BlackRock Inc. Makes New $15.73 Million Investment in Rimini Street, Inc. $RMNI

Key Points

• BlackRock initiated a $15.73 million position in Rimini Street during the second quarter, acquiring 3.69 million shares, or approximately 3.95% of the company.
• Institutional investors own 73.75% of RMNI, while the stock recently traded at $5.10, near its 12-month high of $5.68.
• Analyst sentiment is mixed but leans positive: Rimini Street has a “Moderate Buy” consensus rating and a $6.50 average price target, compared with recent buy targets as high as $8.00.

BlackRock Inc. bought a new position in shares of Rimini Street, Inc. (NASDAQ:RMNI - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,692,298 shares of the company's stock, valued at approximately $15,729,000. BlackRock Inc. owned about 3.95% of Rimini Street at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Quarry LP bought a new position in Rimini Street in the 3rd quarter worth $31,000. BNP Paribas Financial Markets increased its stake in 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 acquiring an additional 4,891 shares during the period. nVerses Capital LLC acquired a new position in shares of Rimini Street in the 4th quarter worth approximately $57,000. NewEdge Advisors LLC bought a new position in shares of Rimini Street during the first quarter valued at $66,000. Finally, Russell Investments Group Ltd. boosted its position in Rimini Street by 3,393.5% in the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company's stock valued at $69,000 after buying an additional 17,680 shares in the last quarter. Institutional investors own 73.75% of the company's stock.

Rimini Street Trading Down 1.0%

Shares of RMNI opened at $5.10 on Friday. The stock has a market capitalization of $476.14 million, a PE ratio of 63.76 and a beta of 1.24. The firm's 50 day moving average is $4.84 and its 200-day moving average is $4.05. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.68.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Zacks Research upgraded Rimini Street from a "strong sell" rating to a "hold" rating in a report on Monday, July 6th. TD Cowen boosted 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. Craig Hallum restated a "buy" rating and set a $8.00 price objective on shares of Rimini Street in a report on Friday, July 31st. Wall Street Zen raised Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings cut Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research report on Tuesday, July 7th. Three analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Rimini Street has a consensus rating of "Moderate Buy" and a consensus price target of $6.50.

Rimini Street Company 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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