Congress Asset Management Co. Makes New Investment in Rambus Inc. (NASDAQ:RMBS)

Congress Asset Management Co. bought a new stake in Rambus Inc. (NASDAQ:RMBS) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 866,026 shares of the semiconductor company’s stock, valued at approximately $45,778,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RMBS. UMB Bank n.a. grew its holdings in Rambus by 554.9% during the 4th quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 455 shares during the last quarter. Quarry LP lifted its position in shares of Rambus by 40.3% during the third quarter. Quarry LP now owns 919 shares of the semiconductor company’s stock worth $39,000 after purchasing an additional 264 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Rambus by 19.6% during the fourth quarter. GAMMA Investing LLC now owns 3,137 shares of the semiconductor company’s stock valued at $166,000 after purchasing an additional 514 shares during the last quarter. Moody National Bank Trust Division acquired a new stake in shares of Rambus in the fourth quarter valued at approximately $203,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Rambus by 448.8% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,968 shares of the semiconductor company’s stock worth $215,000 after purchasing an additional 3,245 shares during the last quarter. 88.54% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Baird R W upgraded Rambus to a “strong-buy” rating in a research report on Monday, November 25th. Rosenblatt Securities raised their price target on Rambus from $85.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Susquehanna boosted their price objective on Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, February 4th. Robert W. Baird started coverage on shares of Rambus in a research note on Monday, November 25th. They issued an “outperform” rating and a $90.00 target price on the stock. Finally, Evercore ISI initiated coverage on shares of Rambus in a research note on Tuesday, February 4th. They set an “outperform” rating and a $71.00 price target for the company. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $77.29.

Rambus Price Performance

Shares of RMBS stock opened at $62.96 on Friday. The stock has a market cap of $6.71 billion, a PE ratio of 37.93 and a beta of 1.26. The stock has a 50-day moving average of $59.00 and a 200-day moving average of $50.66. Rambus Inc. has a one year low of $37.42 and a one year high of $69.15.

Insider Activity at Rambus

In other Rambus news, Director Meera Rao sold 5,408 shares of Rambus stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $58.22, for a total transaction of $314,853.76. Following the transaction, the director now directly owns 29,090 shares in the company, valued at approximately $1,693,619.80. The trade was a 15.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.00% 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.