Rafferty Asset Management LLC Buys Shares of 901,750 Rambus, Inc. $RMBS

Rafferty Asset Management LLC bought a new position in Rambus, Inc. (NASDAQ:RMBS) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 901,750 shares of the semiconductor company’s stock, valued at approximately $93,962,000. Rafferty Asset Management LLC owned 0.84% of Rambus as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RMBS. Erste Asset Management GmbH purchased a new stake in Rambus in the 3rd quarter worth about $5,131,000. Handelsbanken Fonder AB increased its holdings in shares of Rambus by 13.8% in the 3rd quarter. Handelsbanken Fonder AB now owns 33,797 shares of the semiconductor company’s stock valued at $3,522,000 after purchasing an additional 4,100 shares during the period. Diversify Wealth Management LLC lifted its position in shares of Rambus by 2.9% in the third quarter. Diversify Wealth Management LLC now owns 16,753 shares of the semiconductor company’s stock worth $1,772,000 after purchasing an additional 474 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Rambus by 463.6% in the third quarter. TD Asset Management Inc now owns 25,306 shares of the semiconductor company’s stock worth $2,637,000 after purchasing an additional 20,816 shares in the last quarter. Finally, Chase Investment Counsel Corp acquired a new stake in shares of Rambus during the third quarter worth approximately $205,000. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Rambus Trading Down 2.5%

Rambus stock opened at $99.66 on Friday. Rambus, Inc. has a 1-year low of $40.12 and a 1-year high of $135.75. The firm’s fifty day simple moving average is $102.66 and its 200-day simple moving average is $96.53. The company has a market capitalization of $10.74 billion, a P/E ratio of 47.23 and a beta of 1.53.

Rambus (NASDAQ:RMBS) last posted its earnings results on Monday, February 2nd. The semiconductor company reported $0.68 EPS for the quarter, hitting the consensus estimate of $0.68. Rambus had a net margin of 32.57% and a return on equity of 17.69%. The firm had revenue of $190.24 million for the quarter, compared to the consensus estimate of $188.21 million. On average, equities research analysts predict that Rambus, Inc. will post 1.89 earnings per share for the current year.

Insider Buying and Selling at Rambus

In related news, CFO Desmond Lynch sold 4,273 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $101.53, for a total value of $433,837.69. Following the transaction, the chief financial officer directly owned 63,618 shares of the company’s stock, valued at approximately $6,459,135.54. This trade represents a 6.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RMBS. Susquehanna dropped their price objective on shares of Rambus from $100.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 3rd. William Blair assumed coverage on shares of Rambus in a report on Thursday, January 22nd. They set an “outperform” rating on the stock. Cfra lowered Rambus from a “hold” rating to a “moderate sell” rating in a report on Monday, December 15th. Evercore lowered their target price on Rambus from $126.00 to $119.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 3rd. Finally, Zacks Research raised Rambus to a “hold” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $105.71.

About Rambus

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.