Belvedere Trading LLC Makes New Investment in Rimini Street, Inc. $RMNI

Belvedere Trading LLC acquired a new stake in Rimini Street, Inc. (NASDAQ:RMNI) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 16,849 shares of the company’s stock, valued at approximately $64,000.

Several other large investors also recently modified their holdings of the stock. Brooktree Capital Management raised its position in shares of Rimini Street by 0.4% in the first quarter. Brooktree Capital Management now owns 3,886,453 shares of the company’s stock valued at $13,525,000 after purchasing an additional 15,412 shares during the period. Acadian Asset Management LLC raised its position in shares of Rimini Street by 2.2% in the first quarter. Acadian Asset Management LLC now owns 2,272,975 shares of the company’s stock valued at $7,906,000 after purchasing an additional 48,993 shares during the period. Pacific Ridge Capital Partners LLC raised its position in shares of Rimini Street by 3.5% in the first quarter. Pacific Ridge Capital Partners LLC now owns 1,599,149 shares of the company’s stock valued at $5,565,000 after purchasing an additional 53,478 shares during the period. Cerity Partners LLC raised its position in shares of Rimini Street by 13.8% in the first quarter. Cerity Partners LLC now owns 349,713 shares of the company’s stock valued at $1,217,000 after purchasing an additional 42,542 shares during the period. Finally, Bard Associates Inc. raised its position in shares of Rimini Street by 2.1% in the first quarter. Bard Associates Inc. now owns 292,648 shares of the company’s stock valued at $1,018,000 after purchasing an additional 6,141 shares during the period. 73.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RMNI. Roth Capital set a $6.50 price objective on shares of Rimini Street and gave the company a “buy” rating in a research report on Thursday, July 10th. Wall Street Zen lowered shares of Rimini Street from a “strong-buy” rating to a “buy” rating in a research report on Saturday, August 2nd. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Rimini Street in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $6.25.

Rimini Street Stock Performance

NASDAQ:RMNI opened at $4.52 on Tuesday. The firm has a market cap of $418.18 million, a price-to-earnings ratio of -112.97 and a beta of 1.38. Rimini Street, Inc. has a 52 week low of $1.53 and a 52 week high of $5.38. The firm’s 50-day simple moving average is $4.48 and its 200 day simple moving average is $4.00.

Insider Transactions at Rimini Street

In other Rimini Street news, CFO Michael L. Perica sold 100,249 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $4.20, for a total transaction of $421,045.80. Following the sale, the chief financial officer directly owned 146,032 shares in the company, valued at $613,334.40. This represents a 40.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Nancy Lyskawa sold 24,344 shares of the stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $4.00, for a total transaction of $97,376.00. Following the sale, the executive vice president owned 160,609 shares in the company, valued at $642,436. The trade was a 13.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 231,422 shares of company stock worth $969,055 over the last quarter. Corporate insiders own 41.20% of the company’s stock.

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.