving average price is $2.19. The firm has a market capitalization of $242.76 million, a price-to-earnings ratio of -7.22 and a beta of 1.34. Rimini Street, Inc. has a one year low of $1.53 and a one year high of $3.43.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The business had revenue of $104.67 million for the quarter, compared to analysts’ expectations of $99.39 million. As a group, equities research analysts expect that Rimini Street, Inc. will post 0.37 EPS for the current year.

Wall Street Analyst Weigh In

Separately, Craig Hallum upgraded Rimini Street from a “hold” rating to a “buy” rating and lifted their price target for the company from $2.00 to $6.00 in a research report on Tuesday, December 17th.

Insider Activity

In other news, CEO Seth A. Ravin sold 14,375 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $2.20, for a total value of $31,625.00. Following the completion of the sale, the chief executive officer now owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. This represents a 3.13 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 41.00% of the company’s stock.

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.