Congress Asset Management Co. Raises Stake in Rambus, Inc. $RMBS

Key Points

• Congress Asset Management Co. increased its stake in Rambus, Inc. by 6.4%, owning approximately 1.19% of the company, valued at $81.7 million as of the latest SEC filing.
• A range of institutions have significantly raised their positions in Rambus, with some hedge funds increasing their stakes by up to 7,447.6%.
• Equity analysts have adjusted their target prices for Rambus, with a consensus rating of "Buy" and an average price target of $93.50.

Congress Asset Management Co. grew its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 6.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,276,926 shares of the semiconductor company's stock after acquiring an additional 77,362 shares during the quarter. Congress Asset Management Co. owned about 1.19% of Rambus worth $81,749,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of RMBS. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Rambus by 18.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 290,392 shares of the semiconductor company's stock worth $15,350,000 after purchasing an additional 45,967 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Rambus during the 4th quarter worth approximately $232,000. Versant Capital Management Inc raised its position in shares of Rambus by 112.9% during the 1st quarter. Versant Capital Management Inc now owns 1,507 shares of the semiconductor company's stock valued at $78,000 after buying an additional 799 shares during the period. Moody National Bank Trust Division lifted its holdings in Rambus by 134.7% in the first quarter. Moody National Bank Trust Division now owns 9,030 shares of the semiconductor company's stock valued at $468,000 after acquiring an additional 5,182 shares during the last quarter. Finally, GAMMA Investing LLC grew its position in Rambus by 7,447.6% in the first quarter. GAMMA Investing LLC now owns 236,768 shares of the semiconductor company's stock worth $12,260,000 after acquiring an additional 233,631 shares during the period. Hedge funds and other institutional investors own 88.54% of the company's stock.

Rambus Stock Performance

Shares of RMBS opened at $100.76 on Friday. The company's 50-day simple moving average is $78.32 and its 200-day simple moving average is $63.21. Rambus, Inc. has a 1 year low of $39.56 and a 1 year high of $109.15. The stock has a market capitalization of $10.84 billion, a PE ratio of 47.53 and a beta of 1.38.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Jefferies Financial Group lifted their target price on Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Rosenblatt Securities boosted their price objective on shares of Rambus from $90.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, September 17th. Wall Street Zen lowered shares of Rambus from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Arete upgraded shares of Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price target for the company in a research report on Thursday, August 28th. Finally, 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, July 29th. Two analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. Based on data from MarketBeat.com, Rambus has a consensus rating of "Buy" and an average price target of $93.50.

Insider Buying and Selling at Rambus

In other Rambus news, Director Emiko Higashi sold 1,075 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $77.75, for a total value of $83,581.25. Following the completion of the transaction, the director owned 62,296 shares of the company's stock, valued at $4,843,514. This trade represents a 1.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Desmond Lynch sold 9,074 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $91.70, for a total transaction of $832,085.80. Following the completion of the transaction, the chief financial officer owned 64,430 shares of the company's stock, valued at approximately $5,908,231. This trade represents a 12.34% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,260 shares of company stock valued at $2,407,852 in the last quarter. Corporate insiders own 1.00% of the company's stock.

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.

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