Primecap Management Co. CA Has $6.09 Million Position in Rambus Inc. (NASDAQ:RMBS)

Primecap Management Co. CA trimmed its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 19.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 103,600 shares of the semiconductor company’s stock after selling 24,600 shares during the period. Primecap Management Co. CA owned about 0.10% of Rambus worth $6,088,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Rise Advisors LLC bought a new stake in Rambus during the first quarter worth about $28,000. Fifth Third Bancorp boosted its holdings in shares of Rambus by 68.7% in the 2nd quarter. Fifth Third Bancorp now owns 727 shares of the semiconductor company’s stock valued at $43,000 after buying an additional 296 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Rambus by 240.6% in the second quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company’s stock valued at $71,000 after buying an additional 806 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in Rambus during the second quarter worth $87,000. Finally, Fidelis Capital Partners LLC acquired a new position in Rambus during the first quarter worth $90,000. Institutional investors own 88.54% of the company’s stock.

Analysts Set New Price Targets

RMBS has been the subject of a number of recent analyst reports. Susquehanna cut their price target on shares of Rambus from $75.00 to $66.00 and set a “positive” rating for the company in a research note on Friday, July 26th. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price target on shares of Rambus in a report on Tuesday, September 10th. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Rambus presently has a consensus rating of “Moderate Buy” and a consensus price target of $77.75.

Rambus Price Performance

RMBS stock opened at $38.29 on Thursday. The stock has a market cap of $4.13 billion, a price-to-earnings ratio of 11.71 and a beta of 1.19. The company has a fifty day moving average price of $47.84 and a two-hundred day moving average price of $54.86. Rambus Inc. has a one year low of $37.42 and a one year high of $76.38.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings results on Monday, July 29th. The semiconductor company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.12). The company had revenue of $132.10 million during the quarter, compared to analyst estimates of $139.00 million. Rambus had a net margin of 48.31% and a return on equity of 16.74%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $0.36 EPS. Research analysts anticipate that Rambus Inc. will post 1.41 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.