Cannell Capital LLC Cuts Stock Position in Rimini Street, Inc. (NASDAQ:RMNI)

Cannell Capital LLC trimmed its position in Rimini Street, Inc. (NASDAQ:RMNI) by 83.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 243,471 shares of the company’s stock after selling 1,200,565 shares during the period. Cannell Capital LLC owned approximately 0.28% of Rimini Street worth $1,500,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of RMNI. California State Teachers Retirement System increased its position in shares of Rimini Street by 73.8% in the 2nd quarter. California State Teachers Retirement System now owns 60,381 shares of the company’s stock valued at $372,000 after acquiring an additional 25,634 shares during the period. Royal Bank of Canada grew its holdings in Rimini Street by 21.9% in the second quarter. Royal Bank of Canada now owns 9,002 shares of the company’s stock valued at $55,000 after purchasing an additional 1,618 shares during the period. Morgan Stanley grew its holdings in Rimini Street by 22.5% in the second quarter. Morgan Stanley now owns 454,954 shares of the company’s stock valued at $2,803,000 after purchasing an additional 83,585 shares during the period. Credit Suisse AG acquired a new stake in Rimini Street in the second quarter valued at approximately $124,000. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Rimini Street by 82.4% in the second quarter. Charles Schwab Investment Management Inc. now owns 108,355 shares of the company’s stock valued at $668,000 after acquiring an additional 48,937 shares in the last quarter. 58.91% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages recently commented on RMNI. Zacks Investment Research downgraded Rimini Street from a “hold” rating to a “sell” rating in a research report on Thursday, October 14th. Cowen reissued a “buy” rating and set a $13.50 target price on shares of Rimini Street in a research note on Friday, July 9th. Finally, Alliance Global Partners dropped their price objective on Rimini Street from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, August 5th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $11.10.

Shares of NASDAQ RMNI traded up $0.12 during trading on Wednesday, reaching $10.20. The stock had a trading volume of 4,944 shares, compared to its average volume of 482,323. Rimini Street, Inc. has a fifty-two week low of $3.09 and a fifty-two week high of $11.04. The business’s 50-day moving average price is $9.49 and its 200-day moving average price is $8.17. The company has a market cap of $874.79 million, a P/E ratio of -36.00, a PEG ratio of 2.73 and a beta of 0.64.

Rimini Street (NASDAQ:RMNI) last issued its quarterly earnings data on Wednesday, August 4th. The company reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.15). Rimini Street had a negative net margin of 4.14% and a negative return on equity of 5.82%. The firm had revenue of $91.61 million during the quarter, compared to analyst estimates of $89.77 million. Research analysts expect that Rimini Street, Inc. will post 0.35 earnings per share for the current fiscal year.

In related news, major shareholder Gpiac, Llc sold 1,137,249 shares of the business’s stock in a transaction on Wednesday, September 8th. The stock was sold at an average price of $9.92, for a total transaction of $11,281,510.08. Following the completion of the transaction, the insider now directly owns 7,292,828 shares of the company’s stock, valued at approximately $72,344,853.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Sebastian Grady sold 5,764 shares of the business’s stock in a transaction on Wednesday, August 4th. The stock was sold at an average price of $8.31, for a total value of $47,898.84. Following the transaction, the president now directly owns 107,854 shares of the company’s stock, valued at $896,266.74. The disclosure for this sale can be found here. Insiders have sold a total of 2,199,201 shares of company stock valued at $21,009,491 over the last three months. 48.40% of the stock is currently owned by insiders.

Rimini Street Company Profile

Rimini Street, Inc engages in the provision of enterprise software support products and services. It offers global tax, legal, and regulatory update, security support, proactive support, advanced technology, license advisory and onboarding and archiving services. The company was founded by Seth A. Ravin and Thomas C.

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Institutional Ownership by Quarter for Rimini Street (NASDAQ:RMNI)

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