Rambus, Inc. $RMBS Holdings Lowered by Congress Asset Management Co.

Key Points

• Congress Asset Management Co. reduced its Rambus position by 54.1% in the third quarter, selling 420,997 shares and retaining 356,996 shares valued at approximately $38.1 million. Institutional investors and hedge funds collectively own 88.54% of RMBS.
• Rambus reported quarterly revenue of $207.39 million and earnings of $0.77 per share, exceeding analyst expectations, while revenue increased 20.4% year over year.
• Analysts maintain a generally positive outlook, with six Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $145.88 versus the stock’s reported price of $114.09.

Congress Asset Management Co. cut its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 54.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 356,996 shares of the semiconductor company's stock after selling 420,997 shares during the period. Congress Asset Management Co. owned 0.33% of Rambus worth $38,113,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of RMBS. BlackRock Inc. acquired a new stake in Rambus in the 2nd quarter valued at $1,853,645,000. EdgePoint Investment Group Inc. lifted its stake in Rambus by 38.5% in the 1st quarter. EdgePoint Investment Group Inc. now owns 1,947,742 shares of the semiconductor company's stock worth $167,564,000 after purchasing an additional 541,056 shares in the last quarter. Swedbank AB raised its holdings in shares of Rambus by 14.7% during the 1st quarter. Swedbank AB now owns 1,563,000 shares of the semiconductor company's stock worth $134,465,000 after acquiring an additional 200,000 shares during the period. Bank of America Corp DE grew its stake in shares of Rambus by 9.0% in the 1st quarter. Bank of America Corp DE now owns 1,361,570 shares of the semiconductor company's stock valued at $117,136,000 after buying an additional 111,928 shares during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in Rambus by 0.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,194,391 shares of the semiconductor company's stock valued at $109,753,000 after acquiring an additional 7,258 shares during the last quarter. 88.54% of the stock is owned by institutional investors and hedge funds.

Rambus Stock Performance

RMBS stock traded up $3.79 during trading on Tuesday, reaching $114.09. 1,614,024 shares of the company were exchanged, compared to its average volume of 2,614,652. The stock's 50 day moving average price is $93.59 and its 200 day moving average price is $111.47. Rambus, Inc. has a 52-week low of $77.89 and a 52-week high of $174.10. The company has a market cap of $12.37 billion, a P/E ratio of 52.33 and a beta of 1.85.

Rambus (NASDAQ:RMBS - Get Free Report) last posted its quarterly earnings results on Monday, July 27th. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.72 by $0.05. Rambus had a net margin of 31.69% and a return on equity of 17.89%. The company had revenue of $207.39 million during the quarter, compared to the consensus estimate of $199.30 million. During the same period last year, the firm earned $0.53 EPS. The company's revenue for the quarter was up 20.4% on a year-over-year basis. As a group, equities research analysts forecast that Rambus, Inc. will post 2.52 EPS for the current year.

Analysts Set New Price Targets

RMBS has been the subject of a number of research reports. Glj Research set a $165.00 price objective on Rambus in a research note on Tuesday, July 28th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Rambus in a report on Wednesday, September 2nd. Rosenblatt Securities reissued a "buy" rating and issued a $165.00 price target on shares of Rambus in a research report on Tuesday, July 28th. Finally, Benchmark restated a "buy" rating on shares of Rambus in a research note on Tuesday, July 28th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $145.88.

Rambus Company Profile

Rambus Inc is a semiconductor technology company that develops and licenses high-performance chip interfaces and related intellectual property. Its technologies are designed to improve the speed, capacity, reliability and security of data transfer in memory systems and other electronic devices.

The company offers memory interface products for applications such as data centers, servers and advanced computing systems. Its portfolio includes solutions for DDR memory, high-bandwidth memory and other emerging memory architectures, as well as interface and connectivity technologies intended to support increasingly data-intensive workloads.

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