Congress Asset Management Co. Acquires 63,430 Shares of Rambus, Inc. $RMBS

Key Points

• Congress Asset Management Co. raised its stake in Rambus by 4.7%, acquiring 63,430 shares to hold 1,410,615 shares (about 1.31% of the company) valued at roughly $129.6 million, making RMBS its 26th largest position.
• Insider selling was notable: CFO Desmond Lynch sold 4,273 shares at $101.53 (a 6.29% reduction) and CEO Luc Seraphin sold 39,914 shares at $98.63 (a 10.76% reduction).
• Stock and analyst snapshot: Rambus has a $10.1B market cap and opened at $93.35 (1‑year range $40.12–$135.75); it reported $0.68 EPS on $190.24M revenue last quarter and carries a consensus "Moderate Buy" with an average target of $105.71.

Congress Asset Management Co. grew its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 4.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,410,615 shares of the semiconductor company's stock after acquiring an additional 63,430 shares during the period. Rambus accounts for approximately 0.9% of Congress Asset Management Co.'s holdings, making the stock its 26th largest position. Congress Asset Management Co. owned approximately 1.31% of Rambus worth $129,621,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Steigerwald Gordon & Koch Inc. acquired a new position in Rambus during the third quarter valued at approximately $25,000. Abound Wealth Management acquired a new position in shares of Rambus during the 3rd quarter worth approximately $28,000. IFP Advisors Inc raised its stake in shares of Rambus by 126.7% during the 3rd quarter. IFP Advisors Inc now owns 442 shares of the semiconductor company's stock worth $47,000 after purchasing an additional 247 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of Rambus by 83.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 777 shares of the semiconductor company's stock worth $50,000 after purchasing an additional 353 shares in the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in shares of Rambus by 1,194.9% in 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 last quarter. Institutional investors and hedge funds own 88.54% of the company's stock.

Insider Buying and Selling

In related news, CFO Desmond Lynch sold 4,273 shares of Rambus stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $101.53, for a total transaction of $433,837.69. Following the completion of the sale, the chief financial officer directly owned 63,618 shares of the company's stock, valued at approximately $6,459,135.54. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Luc Seraphin sold 39,914 shares of the business's stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $98.63, for a total value of $3,936,717.82. Following the completion of the sale, the chief executive officer owned 331,070 shares of the company's stock, valued at $32,653,434.10. This trade represents a 10.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.75% of the company's stock.

Rambus Price Performance

Shares of Rambus stock opened at $93.35 on Tuesday. The business has a fifty day simple moving average of $101.96 and a two-hundred day simple moving average of $98.84. Rambus, Inc. has a 1 year low of $40.12 and a 1 year high of $135.75. The company has a market capitalization of $10.10 billion, a price-to-earnings ratio of 44.24 and a beta of 1.55.

Rambus (NASDAQ:RMBS - Get Free Report) last released its quarterly earnings data on Monday, February 2nd. The semiconductor company reported $0.68 EPS for the quarter, hitting analysts' consensus estimates of $0.68. The firm had revenue of $190.24 million during the quarter, compared to analysts' expectations of $188.21 million. Rambus had a net margin of 32.57% and a return on equity of 17.69%. As a group, equities analysts anticipate that Rambus, Inc. will post 1.89 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RMBS shares. Cfra downgraded shares of Rambus from a "hold" rating to a "moderate sell" rating in a report on Monday, December 15th. William Blair assumed coverage on shares of Rambus in a research report on Thursday, January 22nd. They issued an "outperform" rating for the company. Evercore lowered their price objective on shares of Rambus from $126.00 to $119.00 and set an "outperform" rating on the stock in a research note on Tuesday, February 3rd. Zacks Research raised shares of Rambus to a "hold" rating in a report on Monday, January 26th. Finally, Susquehanna cut their target price on shares of Rambus from $100.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, February 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Rambus currently has a consensus rating of "Moderate Buy" and an average target price of $105.71.

About Rambus

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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