Conifer Management L.L.C. Buys Shares of 5,913,199 Rimini Street, Inc. $RMNI

Conifer Management L.L.C. purchased a new stake in Rimini Street, Inc. (NASDAQ:RMNI) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 5,913,199 shares of the company’s stock, valued at approximately $25,190,228,000. Rimini Street accounts for approximately 4.2% of Conifer Management L.L.C.’s holdings, making the stock its 5th biggest holding. Conifer Management L.L.C. owned about 0.06% of Rimini Street as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Rimini Street during the second quarter valued at approximately $15,729,000. Pacific Ridge Capital Partners LLC raised its stake in Rimini Street by 9.4% in the fourth quarter. Pacific Ridge Capital Partners LLC now owns 1,857,512 shares of the company’s stock worth $7,207,000 after buying an additional 159,673 shares in the last quarter. Mink Brook Asset Management LLC lifted its holdings in Rimini Street by 73.4% during the fourth quarter. Mink Brook Asset Management LLC now owns 1,299,741 shares of the company’s stock worth $5,043,000 after buying an additional 550,167 shares during the period. Geode Capital Management LLC lifted its holdings in Rimini Street by 1.5% during the second quarter. Geode Capital Management LLC now owns 1,234,075 shares of the company’s stock worth $4,653,000 after buying an additional 18,808 shares during the period. Finally, Samjo Management LLC boosted its position in Rimini Street by 149.0% during the 4th quarter. Samjo Management LLC now owns 1,207,750 shares of the company’s stock valued at $4,686,000 after acquiring an additional 722,750 shares in the last quarter. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Trading Down 0.8%

Shares of RMNI opened at $5.21 on Tuesday. Rimini Street, Inc. has a 12 month low of $2.87 and a 12 month high of $5.28. The stock has a fifty day moving average price of $4.65 and a 200-day moving average price of $3.93. The firm has a market cap of $486.41 million, a PE ratio of 65.13 and a beta of 1.23.

Wall Street Analysts Forecast Growth

RMNI has been the topic of a number of analyst reports. Wall Street Zen upgraded Rimini Street from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings cut Rimini Street from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 7th. Alliance Global Partners reaffirmed a “buy” rating on shares of Rimini Street in a research report on Friday, May 1st. Zacks Research upgraded Rimini Street from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, TD Cowen boosted their target price on shares of Rimini Street from $4.50 to $5.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.00.

Rimini Street Profile

Rimini Street, Inc (NASDAQ: RMNI) is a provider of enterprise software support services, specializing in third-party maintenance for mission-critical applications from leading technology vendors. The company offers comprehensive support for ERP, CRM and database environments, with coverage for systems from providers such as Oracle and SAP. Through its proactive system monitoring, performance tuning, regulatory and tax update services, Rimini Street aims to extend the lifecycle of enterprise applications while delivering service levels comparable to or exceeding those of original software vendors.

Founded in 2005 by technology entrepreneur Seth Ravin, Rimini Street has grown from a startup into a publicly traded company following its initial public offering in March 2018.