Rimini Street, Inc. (NASDAQ:RMNI) Major Shareholder Gpiac, Llc Sells 332,185 Shares

Rimini Street, Inc. (NASDAQ:RMNI) major shareholder Gpiac, Llc sold 332,185 shares of Rimini Street stock in a transaction dated Thursday, August 5th. The stock was sold at an average price of $8.22, for a total value of $2,730,560.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Gpiac, Llc also recently made the following trade(s):

  • On Friday, September 10th, Gpiac, Llc sold 541,547 shares of Rimini Street stock. The shares were sold at an average price of $9.75, for a total value of $5,280,083.25.
  • On Wednesday, September 8th, Gpiac, Llc sold 1,137,249 shares of Rimini Street stock. The shares were sold at an average price of $9.92, for a total value of $11,281,510.08.
  • On Friday, August 27th, Gpiac, Llc sold 81,232 shares of Rimini Street stock. The shares were sold at an average price of $9.33, for a total value of $757,894.56.
  • On Tuesday, August 24th, Gpiac, Llc sold 81,232 shares of Rimini Street stock. The shares were sold at an average price of $9.02, for a total value of $732,712.64.

Shares of NASDAQ RMNI opened at $9.62 on Wednesday. The business’s 50 day moving average price is $8.54 and its two-hundred day moving average price is $7.91. The company has a market cap of $825.05 million, a PE ratio of -34.36, a price-to-earnings-growth ratio of 2.77 and a beta of 0.64. Rimini Street, Inc. has a twelve month low of $3.04 and a twelve month high of $10.72.

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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. increased its position in Rimini Street by 9.9% during the second quarter. Invesco Ltd. now owns 14,853 shares of the company’s stock worth $91,000 after buying an additional 1,334 shares during the last quarter. Royal Bank of Canada increased its position in Rimini Street by 21.9% during the second quarter. Royal Bank of Canada now owns 9,002 shares of the company’s stock worth $55,000 after buying an additional 1,618 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Rimini Street by 5.0% during the second quarter. Goldman Sachs Group Inc. now owns 35,782 shares of the company’s stock worth $220,000 after buying an additional 1,706 shares during the last quarter. Legal & General Group Plc increased its position in Rimini Street by 92.9% during the second quarter. Legal & General Group Plc now owns 4,626 shares of the company’s stock worth $28,000 after buying an additional 2,228 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in Rimini Street by 2.4% during the first quarter. Los Angeles Capital Management LLC now owns 121,203 shares of the company’s stock worth $1,087,000 after buying an additional 2,815 shares during the last quarter. 58.91% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently issued reports on RMNI shares. Zacks Investment Research upgraded Rimini Street from a “sell” rating to a “hold” rating in a report on Saturday, August 21st. Alliance Global Partners dropped their target price on Rimini Street from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Thursday, August 5th. Finally, Cowen reiterated a “buy” rating and set a $13.50 target price on shares of Rimini Street in a report on Friday, July 9th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $11.10.

About Rimini Street

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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