Summit Global Investments Takes $259,000 Position in Rambus Inc. (NASDAQ:RMBS)

Summit Global Investments purchased a new stake in Rambus Inc. (NASDAQ:RMBS - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,005 shares of the semiconductor company's stock, valued at approximately $259,000.

Other large investors also recently made changes to their positions in the company. Orion Capital Management LLC acquired a new stake in Rambus during the 4th quarter worth $37,000. Skandinaviska Enskilda Banken AB publ raised its stake in Rambus by 927.5% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 709 shares of the semiconductor company's stock worth $38,000 after buying an additional 640 shares during the period. Farther Finance Advisors LLC raised its stake in Rambus by 379.1% during the 4th quarter. Farther Finance Advisors LLC now owns 1,126 shares of the semiconductor company's stock worth $60,000 after buying an additional 891 shares during the period. Quarry LP raised its stake in Rambus by 26.9% during the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company's stock worth $62,000 after buying an additional 247 shares during the period. Finally, GeoWealth Management LLC acquired a new stake in Rambus during the 4th quarter worth $68,000. Institutional investors and hedge funds own 88.54% of the company's stock.

Rambus Price Performance

RMBS stock traded up $1.16 during trading hours on Wednesday, reaching $57.46. 391,866 shares of the stock were exchanged, compared to its average volume of 1,274,754. The firm's 50-day moving average is $50.74 and its 200-day moving average is $55.45. The company has a market cap of $6.17 billion, a price-to-earnings ratio of 34.61 and a beta of 1.24. Rambus Inc. has a 12 month low of $37.43 and a 12 month high of $69.15.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on RMBS. Evercore ISI began coverage on Rambus in a research note on Tuesday, February 4th. They set an "outperform" rating and a $71.00 price objective on the stock. Susquehanna raised their price objective on Rambus from $66.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, February 4th. Wall Street Zen cut Rambus from a "buy" rating to a "hold" rating in a report on Monday, May 19th. Wells Fargo & Company increased their target price on Rambus from $62.00 to $73.00 and gave the stock an "overweight" rating in a report on Tuesday, February 4th. Finally, Rosenblatt Securities reiterated a "buy" rating and set a $80.00 target price on shares of Rambus in a report on Tuesday, April 29th. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Rambus presently has a consensus rating of "Buy" and an average target price of $75.00.

Insider Activity

In other Rambus news, CEO Luc Seraphin sold 10,000 shares of the firm's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 306,931 shares in the company, valued at $17,998,433.84. This trade represents a 3.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Steven Laub sold 1,847 shares of the firm's 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 sale, the director now owns 9,057 shares of the company's stock, valued at $499,221.84. This trade represents a 16.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,848 shares of company stock worth $3,182,033 in the last quarter. Corporate insiders own 1.00% of the company's stock.

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.