Rambus (NASDAQ:RMBS) Hits New 52-Week High on Analyst Upgrade

Rambus Inc. (NASDAQ:RMBS - Get Free Report)'s share price reached a new 52-week high on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $67.90 and last traded at $67.31, with a volume of 662412 shares. The stock had previously closed at $64.44.

Several other research analysts have also commented on the stock. Evercore ISI assumed coverage on shares of Rambus in a research note on Tuesday, February 4th. They set an "outperform" rating and a $71.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of Rambus from $62.00 to $73.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Baird R W upgraded shares of Rambus to a "strong-buy" rating in a report on Monday, November 25th. Loop Capital began coverage on shares of Rambus in a research note on Monday, November 11th. They issued a "buy" rating and a $70.00 price objective for the company. Finally, Rosenblatt Securities upped their target price on Rambus from $85.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, February 4th. Eight investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $77.29.

Insider Activity

In other news, Director Meera Rao sold 5,408 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $58.22, for a total transaction of $314,853.76. Following the transaction, the director now owns 29,090 shares of the company's stock, valued at approximately $1,693,619.80. This represents a 15.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.00% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RMBS. State Street Corp boosted its stake in shares of Rambus by 3.5% during the third quarter. State Street Corp now owns 4,819,125 shares of the semiconductor company's stock valued at $203,463,000 after purchasing an additional 164,830 shares in the last quarter. Geode Capital Management LLC boosted its position in Rambus by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 2,621,342 shares of the semiconductor company's stock valued at $110,693,000 after acquiring an additional 21,053 shares in the last quarter. Swedbank AB increased its holdings in shares of Rambus by 12.5% in the 3rd quarter. Swedbank AB now owns 1,743,000 shares of the semiconductor company's stock valued at $73,589,000 after acquiring an additional 193,150 shares during the period. Vaughan Nelson Investment Management L.P. raised its position in shares of Rambus by 32.3% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,462,932 shares of the semiconductor company's stock worth $61,765,000 after acquiring an additional 357,160 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Rambus by 339.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 1,266,780 shares of the semiconductor company's stock worth $53,483,000 after purchasing an additional 978,417 shares during the last quarter. 88.54% of the stock is currently owned by institutional investors.

Rambus Price Performance

The business has a 50-day moving average of $58.44 and a two-hundred day moving average of $50.37. The company has a market cap of $7.14 billion, a P/E ratio of 40.36 and a beta of 1.26.

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.