5,913,199 Shares in Rimini Street, Inc. $RMNI Bought by Conifer Management L.L.C.

Conifer Management L.L.C. acquired a new stake in shares of Rimini Street, Inc. (NASDAQ:RMNI - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 5,913,199 shares of the company's stock, valued at approximately $25,190,228. Rimini Street makes up about 0.0% of Conifer Management L.L.C.'s investment portfolio, making the stock its 5th biggest position. Conifer Management L.L.C. owned 6.33% of Rimini Street at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Cubist Systematic Strategies LLC bought a new stake in Rimini Street in the first quarter valued at $134,000. AQR Capital Management LLC increased its stake in shares of Rimini Street by 243.9% in the first quarter. AQR Capital Management LLC now owns 36,360 shares of the company's stock valued at $127,000 after buying an additional 25,788 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Rimini Street during the first quarter worth $271,000. NewEdge Advisors LLC purchased a new stake in Rimini Street during the 1st quarter worth about $66,000. Finally, Jane Street Group LLC grew its holdings in shares of Rimini Street by 120.2% during the 1st quarter. Jane Street Group LLC now owns 33,179 shares of the company's stock valued at $115,000 after purchasing an additional 18,112 shares during the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.

Rimini Street Stock Up 3.9%

Shares of Rimini Street stock traded up $0.21 during trading on Friday, hitting $5.58. 655,531 shares of the stock traded hands, compared to its average volume of 399,859. The firm's fifty day moving average is $4.72 and its 200-day moving average is $3.97. Rimini Street, Inc. has a 52 week low of $2.87 and a 52 week high of $5.64. The stock has a market cap of $520.95 million, a price-to-earnings ratio of 69.76 and a beta of 1.23.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RMNI shares. TD Cowen lifted their price objective on shares of Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a research report on Tuesday, July 28th. Roth Capital reaffirmed a "buy" rating and set a $6.50 price target on shares of Rimini Street in a research report on Thursday, July 30th. Craig Hallum reiterated a "buy" rating and issued a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. Wall Street Zen upgraded Rimini Street from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Finally, Zacks Research raised shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Three equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average 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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