Bank of America Corp DE Buys Shares of 1,218,726 Rambus, Inc. $RMBS

Key Points

• Bank of America acquired 1,218,726 Rambus shares during the second quarter, worth approximately $161.8 million and representing a 1.12% ownership stake. Institutional investors collectively own 88.54% of the company.
• Rambus reported better-than-expected quarterly results, with earnings per share of $0.77 versus the $0.72 consensus estimate and revenue of $207.39 million, up 20.4% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $145.88, although the stock recently traded at $85.87, well below its 52-week high of $174.10.

Bank of America Corp DE purchased a new position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,218,726 shares of the semiconductor company's stock, valued at approximately $161,774,000. Bank of America Corp DE owned 1.12% of Rambus as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in RMBS. Danske Bank A S purchased a new stake in Rambus in the 2nd quarter worth about $27,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Rambus during the second quarter valued at about $41,000. Western Wealth Management LLC bought a new position in Rambus during the first quarter worth about $44,000. Persistent Asset Partners Ltd bought a new position in Rambus during the second quarter worth about $49,000. Finally, CoreCap Advisors LLC purchased a new position in shares of Rambus in the second quarter worth about $53,000. Institutional investors own 88.54% of the company's stock.

Rambus Stock Up 5.5%

Rambus stock opened at $85.87 on Friday. The stock has a market cap of $9.31 billion, a price-to-earnings ratio of 39.39 and a beta of 1.88. The business has a 50-day simple moving average of $93.35 and a 200 day simple moving average of $110.45. Rambus, Inc. has a 52 week low of $77.89 and a 52 week high of $174.10.

Rambus (NASDAQ:RMBS - Get Free Report) last posted its quarterly earnings data on Monday, July 27th. The semiconductor company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.72 by $0.05. Rambus had a net margin of 31.69% and a return on equity of 17.89%. The firm had revenue of $207.39 million for the quarter, compared to analysts' expectations of $199.30 million. During the same quarter last year, the company posted $0.53 EPS. The business's quarterly revenue was up 20.4% on a year-over-year basis. On average, research analysts anticipate that Rambus, Inc. will post 2.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Rosenblatt Securities reissued a "buy" rating and issued a $165.00 price target on shares of Rambus in a research report on Tuesday, July 28th. Benchmark reiterated a "buy" rating on shares of Rambus in a research note on Tuesday, July 28th. Weiss Ratings reissued a "hold (c+)" rating on shares of Rambus in a report on Wednesday, September 2nd. Finally, Glj Research set a $165.00 target price on shares of Rambus in a report on Tuesday, July 28th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $145.88.

Rambus Profile

Rambus Inc NASDAQ: RMBS is a technology company that develops semiconductor and intellectual property solutions for the data-intensive computing market. Its business focuses on improving the performance, capacity, security and energy efficiency of memory and other components used in data centers, personal computers, networking equipment and other electronic systems.

The company offers memory interface chips and related products, including registered clock drivers, memory interface chips and power-management solutions designed for high-performance memory modules.

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