Fred Alger Management LLC Boosts Stock Position in Rambus Inc. (NASDAQ:RMBS)

Fred Alger Management LLC raised its stake in shares of Rambus Inc. (NASDAQ:RMBS - Free Report) by 129.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,508 shares of the semiconductor company's stock after purchasing an additional 35,233 shares during the quarter. Fred Alger Management LLC owned about 0.06% of Rambus worth $3,304,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Deutsche Bank AG increased its stake in Rambus by 40.1% during the 4th quarter. Deutsche Bank AG now owns 139,002 shares of the semiconductor company's stock valued at $7,348,000 after purchasing an additional 39,798 shares in the last quarter. Crestline Management LP increased its stake in shares of Rambus by 58.8% in the fourth quarter. Crestline Management LP now owns 410,113 shares of the semiconductor company's stock worth $21,679,000 after acquiring an additional 151,782 shares during the period. Cetera Investment Advisers increased its stake in shares of Rambus by 3.2% in the fourth quarter. Cetera Investment Advisers now owns 24,486 shares of the semiconductor company's stock worth $1,294,000 after acquiring an additional 757 shares during the period. Ameriprise Financial Inc. increased its stake in shares of Rambus by 9.1% in the fourth quarter. Ameriprise Financial Inc. now owns 249,130 shares of the semiconductor company's stock worth $13,169,000 after acquiring an additional 20,682 shares during the period. Finally, Algert Global LLC increased its stake in shares of Rambus by 12.8% in the fourth quarter. Algert Global LLC now owns 292,592 shares of the semiconductor company's stock worth $15,466,000 after acquiring an additional 33,251 shares during the period. Institutional investors and hedge funds own 88.54% of the company's stock.

Insider Buying and Selling

In other Rambus news, COO Xianzhi Sean Fan sold 52,327 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $68.02, for a total transaction of $3,559,282.54. Following the completion of the transaction, the chief operating officer now owns 93,841 shares of the company's stock, valued at $6,383,064.82. This represents a 35.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Luc Seraphin sold 10,000 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of $53.79, for a total value of $537,900.00. Following the transaction, the chief executive officer now directly owns 316,931 shares of the company's stock, valued at $17,047,718.49. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 113,300 shares of company stock valued at $6,745,221. Corporate insiders own 1.00% of the company's stock.

Analyst Upgrades and Downgrades

RMBS has been the topic of a number of research reports. Rosenblatt Securities reiterated a "buy" rating and issued a $80.00 price objective on shares of Rambus in a research note on Tuesday, April 29th. Wells Fargo & Company increased their price objective on shares of Rambus from $62.00 to $73.00 and gave the stock an "overweight" rating in a research note on Tuesday, February 4th. Susquehanna increased their price objective on shares of Rambus from $66.00 to $70.00 and gave the stock a "positive" rating in a research note on Tuesday, February 4th. StockNews.com upgraded shares of Rambus from a "hold" rating to a "buy" rating in a research note on Sunday, May 4th. Finally, Robert W. Baird set a $90.00 price objective on shares of Rambus in a research note on Monday, February 3rd. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $75.00.

Rambus Stock Performance

NASDAQ RMBS traded up $3.09 during mid-day trading on Monday, reaching $54.11. 1,533,480 shares of the stock were exchanged, compared to its average volume of 1,294,270. The business's 50 day moving average is $50.66 and its 200-day moving average is $55.12. Rambus Inc. has a 1 year low of $37.43 and a 1 year high of $69.15. The company has a market capitalization of $5.81 billion, a P/E ratio of 32.60 and a beta of 1.24.

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.