Pacer Advisors Inc. Sells 18,728 Shares of Rambus, Inc. (NASDAQ:RMBS)

Key Points

• Pacer Advisors Inc. reduced its holdings in Rambus, Inc. by 69.9% during the first quarter, now owning shares valued at $418,000.
• Major analysts have raised their price targets for Rambus stock, with Jefferies Financial Group setting a target of $75.00 and Rosenblatt Securities at $90.00, reflecting strong investor interest.
• Insider Director Steven Laub sold 3,653 shares of Rambus at an average price of $55.56, indicating active insider trading within the company.

Pacer Advisors Inc. lessened its holdings in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 69.9% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,083 shares of the semiconductor company's stock after selling 18,728 shares during the period. Pacer Advisors Inc.'s holdings in Rambus were worth $418,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Price T Rowe Associates Inc. MD boosted its stake in shares of Rambus by 442.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company's stock worth $288,042,000 after buying an additional 4,445,146 shares during the last quarter. Invesco Ltd. lifted its stake in Rambus by 72.1% in the fourth quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company's stock valued at $264,287,000 after purchasing an additional 2,093,953 shares during the last quarter. Northern Trust Corp lifted its stake in Rambus by 13.2% in the fourth quarter. Northern Trust Corp now owns 1,463,338 shares of the semiconductor company's stock valued at $77,352,000 after purchasing an additional 170,884 shares during the last quarter. Congress Asset Management Co. lifted its stake in Rambus by 38.5% in the first quarter. Congress Asset Management Co. now owns 1,199,564 shares of the semiconductor company's stock valued at $62,107,000 after purchasing an additional 333,538 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Rambus by 12.2% in the fourth quarter. Nuveen Asset Management LLC now owns 1,064,700 shares of the semiconductor company's stock valued at $56,280,000 after purchasing an additional 116,079 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on RMBS shares. Jefferies Financial Group upped their price objective on Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Rosenblatt Securities upped their price objective on Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Tuesday, July 29th. Susquehanna upped their price objective on Rambus from $70.00 to $75.00 and gave the company a "positive" rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen downgraded Rambus from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Rambus has a consensus rating of "Buy" and an average target price of $77.71.

Rambus Stock Performance

RMBS stock traded down $2.63 during midday trading on Wednesday, reaching $71.16. 603,308 shares of the company's stock traded hands, compared to its average volume of 1,056,113. The firm has a market capitalization of $7.66 billion, a PE ratio of 33.64 and a beta of 1.28. Rambus, Inc. has a 52 week low of $37.42 and a 52 week high of $76.20. The company has a 50-day moving average price of $63.40 and a two-hundred day moving average price of $57.98.

Insider Buying and Selling at Rambus

In other news, Director Steven Laub sold 3,653 shares of the company's stock in a transaction on Monday, May 19th. The shares were sold at an average price of $55.56, for a total value of $202,960.68. Following the transaction, the director owned 10,904 shares of the company's stock, valued at approximately $605,826.24. This represents a 25.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Emiko Higashi sold 1,111 shares of the company's stock in a transaction on Monday, August 4th. The stock was sold at an average price of $75.00, for a total transaction of $83,325.00. Following the completion of the transaction, the director directly owned 63,371 shares in the company, valued at approximately $4,752,825. The trade was a 1.72% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,611 shares of company stock worth $388,092. Insiders own 1.00% of the company's stock.

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.