Wesbanco Bank Inc. Purchases 17,000 Shares of Rambus, Inc. $RMBS

Key Points

• Wesbanco Bank Inc. increased its investment in Rambus, Inc. by 154.8% during the second quarter, acquiring a total of 27,984 shares valued at approximately $1.79 million.
• Several research firms have given Rambus a strong-buy rating, with price targets raised, indicating robust confidence in the stock's future performance.
• Rambus shares have shown a strong performance, opening at $86.03, with a one-year high of $89.98 and a market cap of $9.26 billion.

Wesbanco Bank Inc. grew its stake in Rambus, Inc. (NASDAQ:RMBS - Free Report) by 154.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,984 shares of the semiconductor company's stock after purchasing an additional 17,000 shares during the period. Wesbanco Bank Inc.'s holdings in Rambus were worth $1,792,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Banque Cantonale Vaudoise purchased a new position in shares of Rambus during the first quarter worth $25,000. Tsfg LLC acquired a new position in Rambus in the 1st quarter valued at about $26,000. Orion Capital Management LLC purchased a new stake in Rambus in the 4th quarter valued at approximately $37,000. McIlrath & Eck LLC purchased a new stake in shares of Rambus during the 1st quarter worth approximately $42,000. Finally, Larson Financial Group LLC raised its holdings in Rambus by 1,260.3% in the 1st quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company's stock valued at $44,000 after acquiring an additional 794 shares during the last quarter. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on RMBS shares. Arete upgraded Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price target for the company in a research note on Thursday, August 28th. Arete Research raised shares of Rambus to a "strong-buy" rating in a research report on Thursday, August 28th. Evercore ISI upped their target price on shares of Rambus from $81.00 to $114.00 and gave the company an "outperform" rating in a research note on Tuesday. Susquehanna upped their target price on shares of Rambus from $70.00 to $75.00 and gave the stock a "positive" rating in a research report on Tuesday, July 29th. Finally, Robert W. Baird increased their target price on shares of Rambus from $90.00 to $120.00 and gave the stock an "outperform" rating in a report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $93.50.

Insiders Place Their Bets

In related news, Director Necip Sayiner sold 7,500 shares of Rambus stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $85.63, for a total transaction of $642,225.00. Following the completion of the transaction, the director directly owned 30,824 shares in the company, valued at approximately $2,639,459.12. This trade represents a 19.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Meera Rao sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $71.72, for a total value of $215,160.00. Following the sale, the director owned 29,914 shares of the company's stock, valued at $2,145,432.08. The trade was a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,260 shares of company stock worth $2,407,852 in the last three months. Insiders own 1.00% of the company's stock.

Rambus Stock Performance

Shares of NASDAQ RMBS traded down $3.53 during midday trading on Friday, hitting $103.85. 1,517,040 shares of the company's stock traded hands, compared to its average volume of 1,169,805. Rambus, Inc. has a 1 year low of $38.15 and a 1 year high of $107.67. The stock has a market capitalization of $11.17 billion, a price-to-earnings ratio of 49.05 and a beta of 1.38. The firm has a fifty day moving average of $74.59 and a 200 day moving average of $61.50.

Rambus Company 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.