Formula Growth Ltd. Purchases Shares of 220,000 Rimini Street, Inc. (NASDAQ:RMNI)

Formula Growth Ltd. bought a new stake in Rimini Street, Inc. (NASDAQ:RMNI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 220,000 shares of the company's stock, valued at approximately $587,000. Formula Growth Ltd. owned 0.24% of Rimini Street at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brooktree Capital Management boosted its holdings in shares of Rimini Street by 10.3% in the fourth quarter. Brooktree Capital Management now owns 3,871,041 shares of the company's stock valued at $10,336,000 after acquiring an additional 361,380 shares in the last quarter. Pacific Ridge Capital Partners LLC boosted its holdings in Rimini Street by 33.8% in the 4th quarter. Pacific Ridge Capital Partners LLC now owns 1,545,671 shares of the company's stock valued at $4,127,000 after purchasing an additional 390,131 shares in the last quarter. Geode Capital Management LLC increased its position in Rimini Street by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 1,221,314 shares of the company's stock worth $3,261,000 after purchasing an additional 8,211 shares during the period. State Street Corp lifted its holdings in shares of Rimini Street by 0.8% in the 3rd quarter. State Street Corp now owns 1,020,639 shares of the company's stock valued at $1,888,000 after buying an additional 8,377 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in shares of Rimini Street by 28.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 667,673 shares of the company's stock valued at $1,783,000 after buying an additional 149,659 shares in the last quarter. 73.75% of the stock is currently owned by hedge funds and other institutional investors.

Rimini Street Stock Performance

RMNI traded up $0.13 on Thursday, hitting $3.25. 59,467 shares of the company were exchanged, compared to its average volume of 280,399. Rimini Street, Inc. has a fifty-two week low of $1.53 and a fifty-two week high of $4.14. The firm has a market capitalization of $296.71 million, a P/E ratio of -8.78 and a beta of 1.31. The business's fifty day moving average is $3.50 and its 200 day moving average is $2.74.

Rimini Street (NASDAQ:RMNI - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported $0.09 earnings per share for the quarter, missing analysts' consensus estimates of $0.10 by ($0.01). The firm had revenue of $114.21 million during the quarter, compared to analyst estimates of $102.57 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. Analysts forecast that Rimini Street, Inc. will post 0.37 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Alliance Global Partners upgraded Rimini Street from a "neutral" rating to a "buy" rating in a research report on Friday, February 28th.

Rimini Street Company 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.