JB Capital Partners LP Invests $739.45 Million in Rimini Street, Inc. $RMNI

JB Capital Partners LP purchased a new position in shares of Rimini Street, Inc. (NASDAQ:RMNI) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 173,579 shares of the company’s stock, valued at approximately $739,447,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Quarry LP acquired a new stake in Rimini Street in the 3rd quarter worth about $31,000. BNP Paribas Financial Markets raised its holdings in shares of Rimini Street by 96.8% during the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock valued at $47,000 after acquiring an additional 4,891 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Rimini Street in the fourth quarter valued at approximately $57,000. NewEdge Advisors LLC acquired a new stake in shares of Rimini Street in the first quarter worth approximately $66,000. Finally, Russell Investments Group Ltd. increased its position in shares of Rimini Street by 3,393.5% during the second quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock worth $69,000 after purchasing an additional 17,680 shares in the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on RMNI. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Weiss Ratings lowered shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Zacks Research raised shares of Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, TD Cowen boosted their price target on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $5.00.

Rimini Street Stock Performance

NASDAQ:RMNI opened at $5.25 on Friday. Rimini Street, Inc. has a one year low of $2.87 and a one year high of $5.27. The stock has a market cap of $490.14 million, a PE ratio of 65.63 and a beta of 1.23. The stock has a 50 day moving average price of $4.63 and a 200 day moving average price of $3.91.

Rimini Street 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.