Conifer Management L.L.C. Purchases New Shares in Rimini Street, Inc. $RMNI

Conifer Management L.L.C. purchased a new position in Rimini Street, Inc. (NASDAQ:RMNI) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 5,913,199 shares of the company’s stock, valued at approximately $25,190,228,000. Rimini Street comprises approximately 4.2% of Conifer Management L.L.C.’s holdings, making the stock its 5th biggest position. Conifer Management L.L.C. owned about 6.33% of Rimini Street as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of RMNI. BlackRock Inc. bought a new stake in shares of Rimini Street in the 2nd quarter worth about $15,729,000. Pacific Ridge Capital Partners LLC grew its holdings in Rimini Street by 9.4% during the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock valued at $7,207,000 after purchasing an additional 159,673 shares during the last quarter. Mink Brook Asset Management LLC grew its holdings in Rimini Street by 73.4% during the 4th quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock valued at $5,043,000 after purchasing an additional 550,167 shares during the last quarter. Geode Capital Management LLC raised its position in Rimini Street by 1.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after purchasing an additional 18,808 shares during the period. Finally, Samjo Management LLC lifted its stake in Rimini Street by 149.0% in the fourth quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock worth $4,686,000 after purchasing an additional 722,750 shares during the last quarter. Institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Down 0.8%

RMNI opened at $5.21 on Tuesday. The stock’s fifty day moving average is $4.65 and its two-hundred day moving average is $3.93. The company has a market capitalization of $486.41 million, a P/E ratio of 65.13 and a beta of 1.23. Rimini Street, Inc. has a 52 week low of $2.87 and a 52 week high of $5.28.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. TD Cowen raised their price target on Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a research note on Tuesday, July 28th. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Alliance Global Partners reissued a “buy” rating on shares of Rimini Street in a research note on Friday, May 1st. Finally, Wall Street Zen upgraded shares of Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.00.

Rimini Street Profile

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.