Geode Capital Management LLC Trims Stock Position in Rambus Inc. (NASDAQ:RMBS)

Geode Capital Management LLC cut its stake in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 1.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 2,577,185 shares of the semiconductor company's stock after selling 44,157 shares during the period. Geode Capital Management LLC owned about 2.42% of Rambus worth $136,260,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Norges Bank acquired a new stake in Rambus in the 4th quarter worth about $94,368,000. Raymond James Financial Inc. acquired a new position in Rambus in the 4th quarter valued at $51,500,000. Congress Asset Management Co. purchased a new position in Rambus in the 4th quarter valued at $45,778,000. SG Americas Securities LLC boosted its stake in Rambus by 1,657.4% during the 4th quarter. SG Americas Securities LLC now owns 552,173 shares of the semiconductor company's stock worth $29,188,000 after purchasing an additional 520,754 shares during the last quarter. Finally, State Street Corp grew its holdings in Rambus by 3.5% in the 3rd quarter. State Street Corp now owns 4,819,125 shares of the semiconductor company's stock valued at $203,463,000 after buying an additional 164,830 shares in the last quarter. Institutional investors and hedge funds own 88.54% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on RMBS. Robert W. Baird set a $90.00 price objective on Rambus in a report on Monday, February 3rd. Wells Fargo & Company upped their price target on Rambus from $62.00 to $73.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. Susquehanna raised their price objective on Rambus from $66.00 to $70.00 and gave the stock a "positive" rating in a research report on Tuesday, February 4th. Evercore ISI started coverage on shares of Rambus in a research report on Tuesday, February 4th. They issued an "outperform" rating and a $71.00 target price on the stock. Finally, StockNews.com lowered shares of Rambus from a "buy" rating to a "hold" rating in a research note on Wednesday, March 5th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Rambus presently has an average rating of "Buy" and a consensus target price of $76.71.

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Insider Transactions at Rambus

In related news, CEO Luc Seraphin sold 10,000 shares of the business's stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of $53.79, for a total transaction of $537,900.00. Following the completion of the transaction, the chief executive officer now owns 316,931 shares in the company, valued at approximately $17,047,718.49. The trade was a 3.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Xianzhi Sean Fan sold 52,327 shares of the firm's stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total value of $3,559,282.54. Following the completion of the sale, the chief operating officer now owns 93,841 shares in the company, valued at approximately $6,383,064.82. This represents a 35.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 96,952 shares of company stock valued at $5,969,155. 1.00% of the stock is currently owned by corporate insiders.

Rambus Stock Up 1.7 %

NASDAQ RMBS traded up $0.80 during trading hours on Friday, hitting $47.04. 992,130 shares of the company were exchanged, compared to its average volume of 1,312,494. The firm has a market cap of $5.05 billion, a price-to-earnings ratio of 28.34 and a beta of 1.20. The company has a 50 day moving average of $56.03 and a two-hundred day moving average of $54.04. Rambus Inc. has a 52-week low of $37.43 and a 52-week high of $69.15.

About Rambus

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.