Rimini Street (NASDAQ:RMNI) Posts Earnings Results, Misses Estimates By $0.05 EPS

Rimini Street (NASDAQ:RMNI) posted its quarterly earnings results on Thursday. The company reported $0.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.05), Zacks reports. Rimini Street had a negative return on equity of 32.42% and a net margin of 10.10%.

Rimini Street Trading Down 2.3%

Shares of NASDAQ RMNI traded down $0.07 during mid-day trading on Thursday, hitting $2.97. The company had a trading volume of 501,820 shares, compared to its average volume of 300,143. The firm has a 50-day simple moving average of $3.69 and a two-hundred day simple moving average of $4.06. The company has a market capitalization of $272.50 million, a PE ratio of 6.46 and a beta of 1.31. Rimini Street has a one year low of $2.79 and a one year high of $5.38.

Analyst Upgrades and Downgrades

RMNI has been the topic of a number of recent analyst reports. TD Cowen restated a “hold” rating on shares of Rimini Street in a report on Friday, October 31st. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Rimini Street in a research note on Monday, December 29th. Finally, Wall Street Zen cut shares of Rimini Street from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $5.75.

Insider Buying and Selling at Rimini Street

In other news, CFO Michael L. Perica sold 53,882 shares of the company’s stock in a transaction that occurred on Thursday, January 8th. The stock was sold at an average price of $4.00, for a total transaction of $215,528.00. Following the sale, the chief financial officer owned 92,150 shares in the company, valued at $368,600. This represents a 36.90% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 41.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Invesco Ltd. increased its stake in shares of Rimini Street by 37.2% during the 4th quarter. Invesco Ltd. now owns 22,105 shares of the company’s stock worth $86,000 after purchasing an additional 5,998 shares during the last quarter. nVerses Capital LLC bought a new position in Rimini Street during the fourth quarter worth about $57,000. Oxford Asset Management LLP acquired a new stake in shares of Rimini Street in the fourth quarter valued at approximately $127,000. Millennium Management LLC lifted its position in shares of Rimini Street by 49.0% in the fourth quarter. Millennium Management LLC now owns 70,834 shares of the company’s stock valued at $275,000 after buying an additional 23,286 shares during the last quarter. Finally, AQR Capital Management LLC boosted its stake in shares of Rimini Street by 95.2% during the 4th quarter. AQR Capital Management LLC now owns 69,980 shares of the company’s stock worth $272,000 after acquiring an additional 34,123 shares during the period. Institutional investors own 73.75% of the company’s stock.

About Rimini Street

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.