Bank of America Corp DE Sells 250,401 Shares of Rambus Inc. (NASDAQ:RMBS)

Bank of America Corp DE trimmed its holdings in Rambus Inc. (NASDAQ:RMBS) by 37.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 415,317 shares of the semiconductor company’s stock after selling 250,401 shares during the period. Bank of America Corp DE owned 0.39% of Rambus worth $21,954,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. SG Americas Securities LLC raised its stake in Rambus by 1,657.4% in the 4th quarter. SG Americas Securities LLC now owns 552,173 shares of the semiconductor company’s stock valued at $29,188,000 after acquiring an additional 520,754 shares during the period. Atria Investments Inc acquired a new position in shares of Rambus in the fourth quarter valued at $336,000. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Rambus by 28.4% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 12,909 shares of the semiconductor company’s stock valued at $682,000 after purchasing an additional 2,853 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Rambus by 0.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,249,746 shares of the semiconductor company’s stock valued at $66,062,000 after purchasing an additional 5,761 shares during the period. Finally, Corient Private Wealth LLC bought a new position in shares of Rambus in the fourth quarter valued at about $269,000. 88.54% of the stock is currently owned by institutional investors.

Insider Transactions at Rambus

In related news, COO Xianzhi Sean Fan sold 52,327 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total transaction of $3,559,282.54. Following the transaction, the chief operating officer now directly owns 93,841 shares of the company’s stock, valued at $6,383,064.82. This represents a 35.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Luc Seraphin sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The shares were sold at an average price of $53.79, for a total value of $537,900.00. Following the completion of the sale, the chief executive officer now owns 316,931 shares of the company’s stock, valued at approximately $17,047,718.49. This represents a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 113,300 shares of company stock worth $6,745,221 over the last ninety days. 1.00% of the stock is owned by insiders.

Rambus Trading Down 0.7%

Shares of RMBS opened at $56.35 on Monday. The stock’s 50-day moving average price is $50.99 and its two-hundred day moving average price is $55.36. Rambus Inc. has a 12 month low of $37.43 and a 12 month high of $69.15. The company has a market capitalization of $6.05 billion, a PE ratio of 33.95 and a beta of 1.24.

Analysts Set New Price Targets

Several research firms have recently commented on RMBS. Wells Fargo & Company upped their target price on Rambus from $62.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, February 4th. StockNews.com upgraded Rambus from a “hold” rating to a “buy” rating in a research note on Sunday, May 4th. Rosenblatt Securities reiterated a “buy” rating and set a $80.00 price objective on shares of Rambus in a research report on Tuesday, April 29th. Evercore ISI initiated coverage on Rambus in a report on Tuesday, February 4th. They set an “outperform” rating and a $71.00 target price for the company. Finally, Robert W. Baird set a $90.00 target price on shares of Rambus in a research report on Monday, February 3rd. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Rambus currently has a consensus rating of “Buy” and an average target price of $75.00.

Rambus Company 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.