Thornburg Investment Management Inc. Reduces Holdings in Rambus, Inc. $RMBS

Key Points

• Thornburg Investment Management cut its Rambus stake by 16.1% in the fourth quarter, selling 11,037 shares and ending with 57,554 shares worth about $5.29 million.
• Rambus beat Wall Street’s earnings and revenue estimates for the quarter, reporting $0.63 EPS on $180.19 million in revenue. Analysts still see growth ahead, with a consensus rating of Moderate Buy and an average target price of $130.43.
• Despite positive analyst sentiment, the stock was down 2.2% in recent trading and several insiders have sold shares recently, including CEO Luc Seraphin and Director Necip Sayiner.

Thornburg Investment Management Inc. decreased its position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 57,554 shares of the semiconductor company's stock after selling 11,037 shares during the period. Thornburg Investment Management Inc. owned about 0.05% of Rambus worth $5,289,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Investment Management Company LLC increased its stake in Rambus by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 24,085 shares of the semiconductor company's stock worth $2,213,000 after buying an additional 103 shares during the period. Krilogy Financial LLC increased its stake in Rambus by 5.3% during the 4th quarter. Krilogy Financial LLC now owns 2,157 shares of the semiconductor company's stock worth $198,000 after buying an additional 108 shares during the period. Ashton Thomas Private Wealth LLC increased its stake in Rambus by 3.3% during 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 during the period. Meeder Advisory Services Inc. increased its stake in Rambus by 3.0% during the 4th quarter. Meeder Advisory Services Inc. now owns 3,883 shares of the semiconductor company's stock worth $357,000 after buying an additional 114 shares during the period. Finally, Parallel Advisors LLC increased its position in shares of Rambus by 5.0% in the 4th quarter. Parallel Advisors LLC now owns 2,503 shares of the semiconductor company's stock worth $230,000 after purchasing an additional 120 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company's stock.

Rambus Stock Down 2.2%

Shares of NASDAQ:RMBS opened at $143.29 on Tuesday. Rambus, Inc. has a fifty-two week low of $58.81 and a fifty-two week high of $174.10. The firm has a 50-day simple moving average of $132.01 and a 200 day simple moving average of $110.44. The company has a market cap of $15.50 billion, a PE ratio of 68.23 and a beta of 1.84.

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

Wall Street Analysts Forecast Growth

RMBS has been the subject of several research analyst reports. Evercore reissued an "outperform" rating and issued a $172.00 target price on shares of Rambus in a research report on Tuesday, April 28th. Jefferies Financial Group boosted their target price on shares of Rambus from $120.00 to $145.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Rosenblatt Securities boosted their target price on shares of Rambus from $130.00 to $150.00 and gave the stock a "buy" rating in a research report on Tuesday, April 28th. Wells Fargo & Company boosted their target price on shares of Rambus from $115.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 28th. Finally, Robert W. Baird downgraded shares of Rambus from an "outperform" rating to a "neutral" rating and set a $120.00 target price for the company. in a research report on Tuesday, April 28th. One research analyst has 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $130.43.

Insider Activity

In other Rambus news, CEO Luc Seraphin sold 5,426 shares of the business's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $86.65, for a total transaction of $470,162.90. Following the completion of the transaction, the chief executive officer directly owned 345,767 shares of the company's stock, valued at $29,960,710.55. The trade was a 1.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Necip Sayiner sold 5,000 shares of the business's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total transaction of $850,750.00. Following the transaction, the director directly owned 18,223 shares of the company's stock, valued at $3,100,643.45. The trade was a 21.53% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 79,850 shares of company stock worth $11,649,796 over the last three months. Insiders own 0.75% of the company's stock.

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.

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