Janney Montgomery Scott LLC Sells 11,955 Shares of Rambus, Inc. $RMBS

Key Points

• Janney Montgomery Scott LLC cut its Rambus stake by 9.8% in the first quarter, selling 11,955 shares and leaving it with 110,607 shares valued at about $9.5 million.
• Rambus posted better-than-expected quarterly results, reporting $0.63 in earnings per share versus $0.61 expected and revenue of $180.19 million, while analysts still see full-year EPS of 2.44.
• Analysts remain broadly positive on RMBS, with recent price-target increases from firms like Jefferies and Wells Fargo, and a consensus rating of “Moderate Buy” with an average target of $130.43.

Janney Montgomery Scott LLC reduced its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 9.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 110,607 shares of the semiconductor company's stock after selling 11,955 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.10% of Rambus worth $9,516,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in RMBS. Pictet Asset Management Holding SA raised its holdings in Rambus by 6.9% in the first quarter. Pictet Asset Management Holding SA now owns 43,583 shares of the semiconductor company's stock worth $3,749,000 after purchasing an additional 2,832 shares in the last quarter. Ground Swell Capital LLC bought a new stake in shares of Rambus in the 1st quarter valued at about $311,000. Louisiana State Employees Retirement System bought a new stake in shares of Rambus in the 1st quarter valued at about $2,684,000. Fifth Third Wealth Advisors LLC grew its position in shares of Rambus by 4.6% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,455 shares of the semiconductor company's stock worth $297,000 after buying an additional 151 shares during the last quarter. Finally, OP Asset Management Ltd purchased a new position in shares of Rambus in the 1st quarter worth approximately $126,000. Institutional investors own 88.54% of the company's stock.

Rambus Stock Down 8.8%

Shares of Rambus stock opened at $112.92 on Friday. The firm has a market capitalization of $12.21 billion, a P/E ratio of 53.77 and a beta of 1.84. The company has a 50 day moving average price of $136.32 and a 200 day moving average price of $113.11. Rambus, Inc. has a 52 week low of $61.16 and a 52 week high of $174.10.

Rambus (NASDAQ:RMBS - Get Free Report) last released its earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.02. Rambus had a net margin of 31.90% and a return on equity of 17.41%. The company had revenue of $180.19 million for the quarter, compared to the consensus estimate of $179.94 million. As a group, research analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on RMBS. Jefferies Financial Group increased their target price on shares of Rambus from $120.00 to $145.00 and gave the company a "buy" rating in a research report on Tuesday, April 28th. Wells Fargo & Company lifted their price target on shares of Rambus from $115.00 to $145.00 and gave the stock an "overweight" rating in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Rambus in a research report on Friday, June 5th. Evercore reiterated an "outperform" rating and set a $172.00 price objective on shares of Rambus in a report on Tuesday, April 28th. Finally, Rosenblatt Securities increased their price objective on Rambus from $130.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $130.43.

Insider Buying and Selling at Rambus

In related news, Director Meera Rao sold 2,972 shares of the firm's stock in a transaction on Friday, April 24th. The stock was sold at an average price of $150.30, for a total value of $446,691.60. Following the completion of the transaction, the director owned 19,974 shares in the company, valued at $3,002,092.20. This trade represents a 12.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Necip Sayiner sold 5,000 shares of Rambus stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $170.15, for a total value of $850,750.00. Following the sale, the director directly owned 18,223 shares of the company's stock, valued at approximately $3,100,643.45. This represents a 21.53% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 74,424 shares of company stock valued at $11,179,633. Company insiders own 0.75% of the company's stock.

Rambus Company 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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