Rambus (NASDAQ:RMBS) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Rambus (NASDAQ:RMBS – Get Free Report) issued its quarterly earnings data on Monday. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.05, FiscalAI reports. The business had revenue of $207.39 million during the quarter, compared to the consensus estimate of $199.30 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%.

Rambus Stock Performance

RMBS traded up $0.41 during trading on Monday, reaching $96.42. The company had a trading volume of 4,024,794 shares, compared to its average volume of 2,691,602. The firm’s 50-day simple moving average is $128.78 and its 200 day simple moving average is $114.40. The company has a market cap of $10.43 billion, a price-to-earnings ratio of 45.91 and a beta of 1.84. Rambus has a 12-month low of $63.30 and a 12-month high of $174.10.

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Insider Activity

In other news, Director Necip Sayiner sold 5,000 shares of Rambus stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total value of $850,750.00. Following the transaction, the director directly owned 18,223 shares of the company’s stock, valued at $3,100,643.45. This trade represents a 21.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Emiko Higashi sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,605,000.00. Following the sale, the director owned 49,519 shares in the company, valued at $7,947,799.50. This represents a 16.80% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 62,914 shares of company stock valued at $9,724,775 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.

Hedge Funds Weigh In On Rambus

Several institutional investors and hedge funds have recently added to or reduced their stakes in RMBS. NewEdge Advisors LLC lifted its holdings in shares of Rambus by 22,321.4% in the first quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company’s stock valued at $488,000 after purchasing an additional 9,375 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Rambus by 34.1% during the first quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company’s stock valued at $1,178,000 after buying an additional 5,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Rambus by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company’s stock valued at $16,025,000 after buying an additional 19,120 shares in the last quarter. Acadian Asset Management LLC acquired a new position in Rambus during the first quarter valued at $218,000. Finally, Quantbot Technologies LP acquired a new position in Rambus during the second quarter valued at $102,000. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently weighed in on RMBS shares. Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a research note on Tuesday, April 28th. Benchmark initiated coverage on shares of Rambus in a research report on Wednesday, July 15th. They set a “buy” rating and a $165.00 price objective for the company. Rosenblatt Securities raised their price objective on shares of Rambus from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Wells Fargo & Company raised their target price on shares of Rambus from $115.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, April 28th. Finally, Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price target on the stock. in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $134.75.

Check Out Our Latest Research Report on RMBS

About Rambus

(Get Free Report)

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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