Formula Growth Ltd. Purchases New Stake in Rimini Street, Inc. (NASDAQ:RMNI)

Formula Growth Ltd. acquired a new position in shares of Rimini Street, Inc. (NASDAQ:RMNI) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 220,000 shares of the company’s stock, valued at approximately $587,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. SG Americas Securities LLC lifted its stake in shares of Rimini Street by 23.2% during the 4th quarter. SG Americas Securities LLC now owns 22,527 shares of the company’s stock worth $60,000 after buying an additional 4,238 shares during the last quarter. State Street Corp raised its holdings in Rimini Street by 0.8% in the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after acquiring an additional 8,377 shares during the period. Barclays PLC lifted its position in Rimini Street by 281.6% during the third quarter. Barclays PLC now owns 70,291 shares of the company’s stock worth $130,000 after acquiring an additional 51,870 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Rimini Street by 38.0% during the third quarter. JPMorgan Chase & Co. now owns 99,602 shares of the company’s stock worth $184,000 after acquiring an additional 27,451 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Rimini Street by 20.0% in the fourth quarter. Bank of New York Mellon Corp now owns 278,619 shares of the company’s stock valued at $744,000 after purchasing an additional 46,511 shares during the last quarter. 73.75% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners raised Rimini Street from a “neutral” rating to a “buy” rating in a report on Friday, February 28th.

Rimini Street Stock Performance

Shares of Rimini Street stock opened at $3.12 on Friday. The firm has a 50-day moving average of $3.50 and a 200-day moving average of $2.70. Rimini Street, Inc. has a 52-week low of $1.53 and a 52-week high of $4.15. The stock has a market cap of $284.84 million, a PE ratio of -8.43 and a beta of 1.31.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings data on Thursday, February 27th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. The business had revenue of $114.21 million during the quarter, compared to the consensus estimate of $102.57 million. Equities research analysts predict that Rimini Street, Inc. will post 0.37 earnings per share for the current fiscal year.

Rimini Street Company 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.