Morgan Stanley increased its stake in Rimini Street, Inc. (NASDAQ:RMNI) by 9.0% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 444,604 shares of the company’s stock after purchasing an additional 36,871 shares during the period. Morgan Stanley owned 0.58% of Rimini Street worth $1,432,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. AJO LP acquired a new stake in Rimini Street in the 3rd quarter worth approximately $94,000. Pacific Ridge Capital Partners LLC acquired a new stake in Rimini Street during the 3rd quarter valued at approximately $2,157,000. Acadian Asset Management LLC lifted its stake in Rimini Street by 109.1% during the 3rd quarter. Acadian Asset Management LLC now owns 444,933 shares of the company’s stock valued at $1,433,000 after acquiring an additional 232,191 shares during the period. BlackRock Inc. lifted its stake in Rimini Street by 13.5% during the 3rd quarter. BlackRock Inc. now owns 1,179,049 shares of the company’s stock valued at $3,797,000 after acquiring an additional 140,499 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in Rimini Street during the 3rd quarter valued at approximately $63,000. Institutional investors own 51.05% of the company’s stock.
RMNI has been the subject of several research reports. Craig Hallum initiated coverage on shares of Rimini Street in a research note on Friday, October 2nd. They set a “buy” rating and a $5.00 price objective for the company. Zacks Investment Research cut shares of Rimini Street from a “hold” rating to a “sell” rating in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company’s stock. Rimini Street currently has an average rating of “Hold” and a consensus target price of $6.67.
In related news, EVP Kevin Maddock sold 17,007 shares of the business’s stock in a transaction on Thursday, January 7th. The shares were sold at an average price of $5.39, for a total value of $91,667.73. Following the completion of the sale, the executive vice president now owns 98,963 shares of the company’s stock, valued at approximately $533,410.57. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Stanley Mbugua sold 8,524 shares of the business’s stock in a transaction on Friday, December 4th. The stock was sold at an average price of $4.88, for a total transaction of $41,597.12. Following the completion of the sale, the chief accounting officer now directly owns 101 shares of the company’s stock, valued at approximately $492.88. The disclosure for this sale can be found here. 61.14% of the stock is owned by insiders.
Rimini Street Profile
Rimini Street, Inc provides enterprise software products and services for various industries. The company offers third-party support for Oracle and SAP software products. It sells its solutions primarily through direct sales organizations in North America, Latin America, Europe, Africa, the Middle East, Asia, and the Asia-Pacific.
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