Westpac Banking Corp Takes $1.39 Million Position in Rambus, Inc. (NASDAQ:RMBS)

Key Points

• Westpac Banking Corp has acquired a new position in Rambus, Inc. during the first quarter, purchasing 26,843 shares valued at approximately $1.39 million.
• Several institutional investors have increased their stakes in Rambus, leading to a total ownership of 88.54% by institutional and hedge fund investors.
• Recent analyst ratings for Rambus include upgrades in price targets, with Jefferies Financial Group raising it to $75.00 and Rosenblatt Securities increasing it to $90.00, reflecting positive sentiment in the market.

Westpac Banking Corp acquired a new position in shares of Rambus, Inc. (NASDAQ:RMBS - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 26,843 shares of the semiconductor company's stock, valued at approximately $1,390,000.

Other large investors also recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new stake in Rambus in the first quarter valued at $25,000. Tsfg LLC acquired a new stake in Rambus in the first quarter valued at $26,000. Orion Capital Management LLC acquired a new stake in Rambus in the fourth quarter valued at $37,000. Larson Financial Group LLC lifted its stake in shares of Rambus by 1,260.3% during the 1st quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company's stock worth $44,000 after buying an additional 794 shares during the last quarter. Finally, Quarry LP lifted its stake in shares of 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 last quarter. Institutional investors own 88.54% of the company's stock.

Rambus Stock Performance

Shares of NASDAQ:RMBS traded down $1.79 during trading on Friday, reaching $74.21. The stock had a trading volume of 867,580 shares, compared to its average volume of 1,448,479. The firm's fifty day moving average is $66.37 and its 200 day moving average is $58.66. Rambus, Inc. has a 52 week low of $37.42 and a 52 week high of $78.16. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of 35.00 and a beta of 1.28.

Wall Street Analyst Weigh In

A number of research firms recently commented on RMBS. Wall Street Zen lowered shares of Rambus from a "buy" rating to a "hold" rating in a research report on Sunday, August 10th. Jefferies Financial Group raised their target price on shares of Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Susquehanna raised their target price on shares of Rambus from $70.00 to $75.00 and gave the company a "positive" rating in a report on Tuesday, July 29th. Finally, Rosenblatt Securities lifted their price target on shares of Rambus from $80.00 to $90.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. One research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $77.71.

Insider Activity

In related news, Director Steven Laub sold 1,847 shares of the business's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total transaction of $101,806.64. Following the transaction, the director owned 9,057 shares in the company, valued at $499,221.84. The trade was a 16.94% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Necip Sayiner sold 7,500 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the completion of the transaction, the director directly owned 38,324 shares in the company, valued at $2,817,963.72. This trade represents a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 15,186 shares of company stock valued at $1,023,149. 1.00% of the stock is currently owned by insiders.

Rambus 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.