BlackRock Inc. increased its stake in Rambus Inc. (NASDAQ:RMBS) by 10.0% during the third quarter, Holdings Channel reports. The firm owned 83,253 shares of the company’s stock after buying an additional 7,574 shares during the period. BlackRock Inc. owned 0.08% of Rambus worth $1,041,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the company. Victory Capital Management Inc. raised its position in Rambus by 113.8% in the third quarter. Victory Capital Management Inc. now owns 8,377 shares of the company’s stock valued at $105,000 after buying an additional 4,459 shares during the last quarter. Palo Capital Inc. acquired a new position in Rambus during the third quarter valued at about $130,000. Campbell & CO Investment Adviser LLC acquired a new position in Rambus during the third quarter valued at about $131,000. Jefferies Group LLC acquired a new position in Rambus during the second quarter valued at about $135,000. Finally, Advisors Capital Management LLC acquired a new position in Rambus during the second quarter valued at about $137,000. Institutional investors and hedge funds own 78.55% of the company’s stock.
Shares of Rambus Inc. (NASDAQ:RMBS) traded down 1.61% during midday trading on Thursday, hitting $13.43. 499,428 shares of the company traded hands. Rambus Inc. has a 52 week low of $10.87 and a 52 week high of $14.50. The stock has a market capitalization of $1.48 billion, a P/E ratio of 66.16 and a beta of 0.95. The company has a 50-day moving average price of $13.86 and a 200-day moving average price of $13.15.
Rambus (NASDAQ:RMBS) last posted its earnings results on Monday, October 24th. The company reported $0.16 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.03. Rambus had a net margin of 7.36% and a return on equity of 10.40%. The company earned $89.90 million during the quarter, compared to analysts’ expectations of $86.60 million. During the same quarter in the prior year, the company posted $0.14 earnings per share. Rambus’s revenue for the quarter was up 21.8% compared to the same quarter last year. Analysts anticipate that Rambus Inc. will post $0.60 earnings per share for the current fiscal year.
Several research firms have recently issued reports on RMBS. Zacks Investment Research lowered shares of Rambus from a “buy” rating to a “hold” rating in a report on Tuesday, December 27th. Loop Capital began coverage on shares of Rambus in a report on Monday, December 5th. They set a “buy” rating and a $16.00 target price for the company. Jefferies Group reiterated a “hold” rating and set a $13.50 target price (up from $12.50) on shares of Rambus in a report on Tuesday, October 25th. Finally, Benchmark Co. reiterated a “positive” rating on shares of Rambus in a report on Tuesday, October 4th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $14.67.
In related news, Director Penny Herscher sold 30,000 shares of the stock in a transaction that occurred on Monday, November 28th. The shares were sold at an average price of $13.56, for a total transaction of $406,800.00. Following the completion of the sale, the director now owns 12,874 shares of the company’s stock, valued at $174,571.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Jae Kim sold 9,851 shares of the stock in a transaction that occurred on Monday, November 21st. The shares were sold at an average price of $13.35, for a total transaction of $131,510.85. Following the sale, the senior vice president now directly owns 91,831 shares of the company’s stock, valued at approximately $1,225,943.85. The disclosure for this sale can be found here. Insiders have sold 60,202 shares of company stock valued at $795,710 in the last three months. 2.30% of the stock is currently owned by corporate insiders.
Rambus Inc produces semiconductor and intellectual property (IP) products, spanning memory and interfaces to security, sensors and lighting. The Company’s products are integrated into devices and systems, powering and securing diverse applications, including big data and media platforms. Its segments include Memory and Interfaces Division (MID) and Cryptography Research Division (CRD).
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