Millennium Management LLC Sells 341,541 Shares of Rambus Inc. (NASDAQ:RMBS)

Millennium Management LLC lowered its stake in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 36.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 595,055 shares of the semiconductor company's stock after selling 341,541 shares during the quarter. Millennium Management LLC owned about 0.56% of Rambus worth $31,455,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Hennion & Walsh Asset Management Inc. grew its position in Rambus by 28.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 12,909 shares of the semiconductor company's stock worth $682,000 after buying an additional 2,853 shares during the period. Diversify Advisory Services LLC purchased a new position in shares of Rambus during the 4th quarter worth $476,000. M.E. Allison & CO. Inc. acquired a new stake in Rambus in the 4th quarter worth about $312,000. UMB Bank n.a. increased its position in Rambus by 554.9% during the fourth quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 455 shares during the last quarter. Finally, Dakota Wealth Management acquired a new position in Rambus in the fourth quarter valued at $292,000. Institutional investors and hedge funds own 88.54% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RMBS shares. Evercore ISI began coverage on Rambus in a research report on Tuesday, February 4th. They issued an "outperform" rating and a $71.00 target price on the stock. Robert W. Baird set a $90.00 price objective on shares of Rambus in a research note on Monday, February 3rd. Susquehanna increased their price objective on Rambus from $66.00 to $70.00 and gave the stock a "positive" rating in a report on Tuesday, February 4th. Rosenblatt Securities reiterated a "buy" rating and issued a $80.00 target price on shares of Rambus in a report on Tuesday, April 29th. Finally, StockNews.com cut shares of Rambus from a "buy" rating to a "hold" rating in a research note on Monday. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $75.00.

Insider Buying and Selling at Rambus

In other Rambus news, Director Steven Laub sold 3,653 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $55.56, for a total transaction of $202,960.68. Following the completion of the transaction, the director now owns 10,904 shares of the company's stock, valued at $605,826.24. This represents a 25.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Luc Seraphin sold 10,000 shares of the business's stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $58.64, for a total transaction of $586,400.00. Following the completion of the sale, the chief executive officer now owns 306,931 shares in the company, valued at $17,998,433.84. This represents a 3.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 60,001 shares of company stock valued at $3,080,226. 1.00% of the stock is currently owned by company insiders.

Rambus Stock Performance

Shares of RMBS stock traded down $1.02 during trading hours on Wednesday, hitting $54.63. 1,153,216 shares of the company were exchanged, compared to its average volume of 1,294,626. The firm has a market cap of $5.87 billion, a P/E ratio of 32.91 and a beta of 1.24. The company has a 50 day simple moving average of $51.13 and a two-hundred day simple moving average of $55.42. Rambus Inc. has a fifty-two week low of $37.43 and a fifty-two week high of $69.15.

About Rambus

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.