Principal Financial Group Inc. Sells 98,974 Shares of Rambus Inc. (NASDAQ:RMBS)

Principal Financial Group Inc. decreased its position in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 23.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 325,409 shares of the semiconductor company's stock after selling 98,974 shares during the period. Principal Financial Group Inc. owned approximately 0.31% of Rambus worth $13,739,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Vaughan Nelson Investment Management L.P. grew its holdings in Rambus by 32.3% during the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,462,932 shares of the semiconductor company's stock valued at $61,765,000 after buying an additional 357,160 shares in the last quarter. World Investment Advisors LLC bought a new position in shares of Rambus during the 3rd quarter valued at approximately $989,000. Dynamic Technology Lab Private Ltd bought a new position in shares of Rambus during the 3rd quarter valued at approximately $2,077,000. Assenagon Asset Management S.A. grew its holdings in shares of Rambus by 339.3% in the third quarter. Assenagon Asset Management S.A. now owns 1,266,780 shares of the semiconductor company's stock valued at $53,483,000 after purchasing an additional 978,417 shares in the last quarter. Finally, FORA Capital LLC increased its position in Rambus by 63.7% in the third quarter. FORA Capital LLC now owns 40,284 shares of the semiconductor company's stock worth $1,701,000 after purchasing an additional 15,671 shares during the last quarter. 88.54% of the stock is owned by institutional investors.

Rambus Stock Performance

NASDAQ RMBS traded down $0.44 during trading on Friday, hitting $54.24. The stock had a trading volume of 511,039 shares, compared to its average volume of 1,477,936. Rambus Inc. has a one year low of $37.42 and a one year high of $76.38. The stock has a 50 day simple moving average of $53.58 and a 200 day simple moving average of $50.33. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of 33.69 and a beta of 1.22.

Analysts Set New Price Targets

RMBS has been the subject of several research reports. Baird R W upgraded shares of Rambus to a "strong-buy" rating in a research report on Monday, November 25th. Loop Capital started coverage on shares of Rambus in a report on Monday, November 11th. They issued a "buy" rating and a $70.00 price target for the company. Rosenblatt Securities reissued a "buy" rating and set a $85.00 price objective on shares of Rambus in a research note on Tuesday, October 29th. Wells Fargo & Company started coverage on Rambus in a research note on Wednesday, November 6th. They issued an "overweight" rating and a $62.00 price objective for the company. Finally, Robert W. Baird assumed coverage on Rambus in a report on Monday, November 25th. They issued an "outperform" rating and a $90.00 target price for the company. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Rambus presently has a consensus rating of "Buy" and a consensus target price of $74.67.

Insider Transactions at Rambus

In related news, Director Meera Rao sold 5,408 shares of the firm's stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $58.22, for a total value of $314,853.76. Following the transaction, the director now owns 29,090 shares of the company's stock, valued at $1,693,619.80. This trade represents a 15.68 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.00% of the company's stock.

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.