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

Fred Alger Management LLC raised its stake in Rambus, Inc. (NASDAQ:RMBS) by 59.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 99,820 shares of the semiconductor company’s stock after purchasing an additional 37,312 shares during the period. Fred Alger Management LLC owned 0.09% of Rambus worth $5,168,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Nations Financial Group Inc. IA ADV boosted its holdings in shares of Rambus by 2.0% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 9,104 shares of the semiconductor company’s stock valued at $471,000 after buying an additional 179 shares in the last quarter. Evergreen Capital Management LLC lifted its position in Rambus by 3.3% during the first quarter. Evergreen Capital Management LLC now owns 7,333 shares of the semiconductor company’s stock valued at $380,000 after acquiring an additional 234 shares during the last quarter. Oppenheimer Asset Management Inc. grew its holdings in Rambus by 4.8% in the first quarter. Oppenheimer Asset Management Inc. now owns 5,762 shares of the semiconductor company’s stock worth $298,000 after purchasing an additional 266 shares during the last quarter. Xponance Inc. grew its holdings in Rambus by 1.8% in the first quarter. Xponance Inc. now owns 15,503 shares of the semiconductor company’s stock worth $803,000 after purchasing an additional 280 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in shares of Rambus by 24.8% during the first quarter. Fifth Third Bancorp now owns 1,418 shares of the semiconductor company’s stock worth $73,000 after purchasing an additional 282 shares in the last quarter. 88.54% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RMBS has been the subject of a number of recent analyst reports. Rosenblatt Securities raised their price objective on Rambus from $80.00 to $90.00 and gave the stock a “buy” rating in a research report on Tuesday, July 29th. Wall Street Zen downgraded Rambus from a “buy” rating to a “hold” rating in a report on Sunday, August 10th. Arete upgraded Rambus from a “neutral” rating to a “buy” rating and set a $91.00 price target on the stock in a research note on Thursday, August 28th. Jefferies Financial Group increased their price objective on shares of Rambus from $69.00 to $75.00 and gave the company a “buy” rating in a research report on Tuesday, July 29th. Finally, Arete Research upgraded shares of Rambus to a “strong-buy” rating in a research note on Thursday, August 28th. Two equities research analysts have rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $79.38.

Rambus Stock Performance

Shares of RMBS stock opened at $74.55 on Wednesday. Rambus, Inc. has a fifty-two week low of $38.01 and a fifty-two week high of $81.89. The firm has a market capitalization of $8.02 billion, a PE ratio of 35.17 and a beta of 1.38. The stock’s 50-day simple moving average is $70.73 and its 200-day simple moving average is $59.78.

Insider Buying and Selling

In other news, Director Emiko Higashi sold 1,111 shares of the stock in a transaction on Monday, August 4th. The shares were sold at an average price of $75.00, for a total value of $83,325.00. Following the sale, the director owned 63,371 shares in the company, valued at $4,752,825. This represents a 1.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Necip Sayiner sold 7,500 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the transaction, the director owned 38,324 shares of the company’s stock, valued at $2,817,963.72. This represents a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,686 shares of company stock worth $933,541. 1.00% of the stock is owned by company insiders.

Rambus Profile

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.