Nuveen LLC Purchases New Position in Rambus, Inc. $RMBS

Key Points

• Nuveen LLC invested approximately $57.08 million in Rambus, Inc., acquiring over 1.1 million shares and owning about 1.03% of the company by the end of the most recent quarter.
• Analysts have given Rambus a consensus rating of “Buy”, with several boosting price targets, including a rise from $70 to $75 by Susquehanna.
• Institutional investors control approximately 88.54% of Rambus' stock, highlighting significant confidence in the company's future prospects.

Nuveen LLC bought a new position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,102,549 shares of the semiconductor company's stock, valued at approximately $57,084,000. Nuveen LLC owned 1.03% of Rambus at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of RMBS. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rambus by 442.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company's stock valued at $288,042,000 after purchasing an additional 4,445,146 shares in the last quarter. Analog Century Management LP purchased a new position in Rambus during the fourth quarter worth approximately $43,625,000. Oberweis Asset Management Inc. purchased a new position in Rambus in the fourth quarter valued at approximately $21,641,000. Schwartz Investment Counsel Inc. purchased a new position in shares of Rambus in the 1st quarter valued at $19,690,000. Finally, Congress Asset Management Co. raised its stake in shares of Rambus by 38.5% in the 1st quarter. Congress Asset Management Co. now owns 1,199,564 shares of the semiconductor company's stock valued at $62,107,000 after acquiring an additional 333,538 shares during the period. Hedge funds and other institutional investors own 88.54% of the company's stock.

Rambus Price Performance

Rambus stock traded down $1.9340 during trading hours on Tuesday, hitting $73.8360. The company had a trading volume of 179,749 shares, compared to its average volume of 1,048,466. The firm has a market capitalization of $7.94 billion, a P/E ratio of 34.84 and a beta of 1.28. The firm's fifty day moving average is $66.70 and its 200-day moving average is $58.74. Rambus, Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $78.16.

Insider Activity at Rambus

In related news, Director Emiko Higashi sold 1,075 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $77.75, for a total transaction of $83,581.25. Following the completion of the sale, the director directly owned 62,296 shares of the company's stock, valued at approximately $4,843,514. This represents a 1.70% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 sale, the director directly owned 38,324 shares of the company's stock, valued at approximately $2,817,963.72. This represents a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,533 shares of company stock valued at $820,188. Insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. 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. Susquehanna lifted their price target on shares of Rambus from $70.00 to $75.00 and gave the company a "positive" rating in a report on Tuesday, July 29th. Rosenblatt Securities lifted their price target on shares of Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Finally, Wall Street Zen lowered shares of Rambus from a "buy" rating to a "hold" rating in a research note on Sunday, August 10th. One analyst has rated the stock with a Strong Buy rating and seven have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $77.71.

Rambus Company 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.