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

State Street Corp increased its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 0.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,020,639 shares of the company’s stock after purchasing an additional 8,377 shares during the quarter. State Street Corp owned approximately 1.12% of Rimini Street worth $1,888,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SG Americas Securities LLC boosted its stake in shares of Rimini Street by 60.7% in the 3rd quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock worth $34,000 after buying an additional 6,905 shares during the last quarter. Ruane Cunniff & Goldfarb L.P. lifted its holdings in Rimini Street by 34.3% during the third quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock worth $70,000 after acquiring an additional 9,719 shares during the period. Massachusetts Financial Services Co. MA boosted its position in Rimini Street by 3.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 301,607 shares of the company’s stock worth $926,000 after purchasing an additional 10,105 shares during the last quarter. Rhumbline Advisers boosted its position in Rimini Street by 18.5% in the second quarter. Rhumbline Advisers now owns 95,661 shares of the company’s stock worth $294,000 after purchasing an additional 14,917 shares during the last quarter. Finally, Bard Associates Inc. grew its stake in Rimini Street by 7.7% in the 3rd quarter. Bard Associates Inc. now owns 345,257 shares of the company’s stock valued at $639,000 after purchasing an additional 24,757 shares during the period. 73.75% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Insider Buying and Selling at Rimini Street

In related news, CEO Seth A. Ravin sold 14,375 shares of Rimini Street stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 444,914 shares in the company, valued at approximately $978,810.80. The trade was a 3.13 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 41.00% of the company’s stock.

Rimini Street Stock Up 0.8 %

Shares of RMNI stock opened at $2.67 on Thursday. The firm has a market cap of $242.76 million, a P/E ratio of -7.22 and a beta of 1.34. The company has a 50 day moving average of $2.15 and a 200-day moving average of $2.19. Rimini Street, Inc. has a 12-month low of $1.53 and a 12-month high of $3.43.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $99.39 million. As a group, equities analysts expect that Rimini Street, Inc. will post 0.37 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.