Penn Capital Management Company LLC Has $1.56 Million Stock Holdings in Rambus, Inc. $RMBS

Key Points

• Penn Capital Management sharply reduced its Rambus position in the fourth quarter, selling 135,120 shares and cutting its stake by 89%. It now holds 16,705 shares valued at about $1.56 million.
• Rambus reported better-than-expected quarterly results, posting EPS of $0.63 versus the $0.61 estimate and revenue of $180.19 million, slightly above forecasts. Analysts expect the company to earn $2.44 per share for the full year.
• Despite mixed analyst moves, Wall Street remains generally positive on the stock: Rambus has an average rating of “Moderate Buy” with a consensus price target of $130.43. Recent insider selling also continued, including sales by Director Emiko Higashi and CEO Luc Seraphin.

Penn Capital Management Company LLC lessened its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 89.0% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 16,705 shares of the semiconductor company's stock after selling 135,120 shares during the quarter. Penn Capital Management Company LLC's holdings in Rambus were worth $1,560,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of RMBS. NewEdge Advisors LLC lifted its stake in shares of Rambus by 22,321.4% during the 1st quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company's stock worth $488,000 after buying an additional 9,375 shares during the last quarter. Empowered Funds LLC lifted its stake in shares of Rambus by 34.1% during the 1st quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company's stock worth $1,178,000 after buying an additional 5,783 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Rambus by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company's stock worth $16,025,000 after buying an additional 19,120 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Rambus in the 1st quarter worth about $218,000. Finally, Quantbot Technologies LP acquired a new stake in Rambus in the 2nd quarter worth about $102,000. Institutional investors and hedge funds own 88.54% of the company's stock.

Rambus Trading Down 5.5%

Shares of Rambus stock opened at $148.66 on Thursday. The firm has a market capitalization of $16.08 billion, a PE ratio of 70.79 and a beta of 1.79. The firm's 50 day moving average is $116.42 and its 200 day moving average is $105.36. Rambus, Inc. has a 1 year low of $52.12 and a 1 year high of $161.80.

Rambus (NASDAQ:RMBS - Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The company had revenue of $180.19 million for the quarter, compared to analyst estimates of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, research analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current year.

Insider Buying and Selling at Rambus

In other Rambus news, Director Emiko Higashi sold 5,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $157.57, for a total transaction of $787,850.00. Following the sale, the director directly owned 59,519 shares of the company's stock, valued at $9,378,408.83. The trade was a 7.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Luc Seraphin sold 5,426 shares of the business's stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $86.65, for a total transaction of $470,162.90. Following the sale, the chief executive officer directly owned 345,767 shares in the company, valued at $29,960,710.55. The trade was a 1.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 99,764 shares of company stock valued at $12,400,764. 0.75% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages have weighed in on RMBS. Weiss Ratings cut shares of Rambus from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Tuesday, March 10th. Wells Fargo & Company lifted their price objective on shares of Rambus from $115.00 to $145.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 28th. Susquehanna dropped their price objective on shares of Rambus from $100.00 to $90.00 and set a "neutral" rating for the company in a research note on Tuesday, February 3rd. Robert W. Baird cut shares of Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 price objective for the company. in a research note on Tuesday, April 28th. Finally, Evercore reiterated an "outperform" rating and issued a $172.00 price objective on shares of Rambus in a research note on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $130.43.

Rambus Profile

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.

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