Rimini Street (NASDAQ:RMNI) Announces Quarterly Earnings Results

Rimini Street (NASDAQ:RMNI) announced its quarterly earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05), Zacks reports. Rimini Street had a net margin of 10.10% and a negative return on equity of 32.42%.

Rimini Street Trading Down 2.3%

Rimini Street stock traded down $0.07 during mid-day trading on Thursday, hitting $2.97. The stock had a trading volume of 504,131 shares, compared to its average volume of 300,146. Rimini Street has a one year low of $2.79 and a one year high of $5.38. The firm’s 50 day moving average is $3.69 and its 200 day moving average is $4.06. The firm has a market capitalization of $272.50 million, a P/E ratio of 6.46 and a beta of 1.31.

Analyst Upgrades and Downgrades

Several research firms have commented on RMNI. Wall Street Zen lowered shares of Rimini Street from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. Finally, TD Cowen reissued a “hold” rating on shares of Rimini Street in a research note on Friday, October 31st. Two research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $5.75.

Insiders Place Their Bets

In other Rimini Street news, CFO Michael L. Perica sold 53,882 shares of Rimini Street stock in a transaction on Thursday, January 8th. The shares were sold at an average price of $4.00, for a total value of $215,528.00. Following the sale, the chief financial officer directly owned 92,150 shares in the company, valued at approximately $368,600. The trade was a 36.90% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 41.20% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

A number of hedge funds have recently made changes to their positions in the company. Public Employees Retirement System of Ohio raised its stake in 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 purchasing an additional 13,745 shares in the last quarter. Occudo Quantitative Strategies LP increased its holdings in shares of Rimini Street by 32.5% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 32,596 shares of the company’s stock worth $123,000 after buying an additional 7,998 shares during the last quarter. Jump Financial LLC purchased a new stake in shares of Rimini Street during the 2nd quarter valued at about $104,000. Walleye Capital LLC purchased a new stake in shares of Rimini Street during the 2nd quarter valued at about $143,000. Finally, Jane Street Group LLC lifted its holdings in shares of Rimini Street by 120.2% in the 1st quarter. Jane Street Group LLC now owns 33,179 shares of the company’s stock valued at $115,000 after acquiring an additional 18,112 shares during the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

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.