Bank of America Corp DE Has $21.95 Million Stock Holdings in Rambus Inc. (NASDAQ:RMBS)

Bank of America Corp DE reduced its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 37.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 415,317 shares of the semiconductor company’s stock after selling 250,401 shares during the period. Bank of America Corp DE’s holdings in Rambus were worth $21,954,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its position in Rambus by 442.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company’s stock valued at $288,042,000 after acquiring an additional 4,445,146 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Rambus by 72.1% in the fourth quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company’s stock valued at $264,287,000 after purchasing an additional 2,093,953 shares in the last quarter. Norges Bank bought a new position in shares of Rambus in the fourth quarter valued at approximately $94,368,000. Raymond James Financial Inc. purchased a new position in shares of Rambus during the fourth quarter valued at approximately $51,500,000. Finally, Congress Asset Management Co. bought a new stake in Rambus during the fourth quarter worth $45,778,000. 88.54% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Rambus

In other news, COO Xianzhi Sean Fan sold 52,327 shares of Rambus 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 completion of the sale, the chief operating officer now directly owns 93,841 shares of the company’s stock, valued at approximately $6,383,064.82. The trade was a 35.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Necip Sayiner sold 4,625 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $66.74, for a total transaction of $308,672.50. Following the completion of the transaction, the director now owns 42,000 shares of the company’s stock, valued at $2,803,080. This trade represents a 9.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 113,300 shares of company stock valued at $6,745,221 over the last three months. 1.00% of the stock is owned by corporate insiders.

Rambus Stock Down 0.7%

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

Analysts Set New Price Targets

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