Rambus, Inc. (NASDAQ:RMBS) Shares Bought by State of Michigan Retirement System

State of Michigan Retirement System raised its stake in Rambus, Inc. (NASDAQ:RMBS) by 1.2% during the first quarter, Holdings Channel reports. The firm owned 25,500 shares of the semiconductor company’s stock after purchasing an additional 300 shares during the period. State of Michigan Retirement System’s holdings in Rambus were worth $1,320,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Atria Investments Inc purchased a new stake in Rambus during the 4th quarter worth $336,000. Proficio Capital Partners LLC purchased a new position in Rambus in the fourth quarter valued at about $978,000. PNC Financial Services Group Inc. raised its position in Rambus by 71.4% in the fourth quarter. PNC Financial Services Group Inc. now owns 16,284 shares of the semiconductor company’s stock valued at $861,000 after purchasing an additional 6,781 shares during the period. Amundi purchased a new position in Rambus in the fourth quarter valued at about $1,163,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Rambus by 17.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 29,129 shares of the semiconductor company’s stock valued at $1,540,000 after purchasing an additional 4,224 shares during the period. Institutional investors and hedge funds own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Rosenblatt Securities reissued a “buy” rating and issued a $80.00 price objective on shares of Rambus in a research report on Tuesday, April 29th. Wall Street Zen lowered Rambus from a “buy” rating to a “hold” rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $75.00.

Insider Buying and Selling at Rambus

In related news, Director Steven Laub sold 1,847 shares of Rambus stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $55.12, for a total transaction of $101,806.64. Following the sale, the director owned 9,057 shares of the company’s stock, valued at $499,221.84. The trade was a 16.94% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Luc Seraphin sold 6,348 shares of Rambus stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $46.97, for a total transaction of $298,165.56. Following the sale, the chief executive officer directly owned 319,241 shares in the company, valued at $14,994,749.77. This trade represents a 1.95% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,848 shares of company stock worth $602,933 in the last ninety days. 1.00% of the stock is currently owned by insiders.

Rambus Price Performance

Rambus stock opened at $63.28 on Tuesday. Rambus, Inc. has a 12-month low of $37.43 and a 12-month high of $69.15. The company has a market capitalization of $6.80 billion, a price-to-earnings ratio of 32.96 and a beta of 1.24. The firm’s fifty day moving average price is $58.42 and its 200 day moving average price is $56.51.

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.