Union Square Park Capital Management LLC trimmed its stake in Rimini Street, Inc. (NASDAQ:RMNI - Free Report) by 45.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 728,236 shares of the company's stock after selling 613,318 shares during the quarter. Rimini Street makes up 1.3% of Union Square Park Capital Management LLC's holdings, making the stock its 23rd largest holding. Union Square Park Capital Management LLC owned about 0.80% of Rimini Street worth $1,944,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds have also modified their holdings of the company. Pacific Ridge Capital Partners LLC grew its holdings in shares of Rimini Street by 33.8% during the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,545,671 shares of the company's stock valued at $4,127,000 after buying an additional 390,131 shares in the last quarter. Brooktree Capital Management boosted its position in Rimini Street by 10.3% during the fourth quarter. Brooktree Capital Management now owns 3,871,041 shares of the company's stock valued at $10,336,000 after purchasing an additional 361,380 shares during the last quarter. Millennium Management LLC acquired a new stake in Rimini Street during the fourth quarter valued at $799,000. Formula Growth Ltd. acquired a new stake in Rimini Street during the fourth quarter valued at $587,000. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in Rimini Street by 28.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company's stock valued at $1,783,000 after purchasing an additional 149,659 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.
Rimini Street Price Performance
Shares of RMNI stock traded up $0.08 during trading hours on Friday, reaching $3.54. The company had a trading volume of 209,478 shares, compared to its average volume of 284,373. Rimini Street, Inc. has a 1-year low of $1.53 and a 1-year high of $4.15. The company has a 50 day moving average of $3.42 and a 200 day moving average of $2.99. The firm has a market cap of $324.92 million, a price-to-earnings ratio of -9.57 and a beta of 1.33.
Rimini Street (NASDAQ:RMNI - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.10 by ($0.01). Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. The firm had revenue of $114.21 million during the quarter, compared to analyst estimates of $102.57 million. As a group, sell-side analysts forecast that Rimini Street, Inc. will post 0.37 EPS for the current fiscal year.
Analyst Ratings Changes
Separately, Alliance Global Partners raised Rimini Street from a "neutral" rating to a "buy" rating in a research report on Friday, February 28th.
Get Our Latest Analysis on RMNI
Insiders Place Their Bets
In related news, EVP Steven Hershkowitz sold 24,974 shares of Rimini Street stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $3.47, for a total value of $86,659.78. Following the transaction, the executive vice president now directly owns 75,025 shares of the company's stock, valued at $260,336.75. This trade represents a 24.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Seth A. Ravin sold 61,292 shares of Rimini Street stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $3.28, for a total transaction of $201,037.76. Following the completion of the transaction, the chief executive officer now directly owns 652,696 shares in the company, valued at $2,140,842.88. This trade represents a 8.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 139,507 shares of company stock worth $464,582 over the last three months. Insiders own 41.20% of the company's stock.
About Rimini Street
(
Free Report)
Rimini Street, Inc provides enterprise software products, services, and support. The company engages in the provision of support services for Oracle and SAP enterprise software products. It also provides Rimini ONE, an outsourcing option that offers a set of unified and integrated services to run, manage, support, customize, configure, connect, protect, monitor, and optimize its clients' application, database, and technology enterprise software; Rimini Support, a mission-critical support for Oracle, SAP, proprietary and open-source database, and technology software; Rimini Manage, a suite of managed services for application and database software; Rimini Protect, a suite of personalized software security services and solutions; and Rimini Connect, a suite of managed interoperability solutions for browsers, operating systems, and email systems.
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