Rambus (NASDAQ:RMBS) Cut to “Moderate Sell” at Cfra Research

Cfra Research cut shares of Rambus (NASDAQ:RMBS) from a hold rating to a moderate sell rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on RMBS. Jefferies Financial Group upgraded shares of Rambus to a “strong-buy” rating in a report on Tuesday, October 28th. Arete Research raised shares of Rambus from a “neutral” rating to a “buy” rating and set a $91.00 price objective for the company in a research note on Thursday, August 28th. Robert W. Baird lifted their price target on Rambus from $90.00 to $120.00 and gave the stock an “outperform” rating in a research report on Monday, September 15th. Susquehanna set a $100.00 price objective on Rambus and gave the company a “neutral” rating in a research note on Monday, October 6th. Finally, Evercore ISI increased their price target on Rambus from $114.00 to $126.00 and gave the company an “outperform” rating in a report on Tuesday, October 28th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $108.14.

Rambus Stock Up 3.9%

NASDAQ RMBS opened at $94.11 on Monday. The stock’s 50-day moving average price is $98.85 and its 200-day moving average price is $83.05. The company has a market capitalization of $10.13 billion, a P/E ratio of 45.03 and a beta of 1.51. Rambus has a 52 week low of $40.12 and a 52 week high of $114.55.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, October 27th. The semiconductor company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.18). Rambus had a return on equity of 17.73% and a net margin of 33.72%.The firm had revenue of $178.51 million during the quarter, compared to analysts’ expectations of $175.60 million. During the same period last year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 22.7% on a year-over-year basis. Research analysts anticipate that Rambus will post 1.89 EPS for the current year.

Insider Buying and Selling

In related news, Director Eric B. Stang sold 5,000 shares of the firm’s stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $102.35, for a total transaction of $511,750.00. Following the sale, the director directly owned 24,394 shares of the company’s stock, valued at $2,496,725.90. This trade represents a 17.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Meera Rao sold 653 shares of the firm’s stock in a transaction dated Wednesday, October 1st. The shares were sold at an average price of $101.99, for a total value of $66,599.47. Following the sale, the director owned 29,261 shares in the company, valued at $2,984,329.39. This trade represents a 2.18% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 9,653 shares of company stock worth $1,025,469 in the last 90 days. 1.00% of the stock is currently owned by company insiders.

Institutional Trading of Rambus

Several large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its position in shares of Rambus by 60.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,746,856 shares of the semiconductor company’s stock valued at $452,870,000 after acquiring an additional 3,297,728 shares during the last quarter. Norges Bank purchased a new stake in shares of Rambus in the 2nd quarter valued at approximately $126,268,000. EdgePoint Investment Group Inc. boosted its position in shares of Rambus by 138.4% during the 2nd quarter. EdgePoint Investment Group Inc. now owns 2,787,327 shares of the semiconductor company’s stock worth $178,445,000 after purchasing an additional 1,618,133 shares during the period. Alliancebernstein L.P. increased its holdings in Rambus by 572.7% in the 3rd quarter. Alliancebernstein L.P. now owns 1,822,030 shares of the semiconductor company’s stock valued at $189,856,000 after purchasing an additional 1,551,159 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Rambus by 196.0% in the third quarter. Bank of America Corp DE now owns 1,550,665 shares of the semiconductor company’s stock valued at $161,579,000 after purchasing an additional 1,026,776 shares during the period. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

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.