Congress Asset Management Co. Has $62.11 Million Stake in Rambus Inc. (NASDAQ:RMBS)

Congress Asset Management Co. increased its stake in Rambus Inc. (NASDAQ:RMBS - Free Report) by 38.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,199,564 shares of the semiconductor company's stock after purchasing an additional 333,538 shares during the quarter. Congress Asset Management Co. owned approximately 1.12% of Rambus worth $62,107,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of RMBS. Vanguard Group Inc. boosted its holdings in shares of Rambus by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 12,594,979 shares of the semiconductor company's stock worth $665,771,000 after buying an additional 31,645 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Rambus by 442.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company's stock valued at $288,042,000 after acquiring an additional 4,445,146 shares during the period. Invesco Ltd. lifted its position in shares of Rambus by 72.1% in the 4th quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company's stock valued at $264,287,000 after acquiring an additional 2,093,953 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Rambus by 1.7% in the 4th quarter. JPMorgan Chase & Co. now owns 4,184,370 shares of the semiconductor company's stock worth $221,186,000 after purchasing an additional 68,975 shares during the period. Finally, Norges Bank acquired a new position in Rambus in the 4th quarter worth approximately $94,368,000. Institutional investors and hedge funds own 88.54% of the company's stock.

Analyst Upgrades and Downgrades

RMBS has been the topic of several recent analyst reports. Wall Street Zen downgraded shares of Rambus from a "buy" rating to a "hold" rating in a research note on Monday, May 19th. Rosenblatt Securities reissued a "buy" rating and set a $80.00 price target on shares of Rambus in a research report on Tuesday, April 29th. One equities research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Rambus currently has an average rating of "Buy" and an average target price of $75.00.

Rambus Trading Up 1.1%

RMBS stock traded up $0.67 during midday trading on Tuesday, reaching $59.70. The company had a trading volume of 621,529 shares, compared to its average volume of 1,266,256. The company has a 50 day moving average of $51.14 and a two-hundred day moving average of $55.58. The company has a market capitalization of $6.41 billion, a P/E ratio of 35.96 and a beta of 1.20. Rambus Inc. has a 1 year low of $37.43 and a 1 year high of $69.15.

Insider Activity at Rambus

In other Rambus news, CEO Luc Seraphin sold 10,000 shares of the stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $58.64, for a total transaction of $586,400.00. Following the transaction, the chief executive officer now directly owns 306,931 shares of the company's stock, valued at $17,998,433.84. This represents a 3.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Steven Laub sold 3,653 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $55.56, for a total transaction of $202,960.68. Following the sale, the director now owns 10,904 shares of the company's stock, valued at $605,826.24. This trade represents a 25.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,848 shares of company stock valued at $3,182,033. 1.00% of the stock is owned by corporate insiders.

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.