Comerica Bank Decreases Holdings in Rambus, Inc. $RMBS

Key Points

• Comerica Bank reduced its holdings in Rambus, Inc. by 16.3%, selling 19,645 shares during the first quarter, leaving it with 101,012 shares valued at approximately $5.23 million.
• Several institutional investors, including Banque Cantonale Vaudoise and Larson Financial Group, have recently increased their positions in Rambus, which is currently 88.54% owned by institutional investors.
• Rambus stock has experienced significant analyst interest, with multiple upgrades to price targets and ratings, reflecting a consensus rating of "Buy" and a target price of $79.38.

Comerica Bank trimmed its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 16.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 101,012 shares of the semiconductor company's stock after selling 19,645 shares during the period. Comerica Bank owned about 0.09% of Rambus worth $5,230,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of RMBS. Renaissance Technologies LLC bought a new stake in shares of Rambus during the fourth quarter valued at approximately $201,000. Stifel Financial Corp bought a new stake in shares of Rambus during the fourth quarter valued at approximately $645,000. Coldstream Capital Management Inc. increased its position in shares of Rambus by 6.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 5,609 shares of the semiconductor company's stock valued at $296,000 after acquiring an additional 324 shares in the last quarter. Quarry LP increased its position in shares of Rambus by 26.9% during the fourth quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock valued at $62,000 after acquiring an additional 247 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Rambus by 0.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 128,151 shares of the semiconductor company's stock valued at $6,774,000 after acquiring an additional 992 shares in the last quarter. 88.54% of the stock is owned by institutional investors.

Rambus Stock Down 9.0%

RMBS stock traded down $7.32 during mid-day trading on Friday, hitting $73.77. The company had a trading volume of 2,313,245 shares, compared to its average volume of 1,185,864. The company has a 50-day moving average price of $69.13 and a 200 day moving average price of $59.29. The company has a market capitalization of $7.94 billion, a price-to-earnings ratio of 34.80 and a beta of 1.38. Rambus, Inc. has a 12-month low of $37.42 and a 12-month high of $81.89.

Insider Activity

In related news, Director Necip Sayiner sold 7,500 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the transaction, the director directly owned 38,324 shares in the company, valued at approximately $2,817,963.72. This represents a 16.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Emiko Higashi sold 1,111 shares of the company's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $75.00, for a total transaction of $83,325.00. Following the transaction, the director owned 63,371 shares in the company, valued at $4,752,825. The trade was a 1.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 9,686 shares of company stock worth $718,381 over the last quarter. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

RMBS has been the subject of several analyst reports. Rosenblatt Securities raised their price target on shares of Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Wall Street Zen cut shares of Rambus from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Jefferies Financial Group raised their target price on shares of Rambus from $69.00 to $75.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. Arete Research upgraded shares of Rambus to a "strong-buy" rating in a report on Thursday. Finally, Susquehanna raised their target price on shares of Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a report on Tuesday, July 29th. Two analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company. According to MarketBeat, Rambus currently has an average rating of "Buy" and an average target price 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.