Connor Clark & Lunn Investment Management Ltd. Sells 33,445 Shares of Rimini Street, Inc. (NASDAQ:RMNI)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in Rimini Street, Inc. (NASDAQ:RMNI) by 6.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 518,014 shares of the company’s stock after selling 33,445 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Rimini Street were worth $958,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RMNI. Quadrature Capital Ltd purchased a new position in shares of Rimini Street in the 1st quarter valued at approximately $33,000. SG Americas Securities LLC lifted its stake in shares of Rimini Street by 60.7% in the 3rd quarter. SG Americas Securities LLC now owns 18,289 shares of the company’s stock valued at $34,000 after purchasing an additional 6,905 shares during the period. Gladius Capital Management LP purchased a new position in shares of Rimini Street in the 2nd quarter valued at approximately $57,000. Lee Danner & Bass Inc. purchased a new position in shares of Rimini Street in the 2nd quarter valued at approximately $61,000. Finally, Byrne Asset Management LLC purchased a new position in shares of Rimini Street in the 2nd quarter valued at approximately $62,000. 73.75% of the stock is currently owned by institutional investors.

Rimini Street Trading Up 3.2 %

Shares of NASDAQ:RMNI opened at $2.24 on Thursday. The stock has a fifty day simple moving average of $1.86 and a two-hundred day simple moving average of $2.23. The stock has a market capitalization of $203.66 million, a price-to-earnings ratio of -5.86 and a beta of 1.29. Rimini Street, Inc. has a 12-month low of $1.53 and a 12-month high of $3.43.

Rimini Street (NASDAQ:RMNI) last posted its quarterly earnings results on Wednesday, October 30th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.05 by $0.15. Rimini Street had a negative return on equity of 83.26% and a negative net margin of 7.87%. The firm had revenue of $104.67 million during the quarter, compared to analysts’ expectations of $99.39 million. As a group, equities research analysts predict that Rimini Street, Inc. will post 0.37 EPS for the current year.

Analysts Set New Price Targets

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 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.