Wells Fargo & Co Initiates Coverage on Rambus (RMBS)

Equities researchers at Wells Fargo & Co initiated coverage on shares of Rambus (NASDAQ:RMBS) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $11.35 price target on the semiconductor company’s stock. Wells Fargo & Co‘s price target points to a potential downside of 2.41% from the stock’s current price.

Other equities research analysts have also issued research reports about the company. Zacks Investment Research raised Rambus from a “hold” rating to a “buy” rating and set a $10.00 price objective on the stock in a report on Saturday, February 2nd. Deutsche Bank lifted their price objective on Rambus from $12.00 to $14.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. BidaskClub raised Rambus from a “hold” rating to a “buy” rating in a report on Friday, April 19th. TheStreet raised Rambus from a “d+” rating to a “c-” rating in a report on Friday, April 12th. Finally, ValuEngine raised Rambus from a “sell” rating to a “hold” rating in a report on Monday, February 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $12.87.

Shares of RMBS opened at $11.63 on Tuesday. Rambus has a twelve month low of $7.17 and a twelve month high of $13.88. The company has a market capitalization of $1.28 billion, a price-to-earnings ratio of 15.30, a price-to-earnings-growth ratio of 1.54 and a beta of 0.82. The company has a debt-to-equity ratio of 0.14, a quick ratio of 7.75 and a current ratio of 7.87.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, April 22nd. The semiconductor company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.36). Rambus had a negative net margin of 25.04% and a positive return on equity of 5.11%. The business had revenue of $100.20 million during the quarter, compared to analysts’ expectations of $99.00 million. During the same period in the prior year, the firm posted $0.21 EPS. Rambus’s revenue for the quarter was down .3% compared to the same quarter last year. Analysts expect that Rambus will post 0.72 EPS for the current year.

In other news, insider Luc Seraphin sold 37,825 shares of Rambus stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $10.26, for a total transaction of $388,084.50. Following the completion of the sale, the insider now directly owns 258,479 shares in the company, valued at approximately $2,651,994.54. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ellis Thomas Fisher sold 2,500 shares of Rambus stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $10.23, for a total transaction of $25,575.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 62,999 shares of company stock valued at $653,143. Insiders own 1.00% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of Rambus by 2.6% during the 1st quarter. BlackRock Inc. now owns 16,288,659 shares of the semiconductor company’s stock worth $170,215,000 after purchasing an additional 414,100 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Rambus by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 10,936,938 shares of the semiconductor company’s stock worth $119,321,000 after purchasing an additional 277,298 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Rambus by 4.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 6,194,700 shares of the semiconductor company’s stock worth $64,734,000 after purchasing an additional 285,594 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Rambus by 6.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,221,859 shares of the semiconductor company’s stock worth $54,569,000 after purchasing an additional 324,147 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Rambus by 25.2% during the 1st quarter. Renaissance Technologies LLC now owns 4,737,686 shares of the semiconductor company’s stock worth $49,509,000 after purchasing an additional 953,300 shares during the last quarter. Institutional investors own 77.49% of the company’s stock.

Rambus Company Profile

Rambus Inc provides semiconductor products in the United States, Japan, Europe, Taiwan, China, South Korea, Canada, Singapore, Asia, and internationally. The company operates through three divisions: Memory and Interfaces, Rambus Security, and Emerging Solutions. The Memory and Interfaces division engages in the design, development, and manufacturing through partnerships and licensing of technology and solutions related to memory and interfaces.

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