Rimini Street (NASDAQ:RMNI) Releases Quarterly Earnings Results, Beats Estimates By $0.15 EPS

Rimini Street (NASDAQ:RMNI) posted its earnings results on Wednesday. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.15, reports. The firm had revenue of $104.67 million for the quarter, compared to analyst estimates of $99.39 million. Rimini Street had a negative return on equity of 105.28% and a negative net margin of 7.87%.

Rimini Street Stock Performance

Shares of NASDAQ RMNI opened at $1.76 on Friday. The firm has a market cap of $159.63 million, a P/E ratio of -4.78 and a beta of 1.28. Rimini Street has a 1 year low of $1.53 and a 1 year high of $3.44. The firm’s 50 day moving average price is $1.81 and its 200 day moving average price is $2.33.

Wall Street Analyst Weigh In

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

Institutional Investors Weigh In On Rimini Street

Hedge funds and other institutional investors have recently made changes to their positions in the business. Acadian Asset Management LLC grew its holdings in Rimini Street by 43.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,179,022 shares of the company’s stock valued at $7,099,000 after buying an additional 663,781 shares during the period. LSV Asset Management grew its holdings in Rimini Street by 799.6% in the first 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 during the period. Los Angeles Capital Management LLC increased its position in Rimini Street by 57.9% during the second quarter. Los Angeles Capital Management LLC now owns 321,082 shares of the company’s stock worth $986,000 after purchasing an additional 117,739 shares during the last quarter. Vanguard Group Inc. raised its stake in Rimini Street by 2.0% during the first quarter. Vanguard Group Inc. now owns 4,522,843 shares of the company’s stock worth $14,744,000 after purchasing an additional 86,755 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Rimini Street in the 2nd quarter valued at $258,000. Hedge funds and other institutional investors own 73.75% of the company’s stock.

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.