Fred Alger Management LLC Raises Position in Rambus Inc. (NASDAQ:RMBS)

Fred Alger Management LLC boosted its position in Rambus Inc. (NASDAQ:RMBS) by 129.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 62,508 shares of the semiconductor company’s stock after purchasing an additional 35,233 shares during the period. Fred Alger Management LLC’s holdings in Rambus were worth $3,304,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. UMB Bank n.a. grew its stake in shares of Rambus by 554.9% during the 4th quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 455 shares during the period. Skandinaviska Enskilda Banken AB publ raised its position in shares of Rambus by 927.5% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 709 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 640 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Rambus by 379.1% during the 4th quarter. Farther Finance Advisors LLC now owns 1,126 shares of the semiconductor company’s stock valued at $60,000 after buying an additional 891 shares in the last quarter. Quarry LP grew its stake in Rambus by 26.9% in the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company’s stock valued at $62,000 after buying an additional 247 shares in the last quarter. Finally, GeoWealth Management LLC purchased a new position in Rambus in the 4th quarter valued at approximately $68,000. 88.54% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Rosenblatt Securities reiterated a “buy” rating and issued a $80.00 price target on shares of Rambus in a research report on Tuesday, April 29th. Wells Fargo & Company increased their price target on shares of Rambus from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday, February 4th. Susquehanna raised their price objective on shares of Rambus from $66.00 to $70.00 and gave the company a “positive” rating in a research report on Tuesday, February 4th. Robert W. Baird set a $90.00 target price on shares of Rambus in a report on Monday, February 3rd. Finally, StockNews.com raised shares of Rambus from a “hold” rating to a “buy” rating in a report on Sunday, May 4th. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Rambus has a consensus rating of “Buy” and a consensus price target of $75.00.

Rambus Stock Performance

Shares of NASDAQ:RMBS opened at $51.03 on Friday. The firm has a market capitalization of $5.48 billion, a PE ratio of 30.74 and a beta of 1.24. Rambus Inc. has a 52-week low of $37.43 and a 52-week high of $69.15. The firm has a fifty day moving average of $50.66 and a 200 day moving average of $54.87.

Insider Transactions at Rambus

In other Rambus news, Director Necip Sayiner sold 4,625 shares of the business’s 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 completion of the sale, the director now directly owns 42,000 shares of the company’s stock, valued at $2,803,080. The trade was a 9.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Xianzhi Sean Fan sold 52,327 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total value of $3,559,282.54. Following the transaction, the chief operating officer now directly owns 93,841 shares in the company, valued at $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. In the last ninety days, insiders sold 113,300 shares of company stock worth $6,745,221. 1.00% of the stock is currently owned by 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.