Zacks Investment Research Upgrades Rambus, Inc. (NASDAQ:RMBS) to “Buy”
Zacks Investment Research upgraded shares of Rambus, Inc. (NASDAQ:RMBS) from a hold rating to a buy rating in a research report released on Saturday morning. Zacks Investment Research currently has $15.00 price target on the semiconductor company’s stock.
According to Zacks, “Rambus, Inc. designs, develops, licenses and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of computers, consumer electronics and other electronic systems. The company licenses semiconductor companies to manufacture and sell memory and logic integrated circuits incorporating Rambus interface technology and markets its solution to systems companies to encourage them to design Rambus interface technology into their products. “
Other analysts have also recently issued reports about the company. Jefferies Group LLC reissued a hold rating and set a $14.00 price objective (up from $13.50) on shares of Rambus in a report on Tuesday, July 25th. BidaskClub cut Rambus from a sell rating to a strong sell rating in a report on Tuesday, June 20th. Finally, TheStreet cut Rambus from a b- rating to a c+ rating in a report on Friday, June 16th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $15.10.
Rambus (RMBS) opened at 12.89 on Friday. Rambus has a 52-week low of $11.30 and a 52-week high of $14.50. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 214.83 and a beta of 0.87. The stock’s 50 day moving average is $12.27 and its 200 day moving average is $12.61.
Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, July 24th. The semiconductor company reported $0.14 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.01. The firm had revenue of $94.70 million during the quarter, compared to analysts’ expectations of $93 million. Rambus had a return on equity of 9.28% and a net margin of 1.76%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the business posted $0.15 EPS. Equities research analysts forecast that Rambus will post $0.65 earnings per share for the current year.
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In other news, SVP Laura Stark sold 3,491 shares of the company’s stock in a transaction dated Wednesday, July 12th. The stock was sold at an average price of $12.90, for a total value of $45,033.90. Following the completion of the sale, the senior vice president now directly owns 208,474 shares of the company’s stock, valued at approximately $2,689,314.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David A. Shrigley sold 5,000 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $12.98, for a total value of $64,900.00. Following the completion of the sale, the director now directly owns 46,253 shares of the company’s stock, valued at $600,363.94. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,830 shares of company stock valued at $224,908. 2.00% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Louisiana State Employees Retirement System boosted its stake in shares of Rambus by 0.4% in the second quarter. Louisiana State Employees Retirement System now owns 45,500 shares of the semiconductor company’s stock worth $520,000 after buying an additional 200 shares during the period. Municipal Employees Retirement System of Michigan boosted its stake in shares of Rambus by 0.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 31,410 shares of the semiconductor company’s stock worth $413,000 after buying an additional 290 shares during the period. State of Alaska Department of Revenue boosted its stake in shares of Rambus by 3.2% in the first quarter. State of Alaska Department of Revenue now owns 12,270 shares of the semiconductor company’s stock worth $161,000 after buying an additional 380 shares during the period. Arizona State Retirement System boosted its stake in shares of Rambus by 1.8% in the first quarter. Arizona State Retirement System now owns 57,900 shares of the semiconductor company’s stock worth $761,000 after buying an additional 1,000 shares during the period. Finally, Texas Permanent School Fund boosted its stake in shares of Rambus by 1.3% in the second quarter. Texas Permanent School Fund now owns 81,574 shares of the semiconductor company’s stock worth $932,000 after buying an additional 1,082 shares during the period. 78.58% of the stock is owned by institutional investors.
Rambus Company Profile
Rambus Inc (Rambus) produces hardware and software technologies. The Company’s segments include Memory and Interface Division (MID), which focuses the design, development, manufacturing through partnerships and licensing of technology and solutions that is related to memory and interfaces; Rambus Security Division (RSD), which focuses on the design, development and licensing of technologies for chip and system security, anti-counterfeiting, smart ticketing and mobile payments; Emerging Solutions Division (ESD), which encompasses its long-term research and development efforts in the area of emerging technologies, and Rambus Lighting Division (RLD), which focuses on the design, development and licensing of technologies for lighting.
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