AQR Capital Management LLC Reduces Holdings in Rambus, Inc. $RMBS

Key Points

• AQR Capital Management LLC has reduced its holdings in Rambus, Inc. by 25.1%, selling 80,101 shares to now own 239,630 shares worth $12.2 million.
• Several other institutional investors increased their stakes in Rambus, including Price T Rowe Associates, which grew its position by 60.5% during the same period.
• Rambus has received various rating upgrades, including a "strong-buy" rating from Arete Research and an updated price target of $91.00, reflecting overall positive sentiment among analysts.

AQR Capital Management LLC decreased its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 239,630 shares of the semiconductor company's stock after selling 80,101 shares during the period. AQR Capital Management LLC owned about 0.22% of Rambus worth $12,224,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Banque Cantonale Vaudoise acquired a new stake in Rambus in the 1st quarter valued at about $25,000. Tsfg LLC purchased a new position in Rambus during the 1st quarter worth approximately $26,000. Orion Capital Management LLC purchased a new position in shares of Rambus in the 4th quarter valued at approximately $37,000. Larson Financial Group LLC grew its stake in shares of Rambus by 1,260.3% in the 1st quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 794 shares during the last quarter. Finally, Brooklyn Investment Group lifted its holdings in shares of Rambus by 19,360.0% in the 1st quarter. Brooklyn Investment Group now owns 973 shares of the semiconductor company's stock valued at $50,000 after buying an additional 968 shares during the period. Institutional investors and hedge funds own 88.54% of the company's stock.

Insider Activity at Rambus

In other news, Director Meera Rao sold 3,000 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $71.72, for a total transaction of $215,160.00. Following the completion of the transaction, the director directly owned 29,914 shares in the company, valued at $2,145,432.08. This represents a 9.11% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Necip Sayiner sold 7,500 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $85.63, for a total transaction of $642,225.00. Following the completion of the transaction, the director directly owned 30,824 shares in the company, valued at approximately $2,639,459.12. This represents a 19.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 20,186 shares of company stock worth $1,575,766 in the last quarter. Corporate insiders own 1.00% of the company's stock.

Rambus Stock Performance

Shares of Rambus stock traded down $2.55 during trading on Friday, reaching $86.03. The company's stock had a trading volume of 2,245,628 shares, compared to its average volume of 1,394,158. The business's fifty day moving average price is $71.82 and its 200-day moving average price is $60.29. The firm has a market cap of $9.26 billion, a price-to-earnings ratio of 40.58 and a beta of 1.38. Rambus, Inc. has a one year low of $38.01 and a one year high of $89.98.

Analysts Set New Price Targets

Several brokerages recently issued reports on RMBS. Rosenblatt Securities lifted their price objective on Rambus from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Arete Research raised Rambus to a "strong-buy" rating in a research report on Thursday, August 28th. Wall Street Zen downgraded Rambus from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Arete upgraded Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price objective on the stock in a research note on Thursday, August 28th. Finally, Susquehanna boosted their price target on Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. Two investment analysts have rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat, Rambus presently has an average rating of "Buy" and an average price target of $79.38.

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.