Wellington Management Group LLP Sells 54,399 Shares of Rambus, Inc. $RMBS

Key Points

• Wellington Management Group LLP reduced its stake in Rambus, Inc. by 4.4%, owning 1,194,046 shares worth approximately $61.8 million after selling 54,399 shares in the first quarter.
• Several institutional investors increased their positions in Rambus, with Price T Rowe Associates lifting its stake by 442.8%, now holding 5,449,128 shares valued at about $288 million.
• Wall Street analysts generally have a "Buy" rating on Rambus, with several raising their price targets; the average target price is currently around $77.71.

Wellington Management Group LLP decreased its stake in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 4.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,194,046 shares of the semiconductor company's stock after selling 54,399 shares during the quarter. Wellington Management Group LLP owned about 1.11% of Rambus worth $61,822,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Mariner LLC raised its stake in shares of Rambus by 1.4% in the fourth quarter. Mariner LLC now owns 12,473 shares of the semiconductor company's stock worth $659,000 after purchasing an additional 167 shares during the last quarter. Nations Financial Group Inc. IA ADV raised its stake in shares of Rambus by 2.0% in the first quarter. Nations Financial Group Inc. IA ADV now owns 9,104 shares of the semiconductor company's stock worth $471,000 after purchasing an additional 179 shares during the last quarter. Quarry LP raised its stake in shares of Rambus by 26.9% in the fourth quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock worth $62,000 after purchasing an additional 247 shares during the last quarter. Oppenheimer Asset Management Inc. raised its stake in shares of Rambus by 4.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,762 shares of the semiconductor company's stock worth $298,000 after purchasing an additional 266 shares during the last quarter. Finally, Xponance Inc. raised its stake in shares of Rambus by 1.8% in the first quarter. Xponance Inc. now owns 15,503 shares of the semiconductor company's stock worth $803,000 after purchasing an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Rambus Stock Up 6.2%

RMBS traded up $4.65 during midday trading on Thursday, reaching $79.70. The company had a trading volume of 671,268 shares, compared to its average volume of 1,052,820. The business has a 50-day moving average of $68.43 and a two-hundred day moving average of $59.18. The company has a market cap of $8.57 billion, a P/E ratio of 37.49 and a beta of 1.28. Rambus, Inc. has a 1 year low of $37.42 and a 1 year high of $79.65.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Jefferies Financial Group boosted their price target on Rambus from $69.00 to $75.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Arete raised Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price objective for the company in a report on Thursday. Wall Street Zen lowered Rambus from a "buy" rating to a "hold" rating in a report on Sunday, August 10th. Susquehanna lifted their price objective on Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a report on Tuesday, July 29th. Finally, Rosenblatt Securities lifted their price objective on Rambus from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Tuesday, July 29th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $79.38.

Insider Transactions at Rambus

In other Rambus news, Director Emiko Higashi sold 1,075 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $77.75, for a total value of $83,581.25. Following the completion of the sale, the director owned 62,296 shares in the company, valued at $4,843,514. This represents a 1.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Necip Sayiner sold 7,500 shares of the company's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $73.53, for a total value of $551,475.00. Following the completion of the sale, the director owned 38,324 shares of the company's stock, valued at approximately $2,817,963.72. The trade was a 16.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,686 shares of company stock valued at $718,381. Company insiders own 1.00% of the company's stock.

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.