Ruane Cunniff & Goldfarb L.P. Purchases 9,719 Shares of Rimini Street, Inc. (NASDAQ:RMNI)

Ruane Cunniff & Goldfarb L.P. raised its position in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 34.3% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 38,090 shares of the company’s stock after purchasing an additional 9,719 shares during the quarter. Ruane Cunniff & Goldfarb L.P.’s holdings in Rimini Street were worth $70,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Brooktree Capital Management increased its stake in Rimini Street by 14.6% during the 3rd quarter. Brooktree Capital Management now owns 3,509,661 shares of the company’s stock valued at $6,493,000 after purchasing an additional 445,984 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Rimini Street during the 1st quarter valued at about $33,000. Vanguard Group Inc. increased its stake in Rimini Street by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 4,522,843 shares of the company’s stock valued at $14,744,000 after purchasing an additional 86,755 shares in the last quarter. Panagora Asset Management Inc. increased its stake in Rimini Street by 29.7% during the 2nd quarter. Panagora Asset Management Inc. now owns 128,705 shares of the company’s stock valued at $395,000 after purchasing an additional 29,468 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake in Rimini Street by 1.9% during the 2nd quarter. Acadian Asset Management LLC now owns 2,220,161 shares of the company’s stock valued at $6,813,000 after purchasing an additional 41,139 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Stock Up 3.2 %

Shares of NASDAQ RMNI opened at $2.24 on Thursday. The firm’s 50-day moving average price is $1.87 and its 200-day moving average price is $2.23. The company has a market cap of $203.66 million, a PE ratio of -6.05 and a beta of 1.29. Rimini Street, Inc. has a 52-week low of $1.53 and a 52-week high of $3.43.

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

Wall Street Analyst Weigh In

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

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.