Fred Alger Management LLC Trims Stake in Rambus, Inc. $RMBS

Fred Alger Management LLC cut its position in shares of Rambus, Inc. (NASDAQ:RMBS) by 28.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 67,293 shares of the semiconductor company’s stock after selling 26,491 shares during the period. Fred Alger Management LLC owned approximately 0.06% of Rambus worth $7,012,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in RMBS. NewEdge Advisors LLC boosted its position in shares of Rambus by 22,321.4% during the first quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company’s stock valued at $488,000 after buying an additional 9,375 shares during the period. Empowered Funds LLC raised its holdings in shares of Rambus by 34.1% in the first quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company’s stock worth $1,178,000 after buying an additional 5,783 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Rambus by 6.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company’s stock worth $16,025,000 after acquiring an additional 19,120 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Rambus during the 1st quarter worth approximately $218,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Rambus during the 2nd quarter valued at $1,225,000. 88.54% of the stock is currently owned by institutional investors.

Insider Activity at Rambus

In related news, CFO Desmond Lynch sold 4,273 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $101.53, for a total value of $433,837.69. Following the completion of the transaction, the chief financial officer owned 63,618 shares of the company’s stock, valued at $6,459,135.54. The trade was a 6.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Luc Seraphin sold 39,914 shares of the company’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $98.63, for a total value of $3,936,717.82. Following 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. The disclosure for this sale is available in the SEC filing. Company insiders own 0.75% of the company’s stock.

Rambus Price Performance

NASDAQ:RMBS opened at $92.78 on Tuesday. Rambus, Inc. has a 1-year low of $40.12 and a 1-year high of $135.75. The company has a 50-day moving average of $101.96 and a 200 day moving average of $98.16. The firm has a market cap of $10.04 billion, a PE ratio of 43.97 and a beta of 1.55.

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

Analyst Ratings Changes

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

Rambus Company Profile

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.