Rambus (NASDAQ:RMBS) Given New $90.00 Price Target at Rosenblatt Securities

Rambus (NASDAQ:RMBS) had its price target upped by Rosenblatt Securities from $80.00 to $90.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. Rosenblatt Securities’ price objective would suggest a potential upside of 19.86% from the company’s previous close.

Several other analysts also recently weighed in on the stock. Wall Street Zen raised shares of Rambus from a “buy” rating to a “strong-buy” rating in a research note on Friday, July 18th. Susquehanna lifted their price objective on shares of Rambus from $70.00 to $75.00 and gave the company a “positive” rating in a report on Tuesday. Seven research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $77.71.

Rambus Stock Performance

Rambus stock opened at $75.09 on Tuesday. The company has a 50 day moving average price of $61.82 and a 200-day moving average price of $57.56. Rambus has a fifty-two week low of $37.42 and a fifty-two week high of $76.07. The company has a market capitalization of $8.07 billion, a PE ratio of 35.42 and a beta of 1.24.

Insider Transactions at Rambus

In related news, Director Steven Laub sold 3,653 shares of Rambus stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $55.56, for a total transaction of $202,960.68. Following the transaction, the director directly owned 10,904 shares of the company’s stock, valued at $605,826.24. This trade represents a 25.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Rambus

Several institutional investors and hedge funds have recently bought and sold shares of RMBS. Price T Rowe Associates Inc. MD grew its holdings in Rambus by 442.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,449,128 shares of the semiconductor company’s stock worth $288,042,000 after purchasing an additional 4,445,146 shares during the last quarter. Invesco Ltd. grew its holdings in Rambus by 72.1% in the fourth quarter. Invesco Ltd. now owns 4,999,748 shares of the semiconductor company’s stock worth $264,287,000 after purchasing an additional 2,093,953 shares during the last quarter. Norges Bank purchased a new position in Rambus in the fourth quarter worth $94,368,000. EdgePoint Investment Group Inc. purchased a new position in Rambus in the first quarter worth $60,535,000. Finally, Nuveen LLC purchased a new position in Rambus in the first quarter worth $57,084,000. 88.54% of the stock is owned by hedge funds and other institutional investors.

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.