Rambus (NASDAQ:RMBS) Hits New 52-Week High on Analyst Upgrade

Key Points

• Rambus shares hit a new 52-week high of $101.57 after Rosenblatt Securities raised their price target from $90.00 to $130.00 and maintained a buy rating.
• Multiple analysts have recently upgraded their ratings on Rambus, with two providing a Strong Buy rating and an average target price of $93.50.
• Insider trading saw significant sales, with a director and CFO selling over 10,000 shares, indicating a 1.00% insider ownership in the company.

Rambus, Inc. (NASDAQ:RMBS - Get Free Report) reached a new 52-week high during mid-day trading on Thursday after Rosenblatt Securities raised their price target on the stock from $90.00 to $130.00. Rosenblatt Securities currently has a buy rating on the stock. Rambus traded as high as $101.57 and last traded at $100.68, with a volume of 124896 shares. The stock had previously closed at $97.52.

Other research analysts also recently issued reports about the company. Arete upgraded Rambus from a "neutral" rating to a "buy" rating and set a $91.00 price objective for the company in a research note on Thursday, August 28th. Arete Research upgraded Rambus to a "strong-buy" rating in a research report on Thursday, August 28th. Evercore ISI boosted their price objective on Rambus from $81.00 to $114.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 16th. Robert W. Baird lifted their price objective on Rambus from $90.00 to $120.00 and gave the company an "outperform" rating in a research note on Monday, September 15th. Finally, Jefferies Financial Group boosted their target price on Rambus from $69.00 to $75.00 and gave the company a "buy" rating in a report on Tuesday, July 29th. Two equities research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $93.50.

Insider Buying and Selling at Rambus

In other news, Director Necip Sayiner sold 7,500 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were 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 of the company's stock, valued at $2,639,459.12. This represents a 19.57% 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 Meera Rao sold 3,000 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $71.72, for a total transaction of $215,160.00. Following the completion of the sale, the director owned 29,914 shares in the company, valued at $2,145,432.08. This represents a 9.11% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 29,260 shares of company stock valued at $2,407,852. Insiders own 1.00% of the company's stock.

Institutional Trading of Rambus

A number of institutional investors have recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Rambus in the 1st quarter valued at $25,000. Tsfg LLC purchased a new stake in Rambus in the 1st quarter worth $26,000. True Wealth Design LLC increased its holdings in Rambus by 162.5% in the 2nd quarter. True Wealth Design LLC now owns 420 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 260 shares in the last quarter. Bessemer Group Inc. grew its holdings in shares of Rambus by 105.8% during the second quarter. Bessemer Group Inc. now owns 463 shares of the semiconductor company's stock worth $30,000 after buying an additional 238 shares in the last quarter. Finally, Hantz Financial Services Inc. grew its holdings in shares of Rambus by 1,386.0% in the second quarter. Hantz Financial Services Inc. now owns 639 shares of the semiconductor company's stock valued at $41,000 after purchasing an additional 596 shares during the period. 88.54% of the stock is currently owned by institutional investors.

Rambus Stock Up 4.3%

The company has a market cap of $11.49 billion, a price-to-earnings ratio of 50.34 and a beta of 1.38. The stock's 50-day simple moving average is $75.36 and its 200 day simple moving average is $61.96.

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.