Rambus (NASDAQ:RMBS) Trading 7.9% Higher – Here’s What Happened

Rambus, Inc. (NASDAQ:RMBS)’s stock price traded up 7.9% during trading on Thursday . The stock traded as high as $119.82 and last traded at $118.3490. Approximately 441,058 shares changed hands during trading, a decline of 84% from the average daily volume of 2,676,290 shares. The stock had previously closed at $109.64.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Robert W. Baird cut shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research note on Tuesday, April 28th. Weiss Ratings restated a “hold (c+)” rating on shares of Rambus in a research report on Friday, June 5th. Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Jefferies Financial Group increased their price objective on Rambus from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, Wells Fargo & Company lifted their price objective on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Rambus presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.43.

Rambus Stock Down 1.8%

The firm has a market capitalization of $12.12 billion, a P/E ratio of 53.38 and a beta of 1.84. The firm’s 50-day simple moving average is $133.82 and its 200-day simple moving average is $113.72.

Rambus (NASDAQ:RMBS) last released its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The business had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, analysts expect that Rambus, Inc. will post 2.44 EPS for the current fiscal year.

Insider Buying and Selling

In other Rambus news, Director Necip Sayiner sold 5,000 shares of Rambus stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $170.15, for a total transaction of $850,750.00. Following the completion of the sale, the director owned 18,223 shares of the company’s stock, valued at $3,100,643.45. The trade was a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric B. Stang sold 5,000 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $146.00, for a total value of $730,000.00. Following the completion of the transaction, the director owned 19,218 shares of the company’s stock, valued at $2,805,828. The trade was a 20.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 74,424 shares of company stock valued at $11,179,633 in the last three months. 0.75% of the stock is owned by corporate insiders.

Institutional Trading of Rambus

A number of hedge funds have recently bought and sold shares of the company. Acumen Wealth Advisors LLC bought a new position in Rambus during the fourth quarter valued at approximately $25,000. Torren Management LLC purchased a new position in shares of Rambus during the fourth quarter worth approximately $26,000. Spire Wealth Management lifted its holdings in shares of Rambus by 199.0% in the 4th quarter. Spire Wealth Management now owns 302 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 201 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Rambus in the 4th quarter worth approximately $28,000. Finally, CoreCap Advisors LLC bought a new stake in shares of Rambus in the 2nd quarter worth approximately $53,000. Institutional investors own 88.54% of the company’s stock.

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.