Amalgamated Bank Buys 19,705 Shares of Rambus Inc. (NASDAQ:RMBS)

Amalgamated Bank grew its holdings in Rambus Inc. (NASDAQ:RMBS) by 40.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 68,398 shares of the semiconductor company’s stock after purchasing an additional 19,705 shares during the quarter. Amalgamated Bank owned approximately 0.06% of Rambus worth $4,668,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Bank of New York Mellon Corp raised its stake in Rambus by 76.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,987,653 shares of the semiconductor company’s stock worth $110,891,000 after buying an additional 861,427 shares during the period. JPMorgan Chase & Co. grew its position in shares of Rambus by 14.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 4,794,327 shares of the semiconductor company’s stock valued at $267,476,000 after purchasing an additional 616,670 shares during the period. Rafferty Asset Management LLC bought a new stake in Rambus during the 3rd quarter worth approximately $33,306,000. Ameriprise Financial Inc. raised its holdings in Rambus by 19.7% during the 3rd quarter. Ameriprise Financial Inc. now owns 3,134,868 shares of the semiconductor company’s stock worth $174,893,000 after buying an additional 515,657 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in shares of Rambus by 127.9% in the third quarter. Fred Alger Management LLC now owns 805,631 shares of the semiconductor company’s stock valued at $44,946,000 after buying an additional 452,190 shares during the period. 88.54% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

RMBS has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on Rambus from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, January 26th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price target on shares of Rambus in a report on Wednesday, March 13th. One research 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 has an average rating of “Moderate Buy” and a consensus price target of $77.75.

Rambus Trading Down 1.1 %

NASDAQ:RMBS opened at $56.34 on Wednesday. The stock has a 50 day simple moving average of $59.86 and a 200 day simple moving average of $62.48. Rambus Inc. has a 1-year low of $46.89 and a 1-year high of $76.38. The stock has a market cap of $6.07 billion, a P/E ratio of 17.23 and a beta of 1.18.

Rambus (NASDAQ:RMBS) last released its quarterly earnings results on Monday, April 29th. The semiconductor company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.14). The business had revenue of $117.90 million during the quarter, compared to analyst estimates of $132.00 million. Rambus had a net margin of 78.14% and a return on equity of 16.99%. The company’s revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the company posted $0.35 earnings per share. As a group, sell-side analysts forecast that Rambus Inc. will post 1.63 EPS for the current year.

Insider Buying and Selling

In related news, CFO Desmond Lynch sold 7,837 shares of the firm’s stock in a transaction on Monday, March 11th. The stock was sold at an average price of $62.18, for a total value of $487,304.66. Following the transaction, the chief financial officer now owns 41,958 shares in the company, valued at $2,608,948.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Rambus news, CFO Desmond Lynch sold 7,837 shares of Rambus stock in a transaction on Monday, March 11th. The shares were sold at an average price of $62.18, for a total value of $487,304.66. Following the completion of the sale, the chief financial officer now directly owns 41,958 shares of the company’s stock, valued at $2,608,948.44. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Luc Seraphin sold 5,530 shares of the stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $58.66, for a total transaction of $324,389.80. Following the transaction, the chief executive officer now directly owns 262,791 shares in the company, valued at approximately $15,415,320.06. The disclosure for this sale can be found here. Insiders have sold 121,084 shares of company stock valued at $7,408,298 over the last 90 days. 1.00% of the stock is owned by corporate insiders.

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.