Castleark Management LLC Takes $7.40 Million Position in Rambus Inc. (NASDAQ:RMBS)

Castleark Management LLC purchased a new stake in Rambus Inc. (NASDAQ:RMBS) in the 4th quarter, HoldingsChannel reports. The institutional investor purchased 139,890 shares of the semiconductor company’s stock, valued at approximately $7,395,000.

A number of other large investors have also added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. increased its stake in Rambus by 28.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 12,909 shares of the semiconductor company’s stock worth $682,000 after acquiring an additional 2,853 shares during the period. Diversify Advisory Services LLC acquired a new stake in shares of Rambus during the 4th quarter worth $476,000. UMB Bank n.a. increased its position in shares of Rambus by 554.9% in the fourth quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 455 shares during the period. Dakota Wealth Management acquired a new position in Rambus in the fourth quarter valued at about $292,000. Finally, SG Americas Securities LLC lifted its position in Rambus by 1,657.4% during the fourth quarter. SG Americas Securities LLC now owns 552,173 shares of the semiconductor company’s stock worth $29,188,000 after purchasing an additional 520,754 shares during the period. Institutional investors and hedge funds own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RMBS. Rosenblatt Securities reiterated a “buy” rating and set a $80.00 price objective on shares of Rambus in a research note on Tuesday, April 29th. Susquehanna upped their price target on shares of Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, February 4th. Evercore ISI began coverage on shares of Rambus in a research note on Tuesday, February 4th. They issued an “outperform” rating and a $71.00 price objective on the stock. StockNews.com downgraded shares of Rambus from a “buy” rating to a “hold” rating in a research report on Monday. Finally, Wells Fargo & Company raised their target price on Rambus from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. One research analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $75.00.

Rambus Trading Down 0.3%

RMBS opened at $55.65 on Wednesday. The company’s 50 day moving average is $51.13 and its 200-day moving average is $55.42. The company has a market cap of $5.98 billion, a P/E ratio of 33.52 and a beta of 1.24. Rambus Inc. has a 1-year low of $37.43 and a 1-year high of $69.15.

Insider Buying and Selling at Rambus

In other news, CEO Luc Seraphin sold 10,000 shares of the business’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of $53.79, for a total transaction of $537,900.00. Following the sale, the chief executive officer now directly owns 316,931 shares in the company, valued at approximately $17,047,718.49. The trade was a 3.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Steven Laub sold 3,653 shares of the firm’s stock in a transaction on Monday, May 19th. The shares were sold at an average price of $55.56, for a total transaction of $202,960.68. Following the transaction, the director now directly owns 10,904 shares of the company’s stock, valued at $605,826.24. The trade was a 25.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 60,001 shares of company stock worth $3,080,226 over the last quarter. Corporate insiders own 1.00% of the company’s stock.

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.