Connor Clark & Lunn Investment Management Ltd. Takes $957,000 Position in Rimini Street, Inc. $RMNI

Key Points

• Connor Clark & Lunn Investment Management acquired 224,761 Rimini Street shares worth approximately $957,000, representing about 0.24% of the company. Institutional investors collectively own 73.75% of RMNI.
• Analyst sentiment is moderately positive: three analysts rate the stock Buy and three rate it Hold, producing a consensus “Moderate Buy” rating and an average price target of $6.50.
• RMNI opened at $5.65, near its 52-week high of $5.66, with a market capitalization of approximately $527.5 million. Its 50-day and 200-day moving averages are $4.75 and $3.99, respectively.

Connor Clark & Lunn Investment Management Ltd. bought a new position 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 bought 224,761 shares of the company's stock, valued at approximately $957,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.24% of Rimini Street as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of RMNI. BNP Paribas Financial Markets grew its stake in Rimini Street by 96.8% in the 3rd quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company's stock valued at $47,000 after buying an additional 4,891 shares during the last quarter. Invesco Ltd. lifted its position in Rimini Street by 37.2% during the fourth quarter. Invesco Ltd. now owns 22,105 shares of the company's stock worth $86,000 after acquiring an additional 5,998 shares during the last quarter. Bank of America Corp DE lifted its position in Rimini Street by 15.3% during the first quarter. Bank of America Corp DE now owns 45,537 shares of the company's stock worth $149,000 after acquiring an additional 6,055 shares during the last quarter. Quarry LP bought a new stake in shares of Rimini Street during the third quarter worth approximately $31,000. Finally, Barclays PLC grew its position in shares of Rimini Street by 10.6% in the fourth quarter. Barclays PLC now owns 75,893 shares of the company's stock valued at $294,000 after purchasing an additional 7,271 shares during the last quarter. Institutional investors own 73.75% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Craig Hallum reiterated a "buy" rating and set a $8.00 target price on shares of Rimini Street in a research note on Friday, July 31st. TD Cowen upped their price target on shares of Rimini Street from $4.50 to $5.00 and gave the company a "hold" rating in a research note on Tuesday, July 28th. Zacks Research raised shares of Rimini Street from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings cut shares of Rimini Street from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, July 7th. Finally, Roth Capital reissued a "buy" rating and issued a $6.50 price objective on shares of Rimini Street in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Rimini Street has a consensus rating of "Moderate Buy" and a consensus price target of $6.50.

Rimini Street Stock Performance

NASDAQ RMNI opened at $5.65 on Monday. The firm has a market capitalization of $527.48 million, a price-to-earnings ratio of 70.63 and a beta of 1.23. The firm's 50 day simple moving average is $4.75 and its 200 day simple moving average is $3.99. Rimini Street, Inc. has a 1 year low of $2.87 and a 1 year high of $5.66.

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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