Rimini Street (RMNI) Posts Quarterly Earnings Results, Beats Expectations By $0.08 EPS

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Rimini Street (NASDAQ:RMNI) announced its quarterly earnings data on Thursday. The company reported $0.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.08, Morningstar.com reports. The company had revenue of $62.63 million during the quarter.

Shares of NASDAQ RMNI traded down $0.47 during midday trading on Friday, hitting $5.98. The company had a trading volume of 60,411 shares, compared to its average volume of 31,448. Rimini Street has a twelve month low of $4.00 and a twelve month high of $9.23.

In related news, CFO Thomas B. Sabol acquired 5,000 shares of Rimini Street stock in a transaction that occurred on Friday, August 17th. The stock was purchased at an average price of $5.31 per share, for a total transaction of $26,550.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Kevin Maddock sold 31,100 shares of the firm’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $6.76, for a total transaction of $210,236.00. The disclosure for this sale can be found here. In the last quarter, insiders purchased 12,000 shares of company stock valued at $61,300 and sold 414,525 shares valued at $2,231,987.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cowen Inc. lifted its stake in shares of Rimini Street by 48.6% in the second quarter. Cowen Inc. now owns 766,778 shares of the company’s stock valued at $5,023,000 after purchasing an additional 250,763 shares during the period. Millennium Management LLC lifted its stake in shares of Rimini Street by 147.1% in the first quarter. Millennium Management LLC now owns 151,748 shares of the company’s stock valued at $1,299,000 after purchasing an additional 90,331 shares during the period. Schwab Charles Investment Management Inc. acquired a new stake in shares of Rimini Street in the second quarter valued at about $124,000. Ramsey Quantitative Systems lifted its stake in shares of Rimini Street by 102.8% in the third quarter. Ramsey Quantitative Systems now owns 24,487 shares of the company’s stock valued at $155,000 after purchasing an additional 12,414 shares during the period. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Rimini Street in the second quarter valued at about $116,000. Hedge funds and other institutional investors own 41.39% of the company’s stock.

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About Rimini Street

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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