Rambus, Inc. (NASDAQ:RMBS – Get Free Report)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $100.85, but opened at $107.50. Rambus shares last traded at $104.9560, with a volume of 240,218 shares traded.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on RMBS. Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research note on Tuesday, April 28th. Evercore reissued an “outperform” rating and set a $172.00 price target on shares of Rambus in a research note on Tuesday, April 28th. Jefferies Financial Group boosted their price objective on Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Wells Fargo & Company upped their price objective on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Finally, Rosenblatt Securities increased their target price on Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $134.75.
Rambus Trading Down 1.9%
Rambus (NASDAQ:RMBS – Get Free Report) last released its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Rambus had a return on equity of 17.41% and a net margin of 31.90%.The company had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. As a group, analysts predict that Rambus, Inc. will post 2.44 earnings per share for the current year.
Insider Transactions at Rambus
In related news, Director Emiko Higashi sold 10,000 shares of Rambus stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $160.50, for a total value of $1,605,000.00. Following the completion of the sale, the director directly owned 49,519 shares in the company, valued at $7,947,799.50. This trade represents a 16.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric B. Stang sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $146.00, for a total transaction of $730,000.00. Following the sale, the director directly owned 19,218 shares in the company, valued at approximately $2,805,828. This represents a 20.65% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 65,886 shares of company stock worth $10,171,466 over the last ninety days. 0.75% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Rambus
A number of large investors have recently made changes to their positions in the stock. Handelsbanken Fonder AB increased its position in shares of Rambus by 28.1% in the 2nd quarter. Handelsbanken Fonder AB now owns 150,857 shares of the semiconductor company’s stock valued at $20,025,000 after acquiring an additional 33,060 shares during the period. Redhawk Wealth Advisors Inc. acquired a new stake in Rambus during the 2nd quarter worth about $1,226,000. Harbor Investment Advisory LLC purchased a new stake in Rambus during the 2nd quarter valued at about $135,000. CoreCap Advisors LLC purchased a new stake in Rambus during the 2nd quarter valued at about $53,000. Finally, Pacer Advisors Inc. grew its stake in Rambus by 80.9% during the 1st quarter. Pacer Advisors Inc. now owns 37,001 shares of the semiconductor company’s stock valued at $3,183,000 after purchasing an additional 16,542 shares during the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.
About Rambus
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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