EdgePoint Investment Group Inc. Takes $60.54 Million Position in Rambus, Inc. $RMBS

Key Points

• EdgePoint Investment Group Inc. has acquired a new stake in Rambus, Inc. (NASDAQ:RMBS), purchasing 1,169,194 shares valued at approximately $60.5 million, making it the fund's 28th largest position.
• Several institutional investors have recently increased or established stakes in Rambus, with Price T Rowe Associates Inc. boosting its position by 60.5% to own over $452 million in shares.
• Rambus currently has a consensus rating of "Buy" from Wall Street analysts, with updated price targets ranging from $75 to $91, reflecting positive growth expectations.

EdgePoint Investment Group Inc. bought a new stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm bought 1,169,194 shares of the semiconductor company's stock, valued at approximately $60,535,000. Rambus accounts for about 0.5% of EdgePoint Investment Group Inc.'s holdings, making the stock its 28th biggest holding. EdgePoint Investment Group Inc. owned about 1.09% of Rambus at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RMBS. Renaissance Technologies LLC acquired a new stake in shares of Rambus in the 4th quarter valued at approximately $201,000. Stifel Financial Corp acquired a new stake in shares of Rambus in the 4th quarter valued at approximately $645,000. The Manufacturers Life Insurance Company boosted its stake in shares of Rambus by 0.8% in the 4th quarter. The Manufacturers Life Insurance Company now owns 128,151 shares of the semiconductor company's stock valued at $6,774,000 after purchasing an additional 992 shares in the last quarter. Lido Advisors LLC acquired a new stake in shares of Rambus in the 4th quarter valued at approximately $265,000. Finally, Ameriprise Financial Inc. boosted its stake in shares of Rambus by 9.1% in the 4th quarter. Ameriprise Financial Inc. now owns 249,130 shares of the semiconductor company's stock valued at $13,169,000 after purchasing an additional 20,682 shares in the last quarter. 88.54% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Susquehanna raised their price target on shares of Rambus from $70.00 to $75.00 and gave the company a "positive" rating in a research note on Tuesday, July 29th. Wall Street Zen downgraded shares of Rambus from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Arete Research upgraded shares of Rambus to a "strong-buy" rating in a report on Thursday, August 28th. Rosenblatt Securities lifted their target price on shares of Rambus from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Finally, Arete upgraded shares of Rambus from a "neutral" rating to a "buy" rating and set a $91.00 target price on the stock in a research report on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $79.38.

Rambus Trading Down 0.8%

NASDAQ:RMBS traded down $0.59 during mid-day trading on Friday, hitting $74.81. 1,353,605 shares of the company's stock were exchanged, compared to its average volume of 1,112,427. The company has a 50 day simple moving average of $70.34 and a 200-day simple moving average of $59.64. Rambus, Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $81.89. The firm has a market capitalization of $8.05 billion, a P/E ratio of 35.29 and a beta of 1.38.

Insider Buying and Selling at Rambus

In other Rambus news, Director Necip Sayiner sold 7,500 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the completion of the sale, the director owned 38,324 shares of the company's stock, valued at approximately $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 can be accessed through this hyperlink. Also, Director Emiko Higashi sold 1,075 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $77.75, for a total transaction of $83,581.25. Following the sale, the director directly owned 62,296 shares of the company's stock, valued at $4,843,514. This represents a 1.70% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 12,686 shares of company stock valued at $933,541. 1.00% of the stock is currently owned by company insiders.

Rambus Company 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.