Bank of New York Mellon Corp Reduces Stock Position in Rambus, Inc. $RMBS

Bank of New York Mellon Corp cut its position in Rambus, Inc. (NASDAQ:RMBS) by 28.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 779,878 shares of the semiconductor company’s stock after selling 314,278 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Rambus worth $67,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Acumen Wealth Advisors LLC bought a new position in shares of Rambus in the fourth quarter worth approximately $25,000. Torren Management LLC purchased a new stake in shares of Rambus in the 4th quarter worth approximately $26,000. Spire Wealth Management raised its position in shares of Rambus by 199.0% in the 4th quarter. Spire Wealth Management now owns 302 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Rambus in the 4th quarter worth $28,000. Finally, IFP Advisors Inc grew its stake in shares of Rambus by 126.7% in the third quarter. IFP Advisors Inc now owns 442 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 247 shares during the period. 88.54% of the stock is currently owned by institutional investors.

Rambus Price Performance

NASDAQ RMBS opened at $103.83 on Thursday. The stock has a market capitalization of $11.23 billion, a P/E ratio of 49.44 and a beta of 1.84. The firm’s 50-day moving average is $129.94 and its two-hundred day moving average is $114.38. Rambus, Inc. has a 12 month low of $62.81 and a 12 month high of $174.10.

Rambus (NASDAQ:RMBS) last released its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $180.19 million for the quarter, compared to the consensus estimate of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. As a group, analysts anticipate that Rambus, Inc. will post 2.44 EPS for the current year.

Insiders Place Their Bets

In related news, Director Meera Rao sold 2,972 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $150.30, for a total value of $446,691.60. Following the completion of the sale, the director directly owned 19,974 shares in the company, valued at approximately $3,002,092.20. This represents a 12.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Xianzhi Sean Fan sold 37,914 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the completion of the transaction, the executive vice president owned 168,358 shares in the company, valued at $25,538,225.02. This represents a 18.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 65,886 shares of company stock worth $10,171,466. 0.75% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on RMBS. Evercore reissued an “outperform” rating and set a $172.00 price objective on shares of Rambus in a research report on Tuesday, April 28th. Wells Fargo & Company raised their price objective on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Robert W. Baird downgraded shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price objective for the company. in a research note on Tuesday, April 28th. Benchmark initiated coverage on shares of Rambus in a report on Wednesday, July 15th. They set a “buy” rating and a $165.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rambus in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.75.

About Rambus

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.