Principal Financial Group Inc. Has $26.24 Million Position in Rambus, Inc. (NASDAQ:RMBS)

Principal Financial Group Inc. boosted its holdings in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 53.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 506,713 shares of the semiconductor company's stock after acquiring an additional 176,579 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Rambus worth $26,235,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in RMBS. Tsfg LLC bought a new position in shares of Rambus during the 1st quarter worth approximately $26,000. Orion Capital Management LLC bought a new position in shares of Rambus during the fourth quarter valued at $37,000. Skandinaviska Enskilda Banken AB publ boosted its stake in shares of Rambus by 927.5% in the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 709 shares of the semiconductor company's stock valued at $38,000 after purchasing an additional 640 shares in the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Rambus by 379.1% in the 4th quarter. Farther Finance Advisors LLC now owns 1,126 shares of the semiconductor company's stock worth $60,000 after purchasing an additional 891 shares during the last quarter. Finally, Quarry LP increased its position in shares of Rambus by 26.9% during the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock worth $62,000 after purchasing an additional 247 shares in the last quarter. Institutional investors and hedge funds own 88.54% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Rosenblatt Securities reaffirmed a "buy" rating and set a $80.00 price objective on shares of Rambus in a research note on Tuesday, April 29th. Wall Street Zen downgraded Rambus from a "buy" rating to a "hold" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $75.00.

Insiders Place Their Bets

In related news, Director Steven Laub sold 1,847 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total value of $101,806.64. Following the sale, the director directly owned 9,057 shares in the company, valued at $499,221.84. This trade represents a 16.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Luc Seraphin sold 6,348 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $46.97, for a total transaction of $298,165.56. Following the transaction, the chief executive officer owned 319,241 shares of the company's stock, valued at approximately $14,994,749.77. This represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,848 shares of company stock valued at $1,080,833. 1.00% of the stock is owned by insiders.

Rambus Trading Down 0.8%

Shares of RMBS traded down $0.54 during trading hours on Friday, hitting $64.06. 478,518 shares of the stock traded hands, compared to its average volume of 1,240,428. The business has a fifty day moving average of $58.42 and a 200-day moving average of $56.49. The firm has a market capitalization of $6.88 billion, a PE ratio of 33.36 and a beta of 1.24. Rambus, Inc. has a 1-year low of $37.43 and a 1-year high of $69.15.

Rambus 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.