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

PNC Financial Services Group Inc. lessened its position in Rambus Inc. (NASDAQ:RMBS) by 48.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 3,794 shares of the semiconductor company’s stock after selling 3,583 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Rambus were worth $259,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in shares of Rambus by 100.4% in the 4th quarter. Blue Trust Inc. now owns 447 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 224 shares during the period. Fifth Third Bancorp lifted its stake in shares of Rambus by 65.8% in the 4th quarter. Fifth Third Bancorp now owns 504 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 200 shares during the period. Orion Capital Management LLC purchased a new position in shares of Rambus in the 3rd quarter valued at approximately $39,000. GAMMA Investing LLC purchased a new position in shares of Rambus in the 4th quarter valued at approximately $66,000. Finally, MeadowBrook Investment Advisors LLC purchased a new position in shares of Rambus in the 4th quarter valued at approximately $159,000. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

RMBS has been the subject of a number of research analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $75.00 target price (up previously from $72.00) on shares of Rambus in a research note on Monday, May 13th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price objective on shares of Rambus in a research report on Wednesday, March 13th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $80.00.

Insiders Place Their Bets

In other Rambus news, Director Eric B. Stang sold 5,408 shares of Rambus stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $56.95, for a total value of $307,985.60. Following the completion of the sale, the director now owns 32,422 shares of the company’s stock, valued at approximately $1,846,432.90. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Eric B. Stang sold 5,408 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $56.95, for a total value of $307,985.60. Following the transaction, the director now directly owns 32,422 shares in the company, valued at approximately $1,846,432.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Luc Seraphin sold 5,530 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $58.66, for a total value of $324,389.80. Following the completion of the transaction, the chief executive officer now owns 262,791 shares in the company, valued at $15,415,320.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 25,938 shares of company stock valued at $1,552,625. Corporate insiders own 1.00% of the company’s stock.

Rambus Trading Down 1.3 %

Rambus stock opened at $58.00 on Tuesday. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 17.74 and a beta of 1.20. The stock has a fifty day simple moving average of $56.51 and a two-hundred day simple moving average of $60.83. Rambus Inc. has a 12 month low of $48.13 and a 12 month high of $76.38.

Rambus (NASDAQ:RMBS) last posted its earnings results on Monday, April 29th. The semiconductor company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. The business had revenue of $133.60 million during the quarter, compared to analyst estimates of $132.00 million. Rambus had a return on equity of 16.99% and a net margin of 78.14%. On average, equities research analysts forecast that Rambus Inc. will post 1.36 EPS for the current fiscal year.

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.