Jennison Associates LLC Has $580,000 Stake in Rambus, Inc. $RMBS

Jennison Associates LLC reduced its position in Rambus, Inc. (NASDAQ:RMBS) by 43.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,739 shares of the semiconductor company’s stock after selling 5,233 shares during the period. Jennison Associates LLC’s holdings in Rambus were worth $580,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Rambus by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,385,570 shares of the semiconductor company’s stock valued at $494,881,000 after buying an additional 140,226 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Rambus by 70.6% during the fourth quarter. Invesco Ltd. now owns 4,148,653 shares of the semiconductor company’s stock valued at $381,220,000 after buying an additional 1,716,621 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Rambus by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 2,842,715 shares of the semiconductor company’s stock worth $261,256,000 after acquiring an additional 94,214 shares in the last quarter. Norges Bank bought a new stake in shares of Rambus during the fourth quarter worth about $156,356,000. Finally, Swedbank AB raised its holdings in shares of Rambus by 14.7% in the 1st quarter. Swedbank AB now owns 1,563,000 shares of the semiconductor company’s stock worth $134,465,000 after acquiring an additional 200,000 shares during the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

Rambus Stock Performance

Rambus stock opened at $103.19 on Friday. Rambus, Inc. has a fifty-two week low of $62.81 and a fifty-two week high of $174.10. The stock has a market cap of $11.16 billion, a PE ratio of 49.14 and a beta of 1.84. The firm’s 50-day simple moving average is $129.40 and its 200 day simple moving average is $114.41.

Rambus (NASDAQ:RMBS) last posted its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.61 by $0.02. The firm had revenue of $180.19 million during the quarter, compared to analyst estimates of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, analysts predict that Rambus, Inc. will post 2.44 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently weighed in on RMBS shares. Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a research report on Tuesday, April 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rambus in a research note on Friday, June 5th. Wells Fargo & Company raised their target price on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Rosenblatt Securities lifted their target price on Rambus from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Finally, Jefferies Financial Group upped their price target on Rambus from $120.00 to $145.00 and gave the stock a “buy” rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $134.75.

Insiders Place Their Bets

In other news, Director Emiko Higashi sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 2nd. The stock was sold at an average price of $160.50, for a total value of $1,605,000.00. Following the completion of the transaction, the director directly owned 49,519 shares of the company’s stock, valued at $7,947,799.50. This represents a 16.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Necip Sayiner sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total value of $850,750.00. Following the sale, the director directly owned 18,223 shares of the company’s stock, valued at $3,100,643.45. The trade was a 21.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 62,914 shares of company stock valued at $9,724,775. Insiders own 0.75% of the company’s stock.

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.