Rambus Inc. (NASDAQ:RMBS) Stock Position Reduced by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 51.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 27,275 shares of the semiconductor company's stock after selling 28,535 shares during the period. Fred Alger Management LLC's holdings in Rambus were worth $1,152,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Quarry LP bought a new position in shares of Rambus in the second quarter worth $38,000. Fifth Third Bancorp lifted its stake in shares of Rambus by 68.7% in the 2nd quarter. Fifth Third Bancorp now owns 727 shares of the semiconductor company's stock worth $43,000 after acquiring an additional 296 shares during the period. Blue Trust Inc. boosted its holdings in shares of Rambus by 240.6% in the second quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company's stock valued at $71,000 after acquiring an additional 806 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Rambus during the second quarter valued at approximately $87,000. Finally, GAMMA Investing LLC lifted its position in Rambus by 207.1% in the third quarter. GAMMA Investing LLC now owns 2,623 shares of the semiconductor company's stock worth $111,000 after purchasing an additional 1,769 shares during the period. Institutional investors and hedge funds own 88.54% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on RMBS. Rosenblatt Securities reiterated a "buy" rating and set a $85.00 price target on shares of Rambus in a research report on Tuesday, October 29th. Robert W. Baird assumed coverage on Rambus in a report on Monday, November 25th. They set an "outperform" rating and a $90.00 target price on the stock. Baird R W raised shares of Rambus to a "strong-buy" rating in a report on Monday, November 25th. Loop Capital assumed coverage on shares of Rambus in a research note on Monday, November 11th. They issued a "buy" rating and a $70.00 price objective on the stock. Finally, Wells Fargo & Company assumed coverage on shares of Rambus in a research note on Wednesday, November 6th. They set an "overweight" rating and a $62.00 target price for the company. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Rambus presently has an average rating of "Buy" and an average price target of $74.67.

Rambus Trading Up 1.8 %

Shares of RMBS traded up $1.06 during midday trading on Monday, hitting $58.87. The stock had a trading volume of 985,633 shares, compared to its average volume of 1,521,797. Rambus Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $76.38. The business has a 50-day simple moving average of $47.93 and a two-hundred day simple moving average of $50.31. The firm has a market cap of $6.27 billion, a P/E ratio of 36.57 and a beta of 1.17.

Rambus Company Profile

Rambus Inc provides semiconductor products in the United States, South Korea, Singapore, and internationally. The company offers DDR memory interface chips, including DDR5 and DDR4 memory interface chips to module manufacturers, OEMs, and hyperscalers; silicon IP, such as interface and security IP solutions that move and protect data in advanced data center, government, and automotive applications; and interface IP solutions for high-speed memory and chip-to-chip digital controller IP.