Diamond Hill Capital Management Inc. Raises Stock Holdings in Rimini Street, Inc. (NASDAQ:RMNI)

Diamond Hill Capital Management Inc. boosted its holdings in shares of Rimini Street, Inc. (NASDAQ:RMNI) by 2.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,007,515 shares of the company’s stock after purchasing an additional 44,401 shares during the quarter. Diamond Hill Capital Management Inc. owned approximately 2.22% of Rimini Street worth $6,163,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RMNI. Quadrature Capital Ltd acquired a new stake in shares of Rimini Street in the first quarter valued at approximately $33,000. SG Americas Securities LLC acquired a new stake in Rimini Street during the second quarter worth $35,000. Gladius Capital Management LP acquired a new stake in Rimini Street during the second quarter worth $57,000. Lee Danner & Bass Inc. acquired a new stake in Rimini Street during the second quarter worth $61,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Rimini Street during the first quarter worth $62,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

Analyst Ratings Changes

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 Up 6.5 %

RMNI opened at $1.97 on Monday. Rimini Street, Inc. has a 52 week low of $1.55 and a 52 week high of $3.44. The business has a fifty day simple moving average of $2.23 and a 200-day simple moving average of $2.63. The firm has a market cap of $178.68 million, a P/E ratio of 8.21 and a beta of 1.28.

Rimini Street (NASDAQ:RMNI) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.04 EPS for the quarter, missing the consensus estimate of $0.07 by ($0.03). Rimini Street had a negative return on equity of 73.91% and a net margin of 3.80%. The firm had revenue of $103.12 million for the quarter, compared to analysts’ expectations of $106.42 million. Sell-side analysts expect that Rimini Street, Inc. will post 0.22 earnings per share for the current year.

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.