Millennium Management LLC Takes $799,000 Position in Rimini Street, Inc. (NASDAQ:RMNI)

Millennium Management LLC acquired a new stake in Rimini Street, Inc. (NASDAQ:RMNI) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 299,075 shares of the company’s stock, valued at approximately $799,000. Millennium Management LLC owned about 0.33% of Rimini Street at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Pacific Ridge Capital Partners LLC grew its holdings in Rimini Street by 33.8% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,545,671 shares of the company’s stock valued at $4,127,000 after purchasing an additional 390,131 shares during the period. Brooktree Capital Management grew its holdings in Rimini Street by 10.3% in the fourth quarter. Brooktree Capital Management now owns 3,871,041 shares of the company’s stock valued at $10,336,000 after purchasing an additional 361,380 shares during the period. Formula Growth Ltd. purchased a new stake in Rimini Street in the fourth quarter valued at approximately $587,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Rimini Street by 28.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company’s stock valued at $1,783,000 after purchasing an additional 149,659 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in Rimini Street by 104.2% in the fourth quarter. JPMorgan Chase & Co. now owns 203,430 shares of the company’s stock valued at $543,000 after purchasing an additional 103,828 shares during the period. Institutional investors and hedge funds own 73.75% of the company’s stock.

Rimini Street Stock Performance

Rimini Street stock opened at $3.17 on Friday. Rimini Street, Inc. has a 1 year low of $1.53 and a 1 year high of $4.15. The firm has a 50 day moving average price of $3.31 and a 200 day moving average price of $3.07. The company has a market cap of $290.96 million, a price-to-earnings ratio of -8.57 and a beta of 1.33.

Insider Buying and Selling

In related news, EVP Steven Hershkowitz sold 24,974 shares of the company’s stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $3.47, for a total transaction of $86,659.78. Following the completion of the sale, the executive vice president now directly owns 75,025 shares of the company’s stock, valued at approximately $260,336.75. This represents a 24.97% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michael L. Perica sold 28,319 shares of the company’s stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $3.28, for a total transaction of $92,886.32. Following the sale, the chief financial officer now directly owns 237,361 shares of the company’s stock, valued at approximately $778,544.08. This trade represents a 10.66% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 128,325 shares of company stock valued at $425,651. Company insiders own 41.20% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners upgraded shares of Rimini Street from a “neutral” rating to a “buy” rating in a report on Friday, February 28th.

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.