Rimini Street, Inc. (NASDAQ:RMNI) Shares Sold by Geode Capital Management LLC

Geode Capital Management LLC cut its holdings in Rimini Street, Inc. (NASDAQ:RMNI) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,213,103 shares of the company’s stock after selling 14,263 shares during the period. Geode Capital Management LLC owned 1.33% of Rimini Street worth $2,244,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brooktree Capital Management boosted its holdings in shares of 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 last quarter. Janus Henderson Group PLC acquired a new stake in Rimini Street in the 3rd quarter valued at $210,000. Cerity Partners LLC raised its position in 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 lifted its stake in shares of Rimini Street by 0.8% during the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock worth $1,888,000 after purchasing an additional 8,377 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its position in Rimini Street by 1.9% during the 2nd quarter. Acadian Asset Management LLC now owns 2,220,161 shares of the company’s stock worth $6,813,000 after acquiring an additional 41,139 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Rimini Street Stock Performance

NASDAQ:RMNI opened at $2.56 on Wednesday. Rimini Street, Inc. has a one year low of $1.53 and a one year high of $3.43. The business’s 50-day simple moving average is $2.22 and its 200 day simple moving average is $2.18. The stock has a market cap of $232.76 million, a price-to-earnings ratio of -6.92 and a beta of 1.28.

Rimini Street (NASDAQ:RMNI) last issued its quarterly 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. The business had revenue of $104.67 million during the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. On average, equities research analysts predict that Rimini Street, Inc. will post 0.37 EPS for the current year.

Insider Buying and Selling

In other news, CEO Seth A. Ravin sold 14,375 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was 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 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 41.00% of the company’s stock.

Rimini Street 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.