PNC Financial Services Group Inc. Trims Stake in Rambus, Inc. (NASDAQ:RMBS)

PNC Financial Services Group Inc. reduced its position in shares of Rambus, Inc. (NASDAQ:RMBS) by 6.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,169 shares of the semiconductor company’s stock after selling 1,115 shares during the period. PNC Financial Services Group Inc.’s holdings in Rambus were worth $785,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise bought a new stake in shares of Rambus during the 1st quarter worth $25,000. Tsfg LLC bought a new stake in shares of Rambus during the 1st quarter worth $26,000. Orion Capital Management LLC bought a new stake in shares of Rambus during the 4th quarter worth $37,000. Larson Financial Group LLC lifted its holdings in shares of Rambus by 1,260.3% during the 1st quarter. Larson Financial Group LLC now owns 857 shares of the semiconductor company’s stock worth $44,000 after acquiring an additional 794 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Rambus by 26.9% during the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company’s stock worth $62,000 after acquiring an additional 247 shares during the last quarter. 88.54% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RMBS shares. Susquehanna lifted their price objective on shares of Rambus from $70.00 to $75.00 and gave the stock a “positive” rating in a report on Tuesday, July 29th. Jefferies Financial Group boosted their price target on shares of Rambus from $69.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Rosenblatt Securities boosted their price target on shares of Rambus from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Tuesday, July 29th. Finally, Wall Street Zen downgraded shares of Rambus from a “buy” rating to a “hold” rating in a research note on Sunday. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Rambus has an average rating of “Buy” and a consensus target price of $77.71.

Rambus Stock Down 0.1%

Rambus stock opened at $72.77 on Tuesday. The firm has a fifty day simple moving average of $64.85 and a two-hundred day simple moving average of $58.19. Rambus, Inc. has a twelve month low of $37.42 and a twelve month high of $76.20. The company has a market capitalization of $7.83 billion, a PE ratio of 34.33 and a beta of 1.28.

Insider Buying and Selling at Rambus

In related news, Director Emiko Higashi sold 1,111 shares of the business’s stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $75.00, for a total transaction of $83,325.00. Following the transaction, the director owned 63,371 shares in the company, valued at $4,752,825. The trade was a 1.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Necip Sayiner sold 7,500 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $73.53, for a total transaction of $551,475.00. Following the transaction, the director owned 38,324 shares in the company, valued at $2,817,963.72. This represents a 16.37% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 14,111 shares of company stock worth $939,567. 1.00% of the stock is currently owned by company insiders.

Rambus 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.