Renaissance Group LLC grew its position in Rambus Inc. (NASDAQ:RMBS - Free Report) by 28.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 75,889 shares of the semiconductor company's stock after purchasing an additional 16,591 shares during the quarter. Renaissance Group LLC owned approximately 0.07% of Rambus worth $4,011,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of RMBS. Renaissance Technologies LLC acquired a new stake in Rambus in the 4th quarter valued at approximately $201,000. Invesco Ltd. boosted its holdings in Rambus by 72.1% in the 4th quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company's stock valued at $264,287,000 after purchasing an additional 2,093,953 shares during the period. Aster Capital Management DIFC Ltd acquired a new stake in Rambus in the 4th quarter worth $73,000. Envestnet Asset Management Inc. raised its position in shares of Rambus by 86.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 73,938 shares of the semiconductor company's stock valued at $3,908,000 after buying an additional 34,193 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of Rambus by 28.2% in the fourth quarter. Wells Fargo & Company MN now owns 97,933 shares of the semiconductor company's stock valued at $5,177,000 after buying an additional 21,552 shares during the period. 88.54% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several brokerages have recently weighed in on RMBS. Robert W. Baird set a $90.00 price objective on Rambus in a report on Monday, February 3rd. 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 price target for the company. StockNews.com downgraded Rambus from a "buy" rating to a "hold" rating in a report on Wednesday, March 5th. Rosenblatt Securities raised their target price on Rambus from $85.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, February 4th. Finally, Wells Fargo & Company boosted their target price on shares of Rambus from $62.00 to $73.00 and gave the company an "overweight" rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $76.71.
View Our Latest Research Report on RMBS
Rambus Price Performance
Shares of NASDAQ RMBS traded down $0.60 during midday trading on Monday, hitting $46.44. The stock had a trading volume of 306,979 shares, compared to its average volume of 1,307,980. Rambus Inc. has a fifty-two week low of $37.43 and a fifty-two week high of $69.15. The firm has a market cap of $4.99 billion, a P/E ratio of 27.98 and a beta of 1.20. The company's 50-day simple moving average is $56.03 and its 200 day simple moving average is $54.12.
Insider Buying and Selling
In other Rambus news, Director Necip Sayiner sold 4,625 shares of Rambus stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $66.74, for a total transaction of $308,672.50. Following the completion of the sale, the director now owns 42,000 shares of the company's stock, valued at approximately $2,803,080. The trade was a 9.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Xianzhi Sean Fan sold 52,327 shares of Rambus stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $68.02, for a total value of $3,559,282.54. Following the sale, the chief operating officer now directly owns 93,841 shares of the company's stock, valued at approximately $6,383,064.82. This trade represents a 35.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 96,952 shares of company stock worth $5,969,155 over the last three months. 1.00% of the stock is currently owned by company insiders.
Rambus Profile
(
Free Report)
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.
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