Panagora Asset Management Inc. Grows Holdings in Rambus, Inc. $RMBS

Key Points

• Panagora Asset Management Inc. has increased its stake in Rambus, Inc. by 5.2%, owning 460,438 shares valued at approximately $23.8 million as of the latest SEC filing.
• Rambus stock has been trading down by 9.0%, with a current market price of $73.77, and analysts have given it an average target price of $79.38.
• Recent insider trading activity includes sales by directors, with one director selling 7,500 shares at an average price of $73.53, totaling over $551,000.

Panagora Asset Management Inc. increased its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 5.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 460,438 shares of the semiconductor company's stock after buying an additional 22,759 shares during the period. Panagora Asset Management Inc. owned 0.43% of Rambus worth $23,839,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Price T Rowe Associates Inc. MD grew its holdings in shares of Rambus by 60.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,746,856 shares of the semiconductor company's stock valued at $452,870,000 after buying an additional 3,297,728 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Rambus by 13.2% during the 4th quarter. Northern Trust Corp now owns 1,463,338 shares of the semiconductor company's stock valued at $77,352,000 after buying an additional 170,884 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Rambus by 21.1% during the 1st quarter. American Century Companies Inc. now owns 1,424,365 shares of the semiconductor company's stock valued at $73,747,000 after buying an additional 248,013 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Rambus by 0.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,256,346 shares of the semiconductor company's stock valued at $65,047,000 after buying an additional 6,600 shares in the last quarter. Finally, Westwood Holdings Group Inc. increased its holdings in Rambus by 9.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,232,210 shares of the semiconductor company's stock valued at $63,798,000 after acquiring an additional 104,356 shares during the last quarter. Institutional investors own 88.54% of the company's stock.

Rambus Price Performance

Shares of NASDAQ:RMBS traded up $0.18 during midday trading on Wednesday, reaching $73.67. 1,027,304 shares of the company's stock were exchanged, compared to its average volume of 1,072,371. Rambus, Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $81.89. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 34.75 and a beta of 1.38. The firm's 50 day simple moving average is $69.87 and its two-hundred day simple moving average is $59.56.

Insider Buying and Selling

In other news, Director Necip Sayiner sold 7,500 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the completion of the sale, the director owned 38,324 shares in the company, valued at approximately $2,817,963.72. The trade was a 16.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 completion of the sale, the director owned 63,371 shares of the company's stock, valued at approximately $4,752,825. This trade represents a 1.72% decrease in their position. The disclosure for this sale can be found here. Insiders sold 9,686 shares of company stock valued at $718,381 in the last 90 days. Company insiders own 1.00% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on RMBS. Wall Street Zen downgraded shares of Rambus from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Jefferies Financial Group boosted their price objective on shares of Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a research report on Tuesday, July 29th. Rosenblatt Securities upped their price target on shares of Rambus from $80.00 to $90.00 and gave the stock a "buy" rating in a research report on Tuesday, July 29th. Susquehanna upped their price target on shares of Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research report on Tuesday, July 29th. Finally, Arete Research upgraded shares of Rambus to a "strong-buy" rating in a research note on Thursday, August 28th. Two investment analysts have rated the stock with a Strong Buy rating and eight have given a Buy rating to the company's stock. According to data from MarketBeat, Rambus presently has a consensus rating of "Buy" and an average 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.