5 Most Undervalued Cloud Stocks Under $10 According To Hedge Funds

1. Rimini Street, Inc. (NASDAQ:RMNI)

Number of Hedge Funds: 18

Rimini Street, Inc. (NASDAQ:RMNI) is a Nevada-based software company. Rimini Street, Inc. (NASDAQ:RMNI)’s Cloud operations include consultancy services to customers regarding Cloud migration, Cloud security, performance, interoperability, and data integration. Rimini Street, Inc. (NASDAQ:RMNI) also offers Cloud-based ERP solutions.

Rimini Street, Inc. (NASDAQ:RMNI) has gained about 18% year to date. Of the 920 hedge funds tracked by Insider Monkey, 18 hedge funds reported owning stakes in Rimini Street, Inc. (NASDAQ:RMNI) as of the end of the third quarter of 2022. The total value of these stakes was $130.3 million. The biggest stakeholder of Rimini Street, Inc. (NASDAQ:RMNI) during this period was Jeffrey Diehl’s Adams Street Partners which has a stake worth about $110 million in the company.

Diamond Hill Capital made the following comment about Rimini Street, Inc. (NASDAQ:RMNI) in its Q4 2022 investor letter:

“Bottom contributors in Q4 included Rimini Street, Inc. (NASDAQ:RMNI) and Wolverine World Wide (WWW). Shares of IT services company Rimini Street were pressured as the company’s ongoing restructuring of its global sales team has weighed on billings. The company, which offers third-party support and maintenance for enterprise software like Oracle and SAP products, offers its clients a compelling value proposition at a steep discount relative to the software providers themselves. We believe Rimini Street will be able to drive attractive levels of revenue growth once it has worked through the near-term growing pains associated with its sales team restructuring.”

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