Glenmede Trust Co. NA Sells 13,403 Shares of Rambus, Inc. $RMBS

Key Points

• Glenmede Trust reduced its Rambus stake by 7.8%, selling 13,403 shares and retaining 159,131 shares valued at approximately $13.69 million. Institutional investors collectively own 88.54% of the company.
• Rambus insiders have recently sold shares, including two directors who each sold 5,000 shares; insiders sold 62,914 shares worth $9.72 million over the past 90 days.
• Analyst sentiment remains positive, with Rambus carrying a consensus “Moderate Buy” rating and an average price target of $139.78, despite the stock opening at $91.12 and trading well below its 50-day moving average.

Glenmede Trust Co. NA cut its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 7.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 159,131 shares of the semiconductor company's stock after selling 13,403 shares during the period. Glenmede Trust Co. NA owned 0.15% of Rambus worth $13,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Acumen Wealth Advisors LLC bought a new position in shares of Rambus during the 4th quarter valued at approximately $25,000. Torren Management LLC bought a new stake in Rambus in the fourth quarter worth $26,000. Spire Wealth Management lifted its position in Rambus by 199.0% in the fourth quarter. Spire Wealth Management now owns 302 shares of the semiconductor company's stock worth $28,000 after buying an additional 201 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new position in Rambus during the fourth quarter worth $28,000. Finally, Western Wealth Management LLC purchased a new position in Rambus during the first quarter worth $44,000. 88.54% of the stock is owned by institutional investors.

Insider Activity at Rambus

In other Rambus news, Director Eric B. Stang sold 5,000 shares of the company's stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $146.00, for a total value of $730,000.00. Following the transaction, the director directly owned 19,218 shares in the company, valued at $2,805,828. This represents a 20.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Necip Sayiner sold 5,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $170.15, for a total transaction of $850,750.00. Following the transaction, the director directly owned 18,223 shares in the company, valued at approximately $3,100,643.45. This trade represents a 21.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 62,914 shares of company stock worth $9,724,775. Corporate insiders own 0.75% of the company's stock.

Wall Street Analyst Weigh In

RMBS has been the topic of several recent analyst reports. Weiss Ratings reissued a "hold (c+)" rating on shares of Rambus in a research note on Friday, June 5th. Jefferies Financial Group increased their price objective on shares of Rambus from $120.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Glj Research set a $165.00 price objective on shares of Rambus in a research note on Tuesday, July 28th. Rosenblatt Securities restated a "buy" rating and set a $165.00 target price on shares of Rambus in a research report on Tuesday, July 28th. Finally, Wells Fargo & Company upped their target price on Rambus from $115.00 to $145.00 and gave the company an "overweight" rating in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Rambus has a consensus rating of "Moderate Buy" and a consensus target price of $139.78.

Rambus Trading Up 0.1%

NASDAQ RMBS opened at $91.12 on Monday. The company's 50-day moving average price is $124.45 and its 200-day moving average price is $114.27. The stock has a market cap of $9.88 billion, a PE ratio of 41.80 and a beta of 1.88. Rambus, Inc. has a 12 month low of $67.15 and a 12 month high of $174.10.

Rambus Profile

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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