Allianz Asset Management GmbH Sells 12,710 Shares of Rambus, Inc. (NASDAQ:RMBS)

Key Points

• Allianz Asset Management GmbH significantly reduced its stake in Rambus, Inc. by 73.0%, selling 12,710 shares and now holding only 4,700 shares valued at $243,000.
• Several institutional investors made changes to their positions in Rambus, with notable increases by Larson Financial Group and UMB Bank, which raised their holdings by over 1,260% and 129% respectively.
• Rambus received mixed analyst ratings recently, with Wall Street Zen downgrading it from "strong-buy" to "buy," while other firms raised their price targets, indicating a consensus of "buy" and a price target of approximately $77.71.

Allianz Asset Management GmbH reduced its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 73.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,700 shares of the semiconductor company's stock after selling 12,710 shares during the quarter. Allianz Asset Management GmbH's holdings in Rambus were worth $243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Tsfg LLC purchased a new position in Rambus during the first quarter valued at $26,000. Orion Capital Management LLC bought a new position in shares of Rambus during the 4th quarter valued at approximately $37,000. Larson Financial Group LLC increased its holdings in Rambus by 1,260.3% in the 1st quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company's stock worth $44,000 after acquiring an additional 794 shares in the last quarter. Quarry LP lifted its holdings in Rambus by 26.9% during the fourth quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock valued at $62,000 after purchasing an additional 247 shares in the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Rambus by 129.6% in the first quarter. UMB Bank n.a. now owns 1,233 shares of the semiconductor company's stock worth $64,000 after purchasing an additional 696 shares in the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Insider Activity

In related news, Director Steven Laub sold 1,847 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total value of $101,806.64. Following the completion of the transaction, the director directly owned 9,057 shares of the company's stock, valued at approximately $499,221.84. This trade represents a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RMBS. Wall Street Zen cut shares of Rambus from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Rosenblatt Securities boosted their price objective on Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Susquehanna upped their price objective on Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. Finally, Jefferies Financial Group boosted their price target on Rambus from $69.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $77.71.

Rambus Trading Down 2.1%

NASDAQ:RMBS opened at $72.41 on Monday. The business's 50-day moving average is $62.58 and its 200 day moving average is $57.77. Rambus, Inc. has a 12 month low of $37.42 and a 12 month high of $76.07. The company has a market capitalization of $7.79 billion, a P/E ratio of 34.16 and a beta of 1.28.

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.

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