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

Principal Financial Group Inc. increased its holdings in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 53.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 506,713 shares of the semiconductor company's stock after purchasing an additional 176,579 shares during the period. Principal Financial Group Inc. owned approximately 0.47% of Rambus worth $26,235,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE increased its holdings in shares of Rambus by 24.9% during the fourth quarter. US Bancorp DE now owns 11,686 shares of the semiconductor company's stock worth $618,000 after buying an additional 2,327 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Rambus by 0.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,249,746 shares of the semiconductor company's stock worth $66,062,000 after buying an additional 5,761 shares in the last quarter. Atria Investments Inc acquired a new stake in shares of Rambus during the fourth quarter worth approximately $336,000. M&T Bank Corp acquired a new stake in shares of Rambus during the fourth quarter worth approximately $233,000. Finally, Proficio Capital Partners LLC acquired a new stake in shares of Rambus during the fourth quarter worth approximately $978,000. Institutional investors and hedge funds own 88.54% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RMBS. Wall Street Zen lowered shares of Rambus from a "buy" rating to a "hold" rating in a report on Monday, May 19th. Rosenblatt Securities reaffirmed a "buy" rating and set a $80.00 price objective on shares of Rambus in a report on Tuesday, April 29th. One 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. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $75.00.

Insider Activity

In other news, CEO Luc Seraphin sold 6,348 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $46.97, for a total value of $298,165.56. Following the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Steven Laub sold 1,847 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $55.12, for a total transaction of $101,806.64. Following the transaction, the director owned 9,057 shares in the company, valued at approximately $499,221.84. The trade was a 16.94% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 21,848 shares of company stock worth $1,080,833 over the last three months. Insiders own 1.00% of the company's stock.

Rambus Stock Up 0.9%

Shares of NASDAQ:RMBS traded up $0.60 during midday trading on Thursday, reaching $65.39. 88,090 shares of the company were exchanged, compared to its average volume of 1,241,684. Rambus, Inc. has a fifty-two week low of $37.43 and a fifty-two week high of $69.15. The stock has a fifty day simple moving average of $57.53 and a two-hundred day simple moving average of $56.28. The firm has a market cap of $7.02 billion, a PE ratio of 34.03 and a beta of 1.24.

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.