Rambus (NASDAQ:RMBS) Upgraded to Strong-Buy at Zacks Research

Key Points

• Zacks Research upgraded Rambus from “hold” to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $147.
• Rambus reported quarterly EPS of $0.84, beating estimates of $0.79, and revenue of $218.29 million versus the $213.21 million consensus forecast.
• Shares opened at $90.99, well below the 52-week high of $174.10; institutional investors and hedge funds own approximately 88.54% of the company.

Rambus (NASDAQ:RMBS - Get Free Report) was upgraded by research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Wednesday, Zacks reports.

A number of other research analysts have also recently weighed in on the stock. Susquehanna restated a "neutral" rating and issued a $103.00 price objective (up from $100.00) on shares of Rambus in a report on Tuesday. UBS Group set a $165.00 target price on Rambus in a report on Tuesday. Benchmark reissued a "buy" rating on shares of Rambus in a research note on Tuesday, July 28th. Weiss Ratings restated a "hold (c+)" rating on shares of Rambus in a report on Wednesday, September 2nd. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $165.00 target price on shares of Rambus in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $147.00.

Rambus Price Performance

NASDAQ:RMBS opened at $90.99 on Wednesday. Rambus has a 1-year low of $77.89 and a 1-year high of $174.10. The firm has a market capitalization of $9.75 billion, a price-to-earnings ratio of 36.41 and a beta of 1.85. The company's 50-day moving average is $93.97 and its two-hundred day moving average is $107.93.

Rambus (NASDAQ:RMBS - Get Free Report) last announced its quarterly earnings results on Monday, October 26th. The semiconductor company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.79 by $0.05. The business had revenue of $218.29 million for the quarter, compared to analyst estimates of $213.21 million. Rambus had a return on equity of 19.43% and a net margin of 33.40%. As a group, equities analysts anticipate that Rambus will post 2.52 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Rambus

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Oregon Public Employees Retirement Fund increased its position in shares of Rambus by 0.5% in the third quarter. Oregon Public Employees Retirement Fund now owns 22,483 shares of the semiconductor company's stock valued at $2,400,000 after buying an additional 114 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich boosted its position in shares of Rambus by 38.3% in the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 5,340 shares of the semiconductor company's stock worth $565,000 after buying an additional 1,480 shares in the last quarter. Greenleaf Trust boosted its position in shares of Rambus by 11.7% in the 3rd quarter. Greenleaf Trust now owns 3,696 shares of the semiconductor company's stock worth $395,000 after buying an additional 386 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Rambus in the 3rd quarter worth about $1,493,000. Finally, ProShare Advisors LLC grew its stake in Rambus by 34.3% in the 3rd quarter. ProShare Advisors LLC now owns 15,669 shares of the semiconductor company's stock valued at $1,673,000 after acquiring an additional 4,000 shares during the last quarter. Institutional investors and hedge funds own 88.54% of the company's stock.

About Rambus

Rambus Inc is a semiconductor technology company that develops and licenses intellectual property for memory and data-processing systems. Its technologies are designed to support higher bandwidth, improved performance, reliability and security across data centers, artificial intelligence and high-performance computing platforms, as well as other computing and communications applications.

The company offers memory interface products and intellectual property, including solutions for DDR5 and other advanced memory architectures, high-bandwidth memory, memory modules and associated system components.

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