Diamond Hill Capital Management Inc. Has $3.41 Million Position in Rimini Street, Inc. (NASDAQ:RMNI)

Diamond Hill Capital Management Inc. reduced its stake in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 8.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,844,645 shares of the company’s stock after selling 162,870 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in Rimini Street were worth $3,413,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of RMNI. Acadian Asset Management LLC lifted its holdings in shares of Rimini Street by 43.8% during the 1st quarter. Acadian Asset Management LLC now owns 2,179,022 shares of the company’s stock valued at $7,099,000 after purchasing an additional 663,781 shares in the last quarter. LSV Asset Management lifted its holdings in shares of Rimini Street by 799.6% during the 1st quarter. LSV Asset Management now owns 521,900 shares of the company’s stock valued at $1,701,000 after purchasing an additional 463,884 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Rimini Street by 57.9% during the 2nd quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock valued at $986,000 after purchasing an additional 117,739 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Rimini Street by 2.0% during the 1st quarter. Vanguard Group Inc. now owns 4,522,843 shares of the company’s stock valued at $14,744,000 after purchasing an additional 86,755 shares in the last quarter. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in Rimini Street in the 2nd quarter valued at approximately $258,000. Institutional investors own 73.75% of the company’s stock.

Analysts Set New Price Targets

Separately, Alliance Global Partners cut Rimini Street from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 31st.

Rimini Street Stock Performance

NASDAQ RMNI opened at $1.94 on Tuesday. The stock has a market capitalization of $176.38 million, a price-to-earnings ratio of -5.24 and a beta of 1.29. The stock’s 50 day moving average price is $1.82 and its two-hundred day moving average price is $2.27. Rimini Street, Inc. has a 52 week low of $1.53 and a 52 week high of $3.44.

Rimini Street (NASDAQ:RMNI) last released its earnings results on Wednesday, October 30th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.05 by $0.15. The firm had revenue of $104.67 million for the quarter, compared to analysts’ expectations of $99.39 million. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. On average, equities research analysts forecast that Rimini Street, Inc. will post 0.37 EPS for the current year.

About Rimini Street

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.