Rambus (NASDAQ:RMBS) Hits New 1-Year High - Here's What Happened

Key Points

• Rambus, Inc. shares reached a new 52-week high of $84.38, up from a previous close of $77.11, with a trading volume of over 722,000 shares.
• Analysts have given Rambus a consensus rating of "Buy" with a target price of $79.38, with some upgrades including Arete's increase to a "buy" rating and a $91 target.
• A significant number of institutional investors own 88.54% of Rambus stock, reflecting strong institutional interest in the company.

Rambus, Inc. (NASDAQ:RMBS - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $83.31 and last traded at $84.38, with a volume of 722553 shares traded. The stock had previously closed at $77.11.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RMBS. Arete Research raised shares of Rambus to a "strong-buy" rating in a research note on Thursday, August 28th. Rosenblatt Securities increased their price objective on shares of Rambus from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Evercore ISI increased their price objective on shares of Rambus from $81.00 to $114.00 and gave the stock an "outperform" rating in a research note on Tuesday. Arete raised shares of 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. Finally, Robert W. Baird increased their price objective on shares of Rambus from $90.00 to $120.00 and gave the stock an "outperform" rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating and eight have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price of $88.50.

Rambus Price Performance

The company's 50-day simple moving average is $72.45 and its 200 day simple moving average is $60.62. The firm has a market cap of $10.44 billion, a P/E ratio of 45.78 and a beta of 1.38.

Insider Buying and Selling at Rambus

In other news, Director Meera Rao sold 3,000 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $71.72, for a total value of $215,160.00. Following the completion of the sale, the director owned 29,914 shares in the company, valued at approximately $2,145,432.08. This trade represents a 9.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Necip Sayiner sold 7,500 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $73.53, for a total transaction of $551,475.00. Following the completion of the sale, the director owned 38,324 shares of the company's stock, valued at $2,817,963.72. This trade represents a 16.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,186 shares of company stock worth $1,575,766 over the last 90 days. 1.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise purchased a new position in Rambus during the 1st quarter valued at about $25,000. Tsfg LLC purchased a new stake in Rambus during the first quarter valued at approximately $26,000. True Wealth Design LLC lifted its position in Rambus by 162.5% during the second quarter. True Wealth Design LLC now owns 420 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 260 shares during the last quarter. Bessemer Group Inc. boosted its stake in Rambus by 105.8% in the 2nd quarter. Bessemer Group Inc. now owns 463 shares of the semiconductor company's stock worth $30,000 after purchasing an additional 238 shares in the last quarter. Finally, Orion Capital Management LLC acquired a new stake in Rambus in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 88.54% of the company's stock.

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.