Bank of America Corp DE Raises Stock Holdings in Rambus, Inc. $RMBS

Key Points

• Bank of America increased its Rambus stake by 9% in the first quarter, acquiring 111,928 additional shares and bringing its holdings to 1.36 million shares worth approximately $117.1 million. Institutional investors collectively own 88.54% of RMBS.
• Analyst sentiment remains positive but mixed: Rambus has a consensus rating of “Moderate Buy” and an average price target of $139.78, though Robert W. Baird downgraded the stock to “neutral” with a $120 target.
• RMBS opened at $97.68, well below its 52-week high of $174.10. Meanwhile, insiders sold 62,914 shares worth approximately $9.7 million over the past 90 days, while insiders own 0.75% of the company.

Bank of America Corp DE raised its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 9.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,361,570 shares of the semiconductor company's stock after acquiring an additional 111,928 shares during the period. Bank of America Corp DE owned approximately 1.26% of Rambus worth $117,136,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Acumen Wealth Advisors LLC purchased a new stake in Rambus in the fourth quarter worth approximately $25,000. Torren Management LLC purchased a new stake in Rambus during the 4th quarter valued at $26,000. University of Texas Texas AM Investment Management Co. bought a new position in shares of Rambus during the 4th quarter valued at $28,000. IFP Advisors Inc lifted its holdings in shares of Rambus by 126.7% during the 3rd quarter. IFP Advisors Inc now owns 442 shares of the semiconductor company's stock valued at $47,000 after buying an additional 247 shares during the period. Finally, CIBC Private Wealth Group LLC lifted its holdings in shares of Rambus by 1,194.9% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 505 shares of the semiconductor company's stock valued at $53,000 after buying an additional 466 shares during the period. Hedge funds and other institutional investors own 88.54% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on RMBS shares. Robert W. Baird lowered Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 price objective for the company. in a report on Tuesday, April 28th. Glj Research set a $165.00 target price on Rambus in a report on Tuesday, July 28th. Benchmark reissued a "buy" rating on shares of Rambus in a research report on Tuesday, July 28th. Rosenblatt Securities restated a "buy" rating and set a $165.00 price target on shares of Rambus in a research note on Tuesday, July 28th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Rambus in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, Rambus presently has a consensus rating of "Moderate Buy" and an average price target of $139.78.

Rambus Price Performance

Shares of NASDAQ RMBS opened at $97.68 on Friday. The stock has a market cap of $10.59 billion, a PE ratio of 44.81 and a beta of 1.88. Rambus, Inc. has a 1 year low of $67.15 and a 1 year high of $174.10. The firm has a fifty day moving average price of $120.26 and a 200-day moving average price of $114.13.

Insiders Place Their Bets

In other news, Director Emiko Higashi sold 10,000 shares of the business's stock in a transaction dated Tuesday, June 2nd. The stock was sold at an average price of $160.50, for a total value of $1,605,000.00. Following the transaction, the director directly owned 49,519 shares in the company, valued at $7,947,799.50. The trade was a 16.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric B. Stang sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $146.00, for a total value of $730,000.00. Following the completion of the transaction, the director directly owned 19,218 shares of the company's stock, valued at approximately $2,805,828. This trade represents a 20.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 62,914 shares of company stock valued at $9,724,775 in the last ninety days. 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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