Northern Trust Corp Decreases Stock Position in Rambus, Inc. $RMBS

Key Points

• Northern Trust Corp sold 42,725 shares of Rambus, Inc., reducing its stake by 2.9%, now holding 1,420,613 shares valued at approximately $73.55 million.
• A variety of institutional investors have increased their positions in Rambus, with notable increases from Allspring Global Investments by 53.9% and Sequoia Financial Advisors by 19.1% during the first quarter.
• Research analysts have been bullish on Rambus, with target prices raised; Susquehanna and Jefferies both increased their target prices to $75.00, indicating strong positive sentiment on the stock.

Northern Trust Corp lessened its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,420,613 shares of the semiconductor company's stock after selling 42,725 shares during the quarter. Northern Trust Corp owned 1.32% of Rambus worth $73,552,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Banque Cantonale Vaudoise acquired a new position in shares of Rambus in the first quarter valued at approximately $25,000. Tsfg LLC acquired a new position in shares of Rambus in the first quarter valued at approximately $26,000. Orion Capital Management LLC acquired a new position in shares of Rambus in the fourth quarter valued at approximately $37,000. Larson Financial Group LLC grew its holdings in shares of Rambus by 1,260.3% in the first quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 794 shares in the last quarter. Finally, Brooklyn Investment Group grew its holdings in shares of Rambus by 19,360.0% in the first quarter. Brooklyn Investment Group now owns 973 shares of the semiconductor company's stock valued at $50,000 after purchasing an additional 968 shares in the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Insiders Place Their Bets

In other news, Director Emiko Higashi sold 1,111 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $75.00, for a total transaction of $83,325.00. Following the transaction, the director directly owned 63,371 shares of the company's stock, valued at $4,752,825. This represents a 1.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Necip Sayiner sold 7,500 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $73.53, for a total transaction of $551,475.00. Following the transaction, the director directly owned 38,324 shares in the company, valued at approximately $2,817,963.72. This trade represents a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 9,686 shares of company stock worth $718,381. Corporate insiders own 1.00% of the company's stock.

Rambus Stock Performance

Rambus stock traded up $6.04 during trading hours on Thursday, reaching $81.09. 2,270,168 shares of the stock were exchanged, compared to its average volume of 1,149,253. Rambus, Inc. has a 52-week low of $37.42 and a 52-week high of $81.89. The stock has a market cap of $8.72 billion, a P/E ratio of 38.25 and a beta of 1.28. The firm's 50 day moving average is $68.84 and its 200 day moving average is $59.27.

Analysts Set New Price Targets

RMBS has been the subject of a number of research reports. Rosenblatt Securities lifted their price objective on shares of Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Wall Street Zen downgraded shares of Rambus from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. Arete upgraded shares of Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price target for the company in a research note on Thursday. Jefferies Financial Group lifted their price target on shares of Rambus from $69.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Finally, Susquehanna lifted their price target on shares of Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research note on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $79.38.

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.