Invesco Ltd. Cuts Stock Position in Rambus, Inc. (NASDAQ:RMBS)

Key Points

• Invesco Ltd. has reduced its stake in Rambus, Inc. by 9.4%, bringing its total shares to 4,532,026, valued at approximately $234.6 million.
• Wells Fargo and Envestnet Asset Management have increased their positions in Rambus during the fourth quarter, with Wells Fargo's stake rising by 28.2% and Envestnet's by 86.0%.
• Analysts have set new price targets for Rambus, with Rosenblatt Securities raising its target from $80 to $90 and maintaining a "buy" rating.

Invesco Ltd. reduced its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 9.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,532,026 shares of the semiconductor company's stock after selling 467,722 shares during the period. Invesco Ltd. owned about 4.22% of Rambus worth $234,646,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in RMBS. Sequoia Financial Advisors LLC boosted its position in shares of Rambus by 19.1% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,041 shares of the semiconductor company's stock valued at $261,000 after purchasing an additional 808 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Rambus by 53.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,602 shares of the semiconductor company's stock valued at $554,000 after purchasing an additional 3,711 shares during the period. KBC Group NV grew its position in Rambus by 18.9% in the first quarter. KBC Group NV now owns 4,765 shares of the semiconductor company's stock valued at $247,000 after acquiring an additional 757 shares during the period. Blair William & Co. IL bought a new stake in Rambus in the first quarter valued at $235,000. Finally, GAMMA Investing LLC grew its position in Rambus by 45.8% in the first quarter. GAMMA Investing LLC now owns 4,573 shares of the semiconductor company's stock valued at $237,000 after acquiring an additional 1,436 shares during the period. 88.54% of the stock is currently owned by institutional investors.

Insider Activity at Rambus

In other Rambus news, Director Emiko Higashi sold 1,075 shares of Rambus stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $77.75, for a total transaction of $83,581.25. Following the completion of the sale, the director owned 62,296 shares of the company's stock, valued at $4,843,514. The trade was a 1.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Steven Laub sold 1,847 shares of Rambus stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $55.12, for a total value of $101,806.64. Following the sale, the director directly owned 9,057 shares of the company's stock, valued at approximately $499,221.84. This trade represents a 16.94% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,186 shares of company stock valued at $1,023,149. Company insiders own 1.00% of the company's stock.

Rambus Stock Performance

NASDAQ:RMBS traded down $1.79 during trading hours on Friday, reaching $74.21. The stock had a trading volume of 867,580 shares, compared to its average volume of 1,057,011. The stock has a market cap of $7.98 billion, a P/E ratio of 35.00 and a beta of 1.28. Rambus, Inc. has a 12-month low of $37.42 and a 12-month high of $78.16. The stock has a 50 day simple moving average of $66.03 and a 200 day simple moving average of $58.57.

Analyst Ratings Changes

RMBS has been the topic of several research reports. Rosenblatt Securities upped their price target on Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Jefferies Financial Group lifted their target price on Rambus from $69.00 to $75.00 and gave the stock a "buy" rating in a 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. Finally, Susquehanna raised 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. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $77.71.

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.