Fred Alger Management LLC Decreases Stock Holdings in Rambus, Inc. $RMBS

Fred Alger Management LLC reduced its position in Rambus, Inc. (NASDAQ:RMBS) by 28.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 67,293 shares of the semiconductor company’s stock after selling 26,491 shares during the period. Fred Alger Management LLC’s holdings in Rambus were worth $7,012,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Steigerwald Gordon & Koch Inc. purchased a new stake in Rambus during the third quarter valued at approximately $25,000. Abound Wealth Management purchased a new position in Rambus in the third quarter worth $28,000. EverSource Wealth Advisors LLC increased its position in shares of Rambus by 83.3% during the second quarter. EverSource Wealth Advisors LLC now owns 777 shares of the semiconductor company’s stock worth $50,000 after purchasing an additional 353 shares in the last quarter. CI Investments Inc. increased its position in shares of Rambus by 39.5% during the third quarter. CI Investments Inc. now owns 661 shares of the semiconductor company’s stock worth $69,000 after purchasing an additional 187 shares in the last quarter. Finally, Covestor Ltd lifted its holdings in shares of Rambus by 46.4% during the 3rd quarter. Covestor Ltd now owns 675 shares of the semiconductor company’s stock valued at $70,000 after purchasing an additional 214 shares during the last quarter. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RMBS shares. Susquehanna dropped their target price on 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 initiated coverage on Rambus in a research note on Thursday, January 22nd. They issued an “outperform” rating for the company. Cfra downgraded Rambus from a “hold” rating to a “moderate sell” rating in a report on Monday, December 15th. Zacks Research upgraded Rambus to a “hold” rating in a research note on Monday, January 26th. Finally, Weiss Ratings downgraded shares of Rambus from a “buy (b-)” rating to a “hold (c+)” rating in a report on Tuesday, March 10th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $105.71.

Rambus Stock Down 1.3%

Shares of NASDAQ:RMBS opened at $92.78 on Tuesday. Rambus, Inc. has a 52-week low of $40.12 and a 52-week high of $135.75. The stock has a market cap of $10.04 billion, a price-to-earnings ratio of 43.97 and a beta of 1.55. The business has a 50-day moving average price of $101.96 and a 200-day moving average price of $98.16.

Rambus (NASDAQ:RMBS) last issued its earnings results on Monday, February 2nd. The semiconductor company reported $0.68 EPS for the quarter, meeting analysts’ consensus estimates of $0.68. Rambus had a return on equity of 17.69% and a net margin of 32.57%.The firm had revenue of $190.24 million for the quarter, compared to analyst estimates of $188.21 million. As a group, equities analysts anticipate that Rambus, Inc. will post 1.89 EPS for the current fiscal year.

Insider Buying and Selling at Rambus

In related news, CEO Luc Seraphin sold 39,914 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $98.63, for a total transaction of $3,936,717.82. Following the completion of the transaction, the chief executive officer owned 331,070 shares of the company’s stock, valued at $32,653,434.10. This trade represents a 10.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Desmond Lynch sold 4,273 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $101.53, for a total transaction of $433,837.69. Following the transaction, the chief financial officer owned 63,618 shares of the company’s stock, valued at $6,459,135.54. This represents a 6.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.75% of the stock is owned by corporate insiders.

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.