Rambus, Inc. $RMBS Shares Bought by Weiss Asset Management LP

Key Points

• Weiss Asset Management increased its Rambus stake by 73.8% in Q1, buying 26,800 additional shares to bring its total to 63,100 shares worth about $5.4 million.
• Rambus reported better-than-expected quarterly results, with EPS of $0.63 versus $0.61 expected and revenue of $180.19 million, while analysts still see full-year EPS of 2.44.
• The stock was down 7% and several insiders have sold shares recently, even as analysts remain generally constructive with a Moderate Buy consensus and a $134.75 average price target.

Weiss Asset Management LP grew its holdings in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 73.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,100 shares of the semiconductor company's stock after purchasing an additional 26,800 shares during the quarter. Weiss Asset Management LP owned about 0.06% of Rambus worth $5,428,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in RMBS. NewEdge Advisors LLC grew its position in shares of Rambus by 22,321.4% in the first quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company's stock valued at $488,000 after purchasing an additional 9,375 shares in the last quarter. Empowered Funds LLC lifted its position in Rambus by 34.1% during the first 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Rambus by 6.6% during the first 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 position in Rambus during the first quarter worth $218,000. Finally, Quantbot Technologies LP purchased a new stake in Rambus in the 2nd quarter valued at $102,000. 88.54% of the stock is currently owned by institutional investors and hedge funds.

Rambus Stock Down 7.0%

Shares of Rambus stock opened at $96.01 on Friday. Rambus, Inc. has a 52 week low of $62.81 and a 52 week high of $174.10. The business's fifty day simple moving average is $128.78 and its 200-day simple moving average is $114.28. The firm has a market cap of $10.38 billion, a PE ratio of 45.72 and a beta of 1.84.

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

Insider Activity at Rambus

In other Rambus news, Director Emiko Higashi sold 10,000 shares of the stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $160.50, for a total transaction of $1,605,000.00. Following the completion of the transaction, the director owned 49,519 shares of the company's stock, valued at $7,947,799.50. This trade represents a 16.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eric B. Stang sold 5,000 shares of Rambus stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $146.00, for a total transaction of $730,000.00. Following the sale, the director owned 19,218 shares of the company's stock, valued at approximately $2,805,828. This represents a 20.65% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 62,914 shares of company stock worth $9,724,775. 0.75% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RMBS. Benchmark started coverage on Rambus in a research note on Wednesday, July 15th. They issued a "buy" rating and a $165.00 target price for the company. Robert W. Baird lowered shares of Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 price objective for the company. in a report on Tuesday, April 28th. Weiss Ratings restated a "hold (c+)" rating on shares of Rambus in a research report on Friday, June 5th. Wells Fargo & Company lifted their target price 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. Finally, Rosenblatt Securities boosted their target price on shares of Rambus from $130.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Rambus has a consensus rating of "Moderate Buy" and a consensus price target of $134.75.

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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