New York State Common Retirement Fund Has $17.54 Million Stake in Rambus Inc. (NASDAQ:RMBS)

New York State Common Retirement Fund lowered its stake in Rambus Inc. (NASDAQ:RMBS) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 257,006 shares of the semiconductor company’s stock after selling 2,013 shares during the quarter. New York State Common Retirement Fund owned approximately 0.24% of Rambus worth $17,541,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of RMBS. Exchange Traded Concepts LLC acquired a new stake in shares of Rambus in the third quarter valued at about $78,000. Linden Thomas Advisory Services LLC bought a new position in Rambus during the third quarter worth about $1,204,000. Raymond James Financial Services Advisors Inc. grew its holdings in Rambus by 48.5% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 8,092 shares of the semiconductor company’s stock worth $451,000 after purchasing an additional 2,642 shares during the period. Bank of New York Mellon Corp grew its holdings in Rambus by 76.5% during the third quarter. Bank of New York Mellon Corp now owns 1,987,653 shares of the semiconductor company’s stock worth $110,891,000 after purchasing an additional 861,427 shares during the period. Finally, Bailard Inc. grew its holdings in Rambus by 386.0% during the third quarter. Bailard Inc. now owns 17,155 shares of the semiconductor company’s stock worth $957,000 after purchasing an additional 13,625 shares during the period. Institutional investors and hedge funds own 88.54% of the company’s stock.

Insider Activity at Rambus

In related news, CFO Desmond Lynch sold 7,837 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $62.18, for a total value of $487,304.66. Following the completion of the sale, the chief financial officer now directly owns 41,958 shares in the company, valued at $2,608,948.44. The sale was disclosed in a filing with the SEC, which is available at this link. In other Rambus news, SVP John Shinn sold 3,928 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $64.93, for a total transaction of $255,045.04. Following the completion of the transaction, the senior vice president now directly owns 28,448 shares in the company, valued at $1,847,128.64. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Desmond Lynch sold 7,837 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $62.18, for a total transaction of $487,304.66. Following the transaction, the chief financial officer now owns 41,958 shares of the company’s stock, valued at $2,608,948.44. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,084 shares of company stock worth $7,408,298. Company insiders own 1.00% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RMBS. Rosenblatt Securities restated a “buy” rating and set a $85.00 price objective on shares of Rambus in a report on Wednesday, March 13th. Wells Fargo & Company boosted their price objective on Rambus from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $77.75.

Rambus Stock Up 1.9 %

Shares of NASDAQ:RMBS opened at $59.23 on Monday. Rambus Inc. has a 12-month low of $43.58 and a 12-month high of $76.38. The stock has a market cap of $6.43 billion, a PE ratio of 19.74 and a beta of 1.16. The business has a 50 day moving average of $59.98 and a 200-day moving average of $62.57.

Rambus (NASDAQ:RMBS) last issued its quarterly earnings results on Monday, February 5th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.03. The business had revenue of $136.00 million during the quarter, compared to analysts’ expectations of $134.00 million. Rambus had a return on equity of 17.70% and a net margin of 72.41%. Equities research analysts expect that Rambus Inc. will post 1.63 earnings per share for the current year.

About Rambus

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.