Bank of New York Mellon Corp Grows Stock Holdings in Rimini Street, Inc. (NASDAQ:RMNI)

Bank of New York Mellon Corp lifted its position in Rimini Street, Inc. (NASDAQ:RMNI) by 20.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 278,619 shares of the company’s stock after buying an additional 46,511 shares during the quarter. Bank of New York Mellon Corp’s holdings in Rimini Street were worth $744,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RMNI. Janus Henderson Group PLC acquired a new position in Rimini Street in the 3rd quarter valued at about $210,000. SG Americas Securities LLC boosted its stake in shares of Rimini Street by 23.2% in the fourth quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock valued at $60,000 after purchasing an additional 4,238 shares during the period. Cerity Partners LLC boosted its stake in shares of Rimini Street by 80.2% in the third quarter. Cerity Partners LLC now owns 306,843 shares of the company’s stock valued at $568,000 after purchasing an additional 136,609 shares during the period. State Street Corp grew its holdings in shares of Rimini Street by 0.8% in the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after purchasing an additional 8,377 shares in the last quarter. Finally, Barclays PLC increased its stake in Rimini Street by 281.6% during the 3rd quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after buying an additional 51,870 shares during the period. Institutional investors and hedge funds own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Alliance Global Partners raised shares of Rimini Street from a “neutral” rating to a “buy” rating in a research report on Friday, February 28th. Craig Hallum upgraded Rimini Street from a “hold” rating to a “buy” rating and lifted their target price for the company from $2.00 to $6.00 in a report on Tuesday, December 17th.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $3.60 on Thursday. The business has a 50-day simple moving average of $3.32 and a 200-day simple moving average of $2.52. Rimini Street, Inc. has a one year low of $1.53 and a one year high of $4.15. The company has a market cap of $328.67 million, a PE ratio of -9.73 and a beta of 1.29.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Thursday, February 27th. The company reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The firm had revenue of $114.21 million for the quarter, compared to analyst estimates of $102.57 million. On average, sell-side analysts predict that Rimini Street, Inc. will post 0.37 earnings per share for the current fiscal year.

Rimini Street Company 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.