Immersion Corp Makes New $2.04 Million Investment in Rimini Street, Inc. $RMNI

Immersion Corp purchased a new position in Rimini Street, Inc. (NASDAQ:RMNI) during the 4th quarter, HoldingsChannel.com reports. The firm purchased 526,450 shares of the company’s stock, valued at approximately $2,043,000. Rimini Street makes up about 1.4% of Immersion Corp’s holdings, making the stock its 7th biggest holding.

Several other hedge funds have also recently added to or reduced their stakes in RMNI. Quarry LP acquired a new position in Rimini Street in the third quarter worth approximately $31,000. SG Americas Securities LLC acquired a new position in Rimini Street in the fourth quarter worth approximately $43,000. BNP Paribas Financial Markets grew its position in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after buying an additional 4,891 shares during the last quarter. NewEdge Advisors LLC acquired a new position in Rimini Street in the first quarter worth approximately $66,000. Finally, Russell Investments Group Ltd. grew 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 worth $69,000 after buying an additional 17,680 shares during the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other Rimini Street news, CMO David W. Rowe sold 7,485 shares of Rimini Street stock in a transaction on Wednesday, May 6th. The shares were sold at an average price of $3.94, for a total transaction of $29,490.90. Following the completion of the sale, the chief marketing officer owned 498,119 shares of the company’s stock, valued at $1,962,588.86. This trade represents a 1.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Seth A. Ravin sold 57,097 shares of Rimini Street stock in a transaction 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 sale, the chief executive officer directly owned 882,900 shares of the company’s stock, valued at $3,478,626. This trade represents a 6.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 181,929 shares of company stock worth $718,133. 42.00% of the stock is owned by corporate insiders.

Rimini Street Stock Performance

NASDAQ RMNI opened at $4.11 on Thursday. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.38. The stock has a market cap of $380.42 million, a price-to-earnings ratio of 11.11 and a beta of 1.30. The firm’s 50 day moving average price is $3.74 and its two-hundred day moving average price is $3.66.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings data on Thursday, April 30th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.08 by ($0.07). Rimini Street had a negative return on equity of 24.30% and a net margin of 8.30%.The firm had revenue of $105.47 million for the quarter, compared to analysts’ expectations of $102.71 million. On average, research analysts forecast that Rimini Street, Inc. will post 0.27 EPS for the current fiscal year.

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.