Immersion Corp Makes New Investment in Rimini Street, Inc. $RMNI

Key Points

• Immersion Corp initiated a new position in Rimini Street during the fourth quarter, buying 526,450 shares worth about $2.0 million. The stake represents roughly 1.4% of Immersion’s portfolio and makes RMNI its 7th largest holding.
• Rimini Street reported quarterly earnings of $0.01 per share, missing analyst estimates of $0.08, even though revenue of $105.47 million topped expectations. The company also posted a net margin of 8.30% and a negative return on equity of 24.30%.
• Insider activity has been heavy, with CEO Seth A. Ravin and CFO Michael L. Perica both selling shares recently; insiders have sold 181,929 shares over the past 90 days. Analyst sentiment is mixed, with an overall Hold rating and an average price target of $5.50.

Immersion Corp bought a new position in Rimini Street, Inc. (NASDAQ:RMNI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 526,450 shares of the company's stock, valued at approximately $2,043,000. Rimini Street comprises approximately 1.4% of Immersion Corp's portfolio, making the stock its 7th largest position. Immersion Corp owned about 0.57% of Rimini Street at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. AQR Capital Management LLC raised its holdings in shares of Rimini Street by 95.2% during the fourth quarter. AQR Capital Management LLC now owns 69,980 shares of the company's stock valued at $272,000 after buying an additional 34,123 shares during the last quarter. Samjo Management LLC raised its holdings in shares of Rimini Street by 149.0% during the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company's stock valued at $4,686,000 after buying an additional 722,750 shares during the last quarter. Public Employees Retirement System of Ohio raised its holdings in shares of Rimini Street by 58.6% during the fourth quarter. Public Employees Retirement System of Ohio now owns 37,191 shares of the company's stock valued at $144,000 after buying an additional 13,745 shares during the last quarter. State of Wisconsin Investment Board raised its holdings in shares of Rimini Street by 82.2% during the fourth quarter. State of Wisconsin Investment Board now owns 104,056 shares of the company's stock valued at $404,000 after buying an additional 46,947 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Rimini Street by 10.6% during the fourth quarter. Barclays PLC now owns 75,893 shares of the company's stock valued at $294,000 after buying an additional 7,271 shares during the last quarter. Institutional investors own 73.75% of the company's stock.

Rimini Street Price Performance

NASDAQ RMNI opened at $4.11 on Thursday. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.38. The firm has a market capitalization of $380.42 million, a PE ratio of 11.11 and a beta of 1.30. The company's 50 day simple moving average is $3.74 and its 200 day simple moving average is $3.66.

Rimini Street (NASDAQ:RMNI - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.01 EPS for the quarter, missing analysts' consensus estimates of $0.08 by ($0.07). Rimini Street had a net margin of 8.30% and a negative return on equity of 24.30%. The company had revenue of $105.47 million for the quarter, compared to analyst estimates of $102.71 million. Sell-side analysts anticipate that Rimini Street, Inc. will post 0.27 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on RMNI shares. TD Cowen lifted their price target on Rimini Street from $4.00 to $4.50 and gave the company a "hold" rating in a report on Monday, May 4th. Alliance Global Partners reaffirmed a "buy" rating on shares of Rimini Street in a report on Friday, May 1st. Zacks Research cut Rimini Street from a "hold" rating to a "strong sell" rating in a report on Tuesday, May 5th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Rimini Street in a report on Friday, March 27th. Two research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $5.50.

Insider Buying and Selling at Rimini Street

In related news, CEO Seth A. Ravin sold 57,097 shares of the firm's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total transaction of $224,962.18. Following the transaction, the chief executive officer owned 882,900 shares in the company, valued at $3,478,626. This trade represents a 6.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Michael L. Perica sold 51,246 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $4.00, for a total transaction of $204,984.00. Following the transaction, the chief financial officer owned 116,505 shares in the company, valued at $466,020. This represents a 30.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 181,929 shares of company stock valued at $718,133. 42.00% of the stock is currently owned by company insiders.

About Rimini Street

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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