Assenagon Asset Management S.A. Sells 15,635 Shares of Rambus, Inc. $RMBS

Key Points

• Assenagon Asset Management cut its Rambus stake by 32.9% in the second quarter, selling 15,635 shares and retaining 31,896 shares valued at approximately $4.23 million. Institutional investors collectively own 88.54% of RMBS.
• Rambus shares opened at $101.01, below the 50-day and 200-day moving averages of $115.55 and $113.61, respectively. The stock has traded between $67.15 and $174.10 over the past year.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $139.78, although one firm downgraded the stock to “neutral.” Meanwhile, Rambus insiders sold 62,914 shares worth approximately $9.72 million over the past three months.

Assenagon Asset Management S.A. reduced its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 32.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,896 shares of the semiconductor company's stock after selling 15,635 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Rambus were worth $4,234,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp increased its position in Rambus by 2,372.0% during the fourth quarter. M&T Bank Corp now owns 122,636 shares of the semiconductor company's stock worth $11,269,000 after acquiring an additional 117,675 shares during the period. AMJ Financial Wealth Management boosted its holdings in Rambus by 252.0% in the 4th quarter. AMJ Financial Wealth Management now owns 94,946 shares of the semiconductor company's stock valued at $8,725,000 after purchasing an additional 67,973 shares during the period. Novem Group acquired a new stake in Rambus in the 4th quarter worth $885,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Rambus by 162.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 137,692 shares of the semiconductor company's stock worth $12,721,000 after purchasing an additional 85,257 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Rambus by 21.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 157,148 shares of the semiconductor company's stock worth $14,440,000 after purchasing an additional 27,472 shares during the period. Institutional investors own 88.54% of the company's stock.

Rambus Stock Performance

Shares of RMBS stock opened at $101.01 on Thursday. Rambus, Inc. has a 52-week low of $67.15 and a 52-week high of $174.10. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of 46.33 and a beta of 1.88. The firm has a fifty day moving average of $115.55 and a 200-day moving average of $113.61.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Rambus from $115.00 to $145.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Jefferies Financial Group lifted their target price on Rambus from $120.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Evercore restated an "outperform" rating and set a $172.00 price target on shares of Rambus in a research note on Tuesday, April 28th. Robert W. Baird cut Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 price target for the company. in a report on Tuesday, April 28th. Finally, Benchmark reiterated a "buy" rating on shares of Rambus in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, Rambus presently has a consensus rating of "Moderate Buy" and an average price target of $139.78.

Insider Buying and Selling at Rambus

In related news, EVP Xianzhi Sean Fan sold 37,914 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the sale, the executive vice president owned 168,358 shares of the company's stock, valued at $25,538,225.02. The trade was a 18.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric B. Stang sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $146.00, for a total transaction of $730,000.00. Following the completion of the transaction, the director directly owned 19,218 shares of the company's stock, valued at $2,805,828. This trade represents a 20.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,914 shares of company stock worth $9,724,775. Insiders own 0.75% of the company's stock.

Rambus Company Profile

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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