Primecap Management Co. CA Sells 24,600 Shares of Rambus Inc. (NASDAQ:RMBS)

Primecap Management Co. CA lessened its stake in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 19.2% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 103,600 shares of the semiconductor company's stock after selling 24,600 shares during the period. Primecap Management Co. CA owned 0.10% of Rambus worth $6,088,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RMBS. Rise Advisors LLC acquired a new position in Rambus during the 1st quarter worth about $28,000. Fifth Third Bancorp boosted 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 buying an additional 296 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Rambus by 240.6% in the 2nd quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company's stock worth $71,000 after buying an additional 806 shares during the last quarter. Fidelis Capital Partners LLC purchased a new position in Rambus in the first quarter valued at approximately $90,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of Rambus in the second quarter worth $87,000. Institutional investors own 88.54% of the company's stock.

Rambus Stock Performance

Shares of RMBS traded up $0.95 on Thursday, hitting $39.24. 2,211,312 shares of the stock traded hands, compared to its average volume of 1,554,058. The company has a market capitalization of $4.23 billion, a PE ratio of 12.13 and a beta of 1.19. The business has a 50 day simple moving average of $47.84 and a 200 day simple moving average of $54.86. Rambus Inc. has a one year low of $37.42 and a one year high of $76.38.

Rambus (NASDAQ:RMBS - Get Free Report) last announced its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.12). Rambus had a net margin of 48.31% and a return on equity of 16.74%. The firm had revenue of $132.10 million for the quarter, compared to the consensus estimate of $139.00 million. During the same period last year, the business earned $0.36 EPS. Rambus's revenue was up 10.3% on a year-over-year basis. On average, equities analysts expect that Rambus Inc. will post 1.41 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RMBS. Susquehanna lowered their price objective on Rambus from $75.00 to $66.00 and set a "positive" rating on the stock in a research report on Friday, July 26th. Rosenblatt Securities reiterated a "buy" rating and issued a $85.00 price objective on shares of Rambus in a report on Tuesday, September 10th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $77.75.

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.