Magnetar Financial LLC Sells 3,135 Shares of Rambus Inc. (NASDAQ:RMBS)

Magnetar Financial LLC lowered its position in Rambus Inc. (NASDAQ:RMBS) by 15.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 17,720 shares of the semiconductor company’s stock after selling 3,135 shares during the period. Magnetar Financial LLC’s holdings in Rambus were worth $1,041,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Assenagon Asset Management S.A. boosted its holdings in shares of Rambus by 386.3% during the 2nd quarter. Assenagon Asset Management S.A. now owns 288,363 shares of the semiconductor company’s stock valued at $16,944,000 after purchasing an additional 229,066 shares during the last quarter. American International Group Inc. boosted its holdings in shares of Rambus by 231.7% during the 4th quarter. American International Group Inc. now owns 198,577 shares of the semiconductor company’s stock valued at $13,553,000 after purchasing an additional 138,714 shares during the last quarter. Rafferty Asset Management LLC boosted its holdings in shares of Rambus by 13.5% during the 4th quarter. Rafferty Asset Management LLC now owns 677,660 shares of the semiconductor company’s stock valued at $46,250,000 after purchasing an additional 80,670 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of Rambus by 221.3% during the 1st quarter. SG Americas Securities LLC now owns 13,357 shares of the semiconductor company’s stock valued at $826,000 after purchasing an additional 9,200 shares during the last quarter. Finally, Park West Asset Management LLC bought a new position in shares of Rambus during the 4th quarter valued at about $14,332,000. Institutional investors own 88.54% of the company’s stock.

Rambus Stock Performance

NASDAQ:RMBS opened at $38.66 on Wednesday. The firm has a market capitalization of $4.16 billion, a PE ratio of 11.82 and a beta of 1.19. The stock’s fifty day moving average is $45.71 and its 200 day moving average is $54.10. Rambus Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $76.38.

Rambus (NASDAQ:RMBS) last announced its earnings results on Monday, July 29th. The semiconductor company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.12). The firm had revenue of $132.10 million during the quarter, compared to analysts’ expectations of $139.00 million. Rambus had a net margin of 48.31% and a return on equity of 16.74%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.36 EPS. Equities analysts forecast that Rambus Inc. will post 1.41 EPS for the current year.

Wall Street Analyst Weigh In

RMBS has been the topic of several research reports. Rosenblatt Securities restated a “buy” rating and issued a $85.00 price target on shares of Rambus in a research report on Tuesday, September 10th. Susquehanna decreased their target price on shares of Rambus from $75.00 to $66.00 and set a “positive” rating on the stock in a research report on Friday, July 26th. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $77.75.

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.