Point72 Asset Management L.P. Purchases 93,566 Shares of Rambus Inc. (NASDAQ:RMBS)

Point72 Asset Management L.P. grew its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 138.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 161,153 shares of the semiconductor company’s stock after purchasing an additional 93,566 shares during the quarter. Point72 Asset Management L.P. owned about 0.15% of Rambus worth $8,519,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RMBS. UMB Bank n.a. lifted its stake in shares of Rambus by 554.9% during the 4th quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 455 shares in the last quarter. Skandinaviska Enskilda Banken AB publ raised its holdings in Rambus by 927.5% during the 4th quarter. Skandinaviska Enskilda Banken AB publ now owns 709 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 640 shares during the period. Farther Finance Advisors LLC lifted its position in shares of Rambus by 379.1% during the fourth quarter. Farther Finance Advisors LLC now owns 1,126 shares of the semiconductor company’s stock worth $60,000 after acquiring an additional 891 shares in the last quarter. Quarry LP boosted its holdings in shares of Rambus by 26.9% in the fourth quarter. Quarry LP now owns 1,166 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 247 shares during the period. Finally, GeoWealth Management LLC purchased a new position in shares of Rambus in the fourth quarter valued at $68,000. Institutional investors own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RMBS. Wells Fargo & Company raised their target price on Rambus from $62.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Rosenblatt Securities restated a “buy” rating and issued a $80.00 price objective on shares of Rambus in a research report on Tuesday, April 29th. Evercore ISI initiated coverage on shares of Rambus in a report on Tuesday, February 4th. They set an “outperform” rating and a $71.00 target price on the stock. Susquehanna increased their target price on shares of Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, February 4th. Finally, StockNews.com upgraded shares of Rambus from a “hold” rating to a “buy” rating in a research report on Sunday, May 4th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $75.00.

Rambus Stock Performance

RMBS stock opened at $56.35 on Monday. The firm has a market cap of $6.05 billion, a P/E ratio of 33.95 and a beta of 1.24. The firm’s fifty day moving average is $50.99 and its 200 day moving average is $55.36. Rambus Inc. has a 52 week low of $37.43 and a 52 week high of $69.15.

Insider Activity

In other news, COO Xianzhi Sean Fan sold 52,327 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $68.02, for a total transaction of $3,559,282.54. Following the completion of the sale, the chief operating officer now owns 93,841 shares of the company’s stock, valued at approximately $6,383,064.82. This represents a 35.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Luc Seraphin sold 6,348 shares of Rambus stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $46.97, for a total transaction of $298,165.56. Following the completion of the transaction, the chief executive officer now directly owns 319,241 shares in the company, valued at approximately $14,994,749.77. The trade was a 1.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 113,300 shares of company stock valued at $6,745,221. Insiders own 1.00% of the company’s stock.

Rambus Profile

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.