Assenagon Asset Management S.A. Sells 88,501 Shares of Rambus Inc. (NASDAQ:RMBS)

Assenagon Asset Management S.A. reduced its position in Rambus Inc. (NASDAQ:RMBS - Free Report) by 59.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,297 shares of the semiconductor company's stock after selling 88,501 shares during the quarter. Assenagon Asset Management S.A. owned 0.05% of Rambus worth $3,665,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. WCM Investment Management LLC grew its stake in Rambus by 38.1% in the fourth quarter. WCM Investment Management LLC now owns 227,710 shares of the semiconductor company's stock valued at $15,621,000 after purchasing an additional 62,880 shares during the last quarter. Raymond James & Associates grew its stake in shares of Rambus by 156.0% during the fourth quarter. Raymond James & Associates now owns 32,137 shares of the semiconductor company's stock worth $2,193,000 after acquiring an additional 19,582 shares during the last quarter. Retirement Systems of Alabama purchased a new stake in shares of Rambus during the fourth quarter worth about $9,190,000. DekaBank Deutsche Girozentrale grew its stake in shares of Rambus by 1,326.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 46,673 shares of the semiconductor company's stock worth $3,186,000 after acquiring an additional 43,400 shares during the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of Rambus during the fourth quarter worth about $2,193,000. Hedge funds and other institutional investors own 88.54% of the company's stock.

Rambus Stock Up 2.6 %

Shares of RMBS stock traded up $1.48 during trading hours on Monday, hitting $59.45. 1,113,145 shares of the company's stock were exchanged, compared to its average volume of 1,507,947. The firm has a market cap of $6.41 billion, a P/E ratio of 18.10 and a beta of 1.18. The firm has a 50 day moving average of $59.09 and a two-hundred day moving average of $62.75. Rambus Inc. has a fifty-two week low of $48.13 and a fifty-two week high of $76.38.

Rambus (NASDAQ:RMBS - Get Free Report) last announced its earnings results on Monday, April 29th. The semiconductor company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.36 by $0.02. The business had revenue of $133.60 million during the quarter, compared to the consensus estimate of $132.00 million. Rambus had a return on equity of 16.99% and a net margin of 78.14%. On average, equities analysts forecast that Rambus Inc. will post 1.36 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on RMBS shares. Rosenblatt Securities restated a "buy" rating and set a $85.00 price target on shares of Rambus in a research note on Wednesday, March 13th. Wells Fargo & Company boosted their price target on Rambus from $80.00 to $85.00 and gave the stock an "overweight" rating in a research note on Friday, January 26th. Finally, Jefferies Financial Group restated a "buy" rating and set a $75.00 price target (up previously from $72.00) on shares of Rambus in a research note on Monday, May 13th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $80.00.

Insider Transactions at Rambus

In related news, COO Xianzhi Sean Fan sold 2,004 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $55.00, for a total transaction of $110,220.00. Following the completion of the sale, the chief operating officer now directly owns 121,229 shares in the company, valued at $6,667,595. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, COO Xianzhi Sean Fan sold 2,004 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $55.00, for a total transaction of $110,220.00. Following the completion of the sale, the chief operating officer now directly owns 121,229 shares in the company, valued at $6,667,595. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP John Shinn sold 3,889 shares of the business's stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $62.68, for a total value of $243,762.52. Following the sale, the senior vice president now owns 24,559 shares of the company's stock, valued at $1,539,358.12. The disclosure for this sale can be found here. Insiders sold a total of 126,492 shares of company stock valued at $7,716,283 in the last three months. 1.00% of the stock is currently owned by company insiders.

About Rambus

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.

Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus Inc. (NASDAQ:RMBS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.