JB Capital Partners LP Invests $739.45 Million in Rimini Street, Inc. $RMNI

JB Capital Partners LP acquired a new stake in Rimini Street, Inc. (NASDAQ:RMNI) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 173,579 shares of the company’s stock, valued at approximately $739,447,000. JB Capital Partners LP owned approximately 0.19% of Rimini Street at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in RMNI. Quarry LP purchased a new position in Rimini Street during the 3rd quarter valued at about $31,000. BNP Paribas Financial Markets raised its holdings in Rimini Street by 96.8% in the third quarter. BNP Paribas Financial Markets now owns 9,944 shares of the company’s stock worth $47,000 after purchasing an additional 4,891 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Rimini Street during the fourth quarter valued at about $57,000. NewEdge Advisors LLC bought a new stake in shares of Rimini Street in the 1st quarter valued at about $66,000. Finally, Russell Investments Group Ltd. boosted its holdings in shares of Rimini Street by 3,393.5% in the 2nd quarter. Russell Investments Group Ltd. now owns 18,201 shares of the company’s stock valued at $69,000 after buying an additional 17,680 shares in the last quarter. 73.75% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RMNI has been the subject of several recent analyst reports. Alliance Global Partners reiterated a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Weiss Ratings lowered shares of Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, July 7th. TD Cowen upped their price target on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research report on Tuesday, July 28th. Wall Street Zen raised Rimini Street from a “hold” rating to a “buy” rating in a research report on Saturday, August 1st. Finally, Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $5.00.

Rimini Street Trading Up 2.9%

NASDAQ:RMNI opened at $5.25 on Friday. Rimini Street, Inc. has a twelve month low of $2.87 and a twelve month high of $5.27. The company has a market cap of $490.14 million, a PE ratio of 65.63 and a beta of 1.23. The company’s 50 day moving average is $4.63 and its two-hundred day moving average is $3.91.

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.