Fred Alger Management LLC Buys 37,312 Shares of Rambus, Inc. $RMBS

Key Points

• Fred Alger Management LLC raised its stake in Rambus, Inc. by 59.7% in the first quarter, now owning 99,820 shares worth approximately $5.17 million.
• Recent analyst activities include Rosenblatt Securities increasing their price target from $80.00 to $90.00, while other analysts have maintained a generally positive outlook with ratings ranging from "strong-buy" to "buy".
• As of now, 88.54% of Rambus stock is owned by institutional investors, indicating strong institutional confidence in the company.

Fred Alger Management LLC boosted its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 59.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 99,820 shares of the semiconductor company's stock after purchasing an additional 37,312 shares during the quarter. Fred Alger Management LLC owned 0.09% of Rambus worth $5,168,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Nations Financial Group Inc. IA ADV increased its position in shares of 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 purchasing an additional 179 shares in the last quarter. Evergreen Capital Management LLC increased its position in shares of Rambus by 3.3% during the 1st quarter. Evergreen Capital Management LLC now owns 7,333 shares of the semiconductor company's stock worth $380,000 after purchasing an additional 234 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of 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 purchasing an additional 266 shares in the last quarter. Xponance Inc. increased its position in shares of 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 purchasing an additional 280 shares in the last quarter. Finally, Fifth Third Bancorp increased its position in shares of 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 purchasing an additional 282 shares in the last quarter. 88.54% of the stock is currently owned by institutional investors and hedge funds.

Rambus Price Performance

Shares of NASDAQ RMBS traded down $2.55 during mid-day trading on Friday, hitting $86.03. The company's stock had a trading volume of 2,245,628 shares, compared to its average volume of 1,394,158. The stock has a market cap of $9.26 billion, a price-to-earnings ratio of 40.58 and a beta of 1.38. Rambus, Inc. has a one year low of $38.01 and a one year high of $89.98. The company's fifty day simple moving average is $71.82 and its 200-day simple moving average is $60.29.

Insider Activity

In related news, Director Necip Sayiner sold 7,500 shares of Rambus 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 transaction, the director owned 38,324 shares of the company's stock, valued at $2,817,963.72. This trade represents a 16.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Meera Rao sold 3,000 shares of Rambus stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $71.72, for a total transaction of $215,160.00. Following the transaction, the director directly owned 29,914 shares in the company, valued at $2,145,432.08. The trade was a 9.11% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,186 shares of company stock valued at $1,575,766. 1.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

RMBS has been the subject of a number of recent analyst reports. Wall Street Zen cut shares of Rambus from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Arete upgraded shares of Rambus from a "neutral" rating to a "buy" rating and set a $91.00 target price for the company in a research report on Thursday, August 28th. Rosenblatt Securities increased 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. Arete Research upgraded shares of Rambus to a "strong-buy" rating in a research report on Thursday, August 28th. Finally, Jefferies Financial Group raised their price objective on shares of 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $79.38.

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.