CenterBook Partners LP Purchases Shares of 335,683 Rimini Street, Inc. $RMNI

CenterBook Partners LP acquired a new position in shares of Rimini Street, Inc. (NASDAQ:RMNI) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 335,683 shares of the company’s stock, valued at approximately $1,571,000. CenterBook Partners LP owned approximately 0.37% of Rimini Street as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of RMNI. Brooktree Capital Management grew its holdings in Rimini Street by 0.4% during the second quarter. Brooktree Capital Management now owns 3,902,223 shares of the company’s stock worth $14,711,000 after buying an additional 15,770 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Rimini Street by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after acquiring an additional 18,808 shares in the last quarter. Samjo Management LLC grew its stake in shares of Rimini Street by 142.5% in the 2nd quarter. Samjo Management LLC now owns 485,000 shares of the company’s stock worth $1,828,000 after acquiring an additional 285,000 shares in the last quarter. Boston Partners raised its holdings in shares of Rimini Street by 37.1% in the second quarter. Boston Partners now owns 347,915 shares of the company’s stock valued at $1,312,000 after purchasing an additional 94,160 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Rimini Street during the second quarter valued at about $1,134,000. Institutional investors own 73.75% of the company’s stock.

Insider Activity at Rimini Street

In other news, CFO Michael L. Perica sold 53,882 shares of Rimini Street stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $4.00, for a total value of $215,528.00. Following the completion of the transaction, the chief financial officer directly owned 92,150 shares in the company, valued at approximately $368,600. The trade was a 36.90% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 41.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

RMNI has been the subject of a number of recent analyst reports. TD Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. Finally, Wall Street Zen downgraded Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Rimini Street currently has an average rating of “Moderate Buy” and an average target price of $5.75.

Rimini Street Price Performance

Shares of NASDAQ RMNI opened at $2.97 on Friday. The stock has a market capitalization of $272.50 million, a PE ratio of 6.46 and a beta of 1.31. Rimini Street, Inc. has a one year low of $2.79 and a one year high of $5.38. The business’s fifty day moving average price is $3.66 and its 200-day moving average price is $4.05.

Rimini Street (NASDAQ:RMNI) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.05). Rimini Street had a net margin of 10.10% and a negative return on equity of 32.42%. As a group, equities analysts expect that Rimini Street, Inc. will post 0.37 EPS for the current fiscal year.

Rimini Street Profile

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.