Cinctive Capital Management LP Sells 49,362 Shares of Rambus, Inc. $RMBS

Cinctive Capital Management LP trimmed its position in shares of Rambus, Inc. (NASDAQ:RMBS) by 75.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,315 shares of the semiconductor company’s stock after selling 49,362 shares during the period. Cinctive Capital Management LP’s holdings in Rambus were worth $1,700,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Rambus during the second quarter valued at approximately $126,268,000. EdgePoint Investment Group Inc. raised its holdings in shares of Rambus by 138.4% in the second quarter. EdgePoint Investment Group Inc. now owns 2,787,327 shares of the semiconductor company’s stock worth $178,445,000 after buying an additional 1,618,133 shares during the period. Alliancebernstein L.P. lifted its stake in shares of Rambus by 572.7% during the 3rd quarter. Alliancebernstein L.P. now owns 1,822,030 shares of the semiconductor company’s stock worth $189,856,000 after acquiring an additional 1,551,159 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Rambus by 196.0% during the 3rd quarter. Bank of America Corp DE now owns 1,550,665 shares of the semiconductor company’s stock worth $161,579,000 after acquiring an additional 1,026,776 shares during the last quarter. Finally, Rafferty Asset Management LLC purchased a new position in Rambus during the 3rd quarter valued at $93,962,000. 88.54% of the stock is owned by hedge funds and other institutional investors.

Rambus Stock Down 1.3%

Shares of NASDAQ RMBS opened at $92.78 on Tuesday. Rambus, Inc. has a twelve month low of $40.12 and a twelve month high of $135.75. The firm has a market cap of $10.04 billion, a PE ratio of 43.97 and a beta of 1.55. The business has a fifty day simple moving average of $101.96 and a two-hundred day simple moving average of $98.16.

Rambus (NASDAQ:RMBS) last posted its quarterly earnings results on Monday, February 2nd. The semiconductor company reported $0.68 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.68. The business had revenue of $190.24 million for the quarter, compared to the consensus estimate of $188.21 million. Rambus had a return on equity of 17.69% and a net margin of 32.57%. On average, research analysts expect that Rambus, Inc. will post 1.89 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts have commented on RMBS shares. Susquehanna cut their price objective on Rambus from $100.00 to $90.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 3rd. William Blair initiated coverage on shares of Rambus in a research note on Thursday, January 22nd. They set an “outperform” rating for the company. Rosenblatt Securities restated a “buy” rating and issued a $130.00 price target on shares of Rambus in a report on Tuesday, February 3rd. Evercore reduced their price target on shares of Rambus from $126.00 to $119.00 and set an “outperform” rating on the stock in a research note on Tuesday, February 3rd. Finally, Cfra lowered shares of Rambus from a “hold” rating to a “moderate sell” rating in a report on Monday, December 15th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $105.71.

Insider Activity

In other Rambus news, CFO Desmond Lynch sold 4,273 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $101.53, for a total transaction of $433,837.69. Following the transaction, the chief financial officer owned 63,618 shares of the company’s stock, valued at approximately $6,459,135.54. This trade represents a 6.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Luc Seraphin sold 39,914 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $98.63, for a total transaction of $3,936,717.82. Following the completion of the sale, the chief executive officer owned 331,070 shares of the company’s stock, valued at approximately $32,653,434.10. This represents a 10.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.75% of the stock is owned by corporate insiders.

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.