Lord Abbett & CO. LLC Acquires New Holdings in Rambus, Inc. (NASDAQ:RMBS)

Lord Abbett & CO. LLC acquired a new stake in Rambus, Inc. (NASDAQ:RMBS) during the 1st quarter, HoldingsChannel.com reports. The fund acquired 341,986 shares of the semiconductor company’s stock, valued at approximately $17,706,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD raised its holdings in Rambus by 442.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company’s stock valued at $288,042,000 after buying an additional 4,445,146 shares during the period. Northern Trust Corp raised its holdings in Rambus by 13.2% in the 4th quarter. Northern Trust Corp now owns 1,463,338 shares of the semiconductor company’s stock valued at $77,352,000 after buying an additional 170,884 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Rambus by 0.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,256,346 shares of the semiconductor company’s stock valued at $65,047,000 after buying an additional 6,600 shares during the period. Westwood Holdings Group Inc. raised its holdings in Rambus by 9.3% in the 1st quarter. Westwood Holdings Group Inc. now owns 1,232,210 shares of the semiconductor company’s stock valued at $63,798,000 after buying an additional 104,356 shares during the period. Finally, Congress Asset Management Co. raised its holdings in Rambus by 38.5% in the 1st quarter. Congress Asset Management Co. now owns 1,199,564 shares of the semiconductor company’s stock valued at $62,107,000 after buying an additional 333,538 shares during the period. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

Rambus Stock Performance

RMBS stock opened at $74.21 on Friday. The company’s 50 day moving average price is $66.37 and its 200 day moving average price is $58.67. Rambus, Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $78.16. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of 35.00 and a beta of 1.28.

Insider Buying and Selling

In related news, Director Steven Laub sold 1,847 shares of the company’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total transaction of $101,806.64. Following the sale, the director directly owned 9,057 shares in the company, valued at approximately $499,221.84. This represents a 16.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Necip Sayiner sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $73.53, for a total transaction of $551,475.00. Following the sale, the director owned 38,324 shares in the company, valued at $2,817,963.72. The trade was a 16.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,186 shares of company stock worth $1,023,149. Company insiders own 1.00% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RMBS shares. Jefferies Financial Group boosted their price objective on shares of Rambus from $69.00 to $75.00 and gave the company a “buy” rating in a report on Tuesday, July 29th. Susquehanna boosted their price target on shares of Rambus from $70.00 to $75.00 and gave the stock a “positive” rating in a research note on Tuesday, July 29th. Rosenblatt Securities boosted their price target on shares of Rambus from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen lowered shares of Rambus from a “buy” rating to a “hold” rating in a research note on Sunday, August 10th. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $77.71.

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.