Cubist Systematic Strategies LLC Decreases Stake in Rambus Inc. (NASDAQ:RMBS)

Cubist Systematic Strategies LLC lessened its stake in Rambus Inc. (NASDAQ:RMBS - Free Report) by 96.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 32,753 shares of the semiconductor company's stock after selling 781,808 shares during the quarter. Cubist Systematic Strategies LLC's holdings in Rambus were worth $1,731,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Rambus by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 12,594,979 shares of the semiconductor company's stock worth $665,771,000 after acquiring an additional 31,645 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Rambus by 442.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company's stock worth $288,042,000 after acquiring an additional 4,445,146 shares in the last quarter. Invesco Ltd. raised its position in shares of Rambus by 72.1% during the 4th quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company's stock worth $264,287,000 after acquiring an additional 2,093,953 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Rambus by 1.7% during the 4th quarter. JPMorgan Chase & Co. now owns 4,184,370 shares of the semiconductor company's stock worth $221,186,000 after acquiring an additional 68,975 shares in the last quarter. Finally, Norges Bank acquired a new position in Rambus during the fourth quarter worth approximately $94,368,000. Hedge funds and other institutional investors own 88.54% of the company's stock.

Insider Activity at Rambus

In related news, CEO Luc Seraphin sold 6,348 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $46.97, for a total transaction of $298,165.56. Following the sale, the chief executive officer now directly owns 319,241 shares in the company, valued at $14,994,749.77. This represents a 1.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Xianzhi Sean Fan sold 52,327 shares of the company's stock in a transaction 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 transaction, the chief operating officer now directly owns 93,841 shares in the company, valued at approximately $6,383,064.82. This represents a 35.80% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,300 shares of company stock valued at $6,745,221. Insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on RMBS. Evercore ISI began coverage on Rambus in a research report on Tuesday, February 4th. They set an "outperform" rating and a $71.00 price target on the stock. Susquehanna boosted their target price on Rambus from $66.00 to $70.00 and gave the company a "positive" rating in a report on Tuesday, February 4th. StockNews.com raised Rambus from a "hold" rating to a "buy" rating in a report on Sunday, May 4th. Robert W. Baird set a $90.00 target price on Rambus in a report on Monday, February 3rd. Finally, Wells Fargo & Company boosted their target price on Rambus from $62.00 to $73.00 and gave the company an "overweight" rating in a report on Tuesday, February 4th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $75.00.

Rambus Stock Performance

Shares of NASDAQ RMBS opened at $54.11 on Tuesday. The stock has a fifty day moving average price of $50.66 and a two-hundred day moving average price of $55.12. The firm has a market cap of $5.81 billion, a P/E ratio of 32.60 and a beta of 1.24. Rambus Inc. has a 1 year low of $37.43 and a 1 year high of $69.15.

Rambus Profile

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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