Allspring Global Investments Holdings LLC Cuts Stock Holdings in Rambus Inc. (NASDAQ:RMBS)

Allspring Global Investments Holdings LLC trimmed its position in shares of Rambus Inc. (NASDAQ:RMBS) by 70.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,947 shares of the semiconductor company’s stock after selling 9,560 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Rambus were worth $269,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Fifth Third Bancorp boosted its holdings in shares of Rambus by 65.8% in the 4th quarter. Fifth Third Bancorp now owns 504 shares of the semiconductor company’s stock worth $34,000 after buying an additional 200 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its holdings in shares of Rambus by 0.7% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 31,193 shares of the semiconductor company’s stock worth $1,740,000 after buying an additional 220 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Rambus by 100.4% in the 4th quarter. Blue Trust Inc. now owns 447 shares of the semiconductor company’s stock worth $31,000 after buying an additional 224 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Rambus by 15.7% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,676 shares of the semiconductor company’s stock worth $93,000 after buying an additional 227 shares during the last quarter. Finally, Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of Rambus by 3.7% in the 3rd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 9,446 shares of the semiconductor company’s stock worth $527,000 after buying an additional 340 shares during the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.

Rambus Stock Performance

Shares of Rambus stock opened at $59.23 on Friday. Rambus Inc. has a 52-week low of $43.58 and a 52-week high of $76.38. The stock’s 50-day simple moving average is $59.98 and its 200 day simple moving average is $62.56. The stock has a market capitalization of $6.43 billion, a P/E ratio of 19.74 and a beta of 1.16.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, February 5th. The semiconductor company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. Rambus had a return on equity of 17.70% and a net margin of 72.41%. The business had revenue of $136.00 million for the quarter, compared to analysts’ expectations of $134.00 million. Equities research analysts forecast that Rambus Inc. will post 1.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RMBS shares. Wells Fargo & Company boosted their price target on shares of Rambus from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, January 26th. Rosenblatt Securities reissued a “buy” rating and issued a $85.00 price target on shares of Rambus in a report on Wednesday, March 13th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Rambus presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.75.

Insider Activity

In other news, CFO Desmond Lynch sold 7,837 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $62.18, for a total transaction of $487,304.66. Following the sale, the chief financial officer now directly owns 41,958 shares in the company, valued at $2,608,948.44. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, COO Xianzhi Sean Fan sold 2,004 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $55.00, for a total transaction of $110,220.00. Following the sale, the chief operating officer now directly owns 121,229 shares in the company, valued at $6,667,595. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Desmond Lynch sold 7,837 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $62.18, for a total value of $487,304.66. Following the sale, the chief financial officer now owns 41,958 shares in the company, valued at $2,608,948.44. The disclosure for this sale can be found here. Insiders have sold a total of 121,084 shares of company stock worth $7,408,298 over the last ninety days. Company 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.