Assetmark Inc. Grows Stake in Rambus, Inc. (NASDAQ:RMBS)

Assetmark Inc. raised its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 9.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 114,456 shares of the semiconductor company's stock after buying an additional 9,510 shares during the quarter. Assetmark Inc. owned approximately 0.11% of Rambus worth $5,926,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of RMBS. Cetera Investment Advisers increased its stake in Rambus by 12.3% during the first quarter. Cetera Investment Advisers now owns 27,507 shares of the semiconductor company's stock worth $1,424,000 after acquiring an additional 3,021 shares during the last quarter. Royce & Associates LP grew its holdings in shares of Rambus by 49.8% during the 1st quarter. Royce & Associates LP now owns 179,907 shares of the semiconductor company's stock worth $9,315,000 after purchasing an additional 59,772 shares during the period. Legato Capital Management LLC acquired a new stake in shares of Rambus during the 1st quarter worth about $599,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in Rambus in the 1st quarter valued at about $1,481,000. Finally, South Dakota Investment Council lifted its position in Rambus by 3.6% in the first quarter. South Dakota Investment Council now owns 28,613 shares of the semiconductor company's stock valued at $1,481,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Insider Activity

In other news, Director Steven Laub sold 3,653 shares of the business's stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $55.56, for a total transaction of $202,960.68. Following the completion of the transaction, the director directly owned 10,904 shares of the company's stock, valued at approximately $605,826.24. The trade was a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.00% of the company's stock.

Rambus Trading Down 3.2%

RMBS traded down $2.34 on Friday, hitting $71.59. 961,747 shares of the company were exchanged, compared to its average volume of 1,047,906. The firm has a 50-day moving average price of $62.20 and a two-hundred day moving average price of $57.68. Rambus, Inc. has a twelve month low of $37.42 and a twelve month high of $76.07. The company has a market cap of $7.69 billion, a price-to-earnings ratio of 33.84 and a beta of 1.24.

Wall Street Analysts Forecast Growth

RMBS has been the topic of several recent analyst reports. Susquehanna upped their price objective on shares of Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a report on Tuesday. Wall Street Zen raised Rambus from a "buy" rating to a "strong-buy" rating in a research report on Friday, July 18th. Jefferies Financial Group lifted their price objective on Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday. Finally, Rosenblatt Securities boosted their price objective on Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday. Seven analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $77.71.

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.