Wesbanco Bank Inc. Lowers Stake in Rambus, Inc. $RMBS

Key Points

• Wesbanco Bank Inc. cut its stake in Rambus by 37.3% in the fourth quarter, selling 8,509 shares and leaving it with 14,300 shares valued at about $1.31 million.
• Rambus reported better-than-expected quarterly results, posting EPS of $0.63 versus estimates of $0.61 and revenue of $180.19 million, slightly above forecasts.
• Analysts remain generally positive on the stock, with recent target-price increases from Jefferies and Rosenblatt; MarketBeat shows Rambus with a Moderate Buy consensus and an average target of $130.43.

Wesbanco Bank Inc. reduced its holdings in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) by 37.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 14,300 shares of the semiconductor company's stock after selling 8,509 shares during the period. Wesbanco Bank Inc.'s holdings in Rambus were worth $1,314,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Diversify Wealth Management LLC boosted its holdings in shares of Rambus by 6.1% in the fourth quarter. Diversify Wealth Management LLC now owns 17,783 shares of the semiconductor company's stock valued at $1,698,000 after acquiring an additional 1,030 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Rambus by 33.2% in the fourth quarter. Sequoia Financial Advisors LLC now owns 7,534 shares of the semiconductor company's stock valued at $692,000 after acquiring an additional 1,878 shares in the last quarter. Encompass More Asset Management purchased a new stake in shares of Rambus in the fourth quarter valued at about $951,000. SBI Securities Co. Ltd. boosted its holdings in shares of Rambus by 21.3% in the fourth quarter. SBI Securities Co. Ltd. now owns 1,607 shares of the semiconductor company's stock valued at $148,000 after acquiring an additional 282 shares in the last quarter. Finally, Truist Financial Corp boosted its holdings in shares of Rambus by 795.8% in the fourth quarter. Truist Financial Corp now owns 26,033 shares of the semiconductor company's stock valued at $2,392,000 after acquiring an additional 23,127 shares in the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.

Rambus Stock Up 2.1%

Shares of NASDAQ RMBS opened at $129.24 on Friday. Rambus, Inc. has a 52 week low of $50.89 and a 52 week high of $161.80. The firm has a 50-day moving average price of $104.61 and a 200 day moving average price of $102.25. The stock has a market capitalization of $13.98 billion, a price-to-earnings ratio of 61.54 and a beta of 1.79.

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

Insider Activity at Rambus

In related news, Director Meera Rao sold 2,972 shares of the firm's stock in a transaction dated Friday, April 24th. The shares were sold at an average price of $150.30, for a total value of $446,691.60. Following the completion of the sale, the director owned 19,974 shares in the company, valued at $3,002,092.20. This trade represents a 12.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Luc Seraphin sold 5,426 shares of the firm'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 sale, the chief executive officer owned 345,767 shares of the company's stock, valued at $29,960,710.55. This trade represents a 1.55% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 61,123 shares of company stock worth $6,295,577 over the last 90 days. Company insiders own 0.75% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Jefferies Financial Group lifted their target price on shares of Rambus from $120.00 to $145.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. Evercore reaffirmed an "outperform" rating and issued a $172.00 target price on shares of Rambus in a report on Tuesday, April 28th. Zacks Research raised shares of Rambus to a "hold" rating in a report on Monday, January 26th. Weiss Ratings downgraded shares of Rambus from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, March 10th. Finally, Rosenblatt Securities lifted their target price on shares of Rambus from $130.00 to $150.00 and gave the company a "buy" rating in a report on Tuesday, April 28th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, Rambus currently has an average rating of "Moderate Buy" and a consensus price target of $130.43.

Rambus Profile

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.

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.