Rimini Street (NASDAQ:RMNI) Issues Earnings Results

Rimini Street (NASDAQ:RMNI) issued its quarterly earnings data on Thursday. The company reported $0.04 earnings per share 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 trading hours on Thursday, reaching $2.97. 501,820 shares of the stock were exchanged, compared to its average volume of 300,143. Rimini Street has a twelve month low of $2.79 and a twelve month high of $5.38. The company has a market cap of $272.50 million, a P/E ratio of 6.46 and a beta of 1.31. The stock has a 50 day moving average of $3.69 and a two-hundred day moving average of $4.06.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on RMNI shares. TD Cowen reaffirmed a “hold” rating on shares of Rimini Street in a research report on Friday, October 31st. Wall Street Zen downgraded Rimini Street from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $5.75.

Insider Buying and Selling at Rimini Street

In related news, CFO Michael L. Perica sold 53,882 shares of Rimini Street stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 92,150 shares of the company’s stock, valued at $368,600. This trade represents a 36.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 41.20% of the company’s stock.

Institutional Investors Weigh In On Rimini Street

Large investors have recently modified their holdings of the business. Invesco Ltd. increased its stake in shares of Rimini Street by 37.2% in the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock valued at $86,000 after purchasing an additional 5,998 shares during the last quarter. nVerses Capital LLC acquired a new stake in Rimini Street in the fourth quarter valued at about $57,000. Oxford Asset Management LLP bought a new position in Rimini Street in the fourth quarter valued at about $127,000. Millennium Management LLC raised its stake in Rimini Street by 49.0% during the fourth quarter. Millennium Management LLC now owns 70,834 shares of the company’s stock worth $275,000 after acquiring an additional 23,286 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in Rimini Street by 95.2% during the fourth quarter. AQR Capital Management LLC now owns 69,980 shares of the company’s stock worth $272,000 after acquiring an additional 34,123 shares in the last quarter. Institutional investors and hedge funds own 73.75% of the company’s stock.

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.