Bank of New York Mellon Corp Invests $975,000 in Rimini Street, Inc. $RMNI

Key Points

• Bank of New York Mellon bought 228,767 Rimini Street shares worth approximately $975,000, giving it a 0.25% stake. Institutional investors collectively own 73.75% of the company.
• Rimini Street shares opened at $4.57, versus a 52-week range of $2.87 to $5.68. Analysts maintain a “Moderate Buy” consensus with a $6.50 average price target.
• CEO Seth Ravin sold 191,702 shares for roughly $993,000, while insiders have sold $1.66 million in stock over the past 90 days; insiders still own 42% of the company.

Bank of New York Mellon Corp bought a new stake in Rimini Street, Inc. (NASDAQ:RMNI - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 228,767 shares of the company's stock, valued at approximately $975,000. Bank of New York Mellon Corp owned approximately 0.25% of Rimini Street as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quarry LP acquired a new stake in Rimini Street in the third quarter valued at approximately $31,000. BNP Paribas Financial Markets boosted its stake in shares of Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after purchasing an additional 4,891 shares during the period. nVerses Capital LLC purchased a new position in shares of Rimini Street in the fourth quarter valued at $57,000. NewEdge Advisors LLC acquired a new stake in Rimini Street during the 1st quarter valued at $66,000. Finally, Russell Investments Group Ltd. grew its holdings in Rimini Street by 3,393.5% during the 2nd quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company's stock valued at $69,000 after purchasing an additional 17,680 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Stock Performance

Shares of NASDAQ:RMNI opened at $4.57 on Friday. The company's fifty day moving average is $4.88 and its two-hundred day moving average is $4.10. Rimini Street, Inc. has a 1-year low of $2.87 and a 1-year high of $5.68. The stock has a market capitalization of $426.66 million, a price-to-earnings ratio of 57.13 and a beta of 1.24.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. TD Cowen raised their target price on Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Roth Capital reissued a "buy" rating and issued a $6.50 price target on shares of Rimini Street in a report on Thursday, July 30th. Weiss Ratings lowered Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Finally, Zacks Research upgraded Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Rimini Street has a consensus rating of "Moderate Buy" and a consensus price target of $6.50.

Insider Transactions at Rimini Street

In related news, CEO Seth Ravin sold 191,702 shares of the company's stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $5.18, for a total transaction of $993,016.36. Following the completion of the transaction, the chief executive officer directly owned 10,299,607 shares in the company, valued at $53,351,964.26. This represents a 1.83% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last ninety days, insiders sold 322,707 shares of company stock worth $1,656,453. Insiders own 42.00% of the company's stock.

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.

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