The Manufacturers Life Insurance Company Trims Stake in Rambus, Inc. $RMBS

Key Points

• The Manufacturers Life Insurance Company cut its Rambus stake by 10.2% in the first quarter, selling 11,585 shares and retaining 102,403 shares worth approximately $8.81 million. Institutional investors collectively own 88.54% of RMBS.
• Rambus insiders sold 62,914 shares worth about $9.72 million during the past quarter, including substantial sales by EVP Xianzhi Sean Fan and Director Necip Sayiner.
• Analyst sentiment remains positive, with an overall “Moderate Buy” rating and an average price target of $139.78; several firms recently maintained or upgraded bullish ratings and raised targets.

The Manufacturers Life Insurance Company reduced its holdings in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 10.2% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 102,403 shares of the semiconductor company's stock after selling 11,585 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Rambus worth $8,810,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Krilogy Financial LLC grew its holdings in shares of Rambus by 3.8% during the first quarter. Krilogy Financial LLC now owns 2,238 shares of the semiconductor company's stock worth $193,000 after purchasing an additional 81 shares in the last quarter. Oak Grove Capital LLC raised its stake in Rambus by 1.3% in the fourth quarter. Oak Grove Capital LLC now owns 7,600 shares of the semiconductor company's stock valued at $698,000 after purchasing an additional 100 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its position in Rambus by 0.4% during the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 24,085 shares of the semiconductor company's stock valued at $2,213,000 after purchasing an additional 103 shares during the last quarter. Balefire LLC grew its stake in Rambus by 3.8% in the 1st quarter. Balefire LLC now owns 2,932 shares of the semiconductor company's stock worth $252,000 after buying an additional 108 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC grew its stake in Rambus by 3.3% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,445 shares of the semiconductor company's stock worth $317,000 after buying an additional 110 shares in the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Insider Buying and Selling

In other news, EVP Xianzhi Sean Fan sold 37,914 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the completion of the sale, the executive vice president owned 168,358 shares of the company's stock, valued at approximately $25,538,225.02. This represents a 18.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Necip Sayiner sold 5,000 shares of Rambus stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $170.15, for a total transaction of $850,750.00. Following the completion of the transaction, the director directly owned 18,223 shares in the company, valued at approximately $3,100,643.45. The trade was a 21.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 62,914 shares of company stock valued at $9,724,775. 0.75% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Weiss Ratings restated a "hold (c+)" rating on shares of Rambus in a research report on Friday, June 5th. Rosenblatt Securities restated a "buy" rating and set a $165.00 price target on shares of Rambus in a research report on Tuesday, July 28th. Evercore reiterated an "outperform" rating and issued a $172.00 price objective on shares of Rambus in a report on Tuesday, April 28th. Wells Fargo & Company increased their price objective on Rambus from $115.00 to $145.00 and gave the company an "overweight" rating in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group boosted their target price on Rambus from $120.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $139.78.

Rambus Stock Up 9.0%

NASDAQ RMBS opened at $100.55 on Wednesday. The company has a 50-day simple moving average of $122.30 and a two-hundred day simple moving average of $114.25. Rambus, Inc. has a 12-month low of $67.15 and a 12-month high of $174.10. The firm has a market cap of $10.91 billion, a price-to-earnings ratio of 46.12 and a beta of 1.88.

About Rambus

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.

Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source