Connor Clark & Lunn Investment Management Ltd. Sells 33,445 Shares of Rimini Street, Inc. (NASDAQ:RMNI)

Connor Clark & Lunn Investment Management Ltd. cut its position in Rimini Street, Inc. (NASDAQ:RMNI) by 6.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 518,014 shares of the company’s stock after selling 33,445 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.57% of Rimini Street worth $958,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in shares of Rimini Street during the 1st quarter valued at $33,000. SG Americas Securities LLC raised its stake in shares of Rimini Street by 60.7% during the 3rd quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock valued at $34,000 after purchasing an additional 6,905 shares during the period. Gladius Capital Management LP bought a new stake in shares of Rimini Street during the 2nd quarter valued at $57,000. Lee Danner & Bass Inc. bought a new stake in shares of Rimini Street during the 2nd quarter valued at $61,000. Finally, Byrne Asset Management LLC bought a new stake in shares of Rimini Street during the 2nd quarter valued at $62,000. 73.75% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Alliance Global Partners lowered Rimini Street from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st.

Rimini Street Stock Up 3.2 %

Rimini Street stock opened at $2.24 on Thursday. Rimini Street, Inc. has a 52 week low of $1.53 and a 52 week high of $3.43. The business has a 50-day simple moving average of $1.86 and a 200 day simple moving average of $2.23. The stock has a market cap of $203.66 million, a price-to-earnings ratio of -5.86 and a beta of 1.29.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.15. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The firm had revenue of $104.67 million during the quarter, compared to analysts’ expectations of $99.39 million. On average, research analysts anticipate that Rimini Street, Inc. will post 0.37 earnings per share for the current year.

Rimini Street Profile

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.