Corebridge Financial Inc. Has $8.77 Million Holdings in Rambus, Inc. $RMBS

Key Points

• Corebridge Financial Inc. reduced its stake in Rambus, Inc. by 2.1%, selling 3,630 shares to hold a total of 169,347 shares valued at approximately $8.77 million.
• Several institutional investors increased their stakes in Rambus, with Price T Rowe Associates raising its holding by 60.5% in the 1st quarter, now owning shares worth $452.87 million.
• Analysts have given Rambus a consensus "Buy" rating, with price targets ranging from $75.00 to $91.00, reflecting positive sentiment for the stock's future performance.

Corebridge Financial Inc. cut its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 169,347 shares of the semiconductor company's stock after selling 3,630 shares during the period. Corebridge Financial Inc. owned about 0.16% of Rambus worth $8,768,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. Nations Financial Group Inc. IA ADV grew its position in Rambus by 2.0% during the 1st quarter. Nations Financial Group Inc. IA ADV now owns 9,104 shares of the semiconductor company's stock worth $471,000 after acquiring an additional 179 shares during the last quarter. Quarry LP grew its position in Rambus by 26.9% during the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock worth $62,000 after acquiring an additional 247 shares during the last quarter. Oppenheimer Asset Management Inc. grew its position in Rambus by 4.8% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 5,762 shares of the semiconductor company's stock worth $298,000 after acquiring an additional 266 shares during the last quarter. Xponance Inc. grew its position in Rambus by 1.8% during the 1st quarter. Xponance Inc. now owns 15,503 shares of the semiconductor company's stock worth $803,000 after acquiring an additional 280 shares during the last quarter. Finally, Fifth Third Bancorp grew its position in Rambus by 24.8% during the 1st quarter. Fifth Third Bancorp now owns 1,418 shares of the semiconductor company's stock worth $73,000 after acquiring an additional 282 shares during the last quarter. 88.54% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RMBS has been the topic of a number of research analyst reports. Susquehanna increased their price target on Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research report on Tuesday, July 29th. Wall Street Zen lowered Rambus from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Rosenblatt Securities increased their price objective on Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Arete upgraded Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price objective on the stock in a research report on Thursday, August 28th. Finally, Jefferies Financial Group increased their price objective on Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a research 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's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $79.38.

Insiders Place Their Bets

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

Rambus Price Performance

Shares of RMBS stock traded up $0.42 during trading hours on Wednesday, reaching $73.91. The company had a trading volume of 232,901 shares, compared to its average volume of 1,067,227. The company has a 50 day moving average of $69.63 and a 200 day moving average of $59.46. The firm has a market cap of $7.95 billion, a price-to-earnings ratio of 34.87 and a beta of 1.38. Rambus, Inc. has a 1-year low of $37.42 and a 1-year high of $81.89.

Rambus Profile

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.