Virtu Financial LLC Makes New Investment in Rimini Street, Inc. (NASDAQ:RMNI)

Virtu Financial LLC purchased a new stake in shares of Rimini Street, Inc. (NASDAQ:RMNI) in the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 31,239 shares of the company’s stock, valued at approximately $58,000.

Other large investors have also recently modified their holdings of the company. Barclays PLC increased its stake in Rimini Street by 281.6% during the 3rd quarter. Barclays PLC now owns 70,291 shares of the company’s stock valued at $130,000 after purchasing an additional 51,870 shares in the last quarter. State Street Corp increased its position in shares of Rimini Street by 0.8% during the third quarter. State Street Corp now owns 1,020,639 shares of the company’s stock valued at $1,888,000 after acquiring an additional 8,377 shares in the last quarter. Janus Henderson Group PLC purchased a new position in Rimini Street in the 3rd quarter worth approximately $210,000. Ruane Cunniff & Goldfarb L.P. lifted its position in Rimini Street by 34.3% in the 3rd quarter. Ruane Cunniff & Goldfarb L.P. now owns 38,090 shares of the company’s stock valued at $70,000 after acquiring an additional 9,719 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Rimini Street by 40.3% during the 3rd quarter. BNP Paribas Financial Markets now owns 103,963 shares of the company’s stock valued at $192,000 after purchasing an additional 29,866 shares during the last quarter. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Rimini Street Stock Up 0.4 %

Shares of NASDAQ RMNI opened at $2.52 on Friday. The firm’s 50-day moving average price is $2.00 and its 200-day moving average price is $2.20. Rimini Street, Inc. has a 52-week low of $1.53 and a 52-week high of $3.43. The company has a market cap of $229.12 million, a PE ratio of -6.81 and a beta of 1.34.

Rimini Street (NASDAQ:RMNI) last posted its earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.15. The business had revenue of $104.67 million during the quarter, compared to the consensus estimate of $99.39 million. Rimini Street had a negative net margin of 7.87% and a negative return on equity of 83.26%. As a group, equities research analysts anticipate that Rimini Street, Inc. will post 0.37 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Seth A. Ravin sold 14,375 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $2.20, for a total value of $31,625.00. Following the transaction, the chief executive officer now owns 444,914 shares of the company’s stock, valued at approximately $978,810.80. This trade represents a 3.13 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 41.00% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Craig Hallum upgraded Rimini Street from a “hold” rating to a “buy” rating and boosted their price target for the stock from $2.00 to $6.00 in a research note on Tuesday.

Rimini Street 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.