State of New Jersey Common Pension Fund D Cuts Stake in Rambus Inc. (NASDAQ:RMBS)

State of New Jersey Common Pension Fund D reduced its position in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 9.2% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 40,145 shares of the semiconductor company's stock after selling 4,062 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Rambus were worth $2,122,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RMBS. Vaughan Nelson Investment Management L.P. boosted its holdings in shares of 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 acquiring an additional 357,160 shares during the last quarter. SG Americas Securities LLC grew its holdings in shares of Rambus by 1,657.4% in the fourth quarter. SG Americas Securities LLC now owns 552,173 shares of the semiconductor company's stock valued at $29,188,000 after purchasing an additional 520,754 shares in the last quarter. World Investment Advisors LLC purchased a new position in shares of Rambus in the third quarter valued at $989,000. Campbell Newman Asset Management Inc. grew its holdings in shares of Rambus by 72.2% in the fourth quarter. Campbell Newman Asset Management Inc. now owns 39,046 shares of the semiconductor company's stock valued at $2,064,000 after purchasing an additional 16,376 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new position in shares of Rambus in the third quarter valued at $2,077,000. 88.54% of the stock is currently owned by institutional investors.

Rambus Stock Down 3.4 %

Shares of NASDAQ:RMBS opened at $62.73 on Friday. The stock's fifty day simple moving average is $59.69 and its 200-day simple moving average is $51.39. Rambus Inc. has a 52-week low of $37.42 and a 52-week high of $69.15. The company has a market capitalization of $6.69 billion, a P/E ratio of 37.79 and a beta of 1.26.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Loop Capital initiated coverage on shares of Rambus in a research note on Monday, November 11th. They set a "buy" rating and a $70.00 price objective for the company. Susquehanna lifted their price objective on Rambus from $66.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, February 4th. Wells Fargo & Company boosted their price target on Rambus from $62.00 to $73.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Robert W. Baird set a $90.00 target price on Rambus in a research report on Monday, February 3rd. Finally, StockNews.com raised Rambus from a "hold" rating to a "buy" rating in a research note on Wednesday, February 5th. Eight equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Rambus has a consensus rating of "Buy" and an average target price of $76.71.

Insider Transactions at Rambus

In related news, COO Xianzhi Sean Fan sold 52,327 shares of the firm's stock in a transaction that occurred 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 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 position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $308,672.50. Following the sale, the director now directly owns 42,000 shares in the company, valued at $2,803,080. The trade was a 9.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 62,360 shares of company stock worth $4,182,809 in the last three months. 1.00% of the stock is currently owned by company insiders.

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.

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