Principal Financial Group Inc. Sells 98,974 Shares of Rambus Inc. (NASDAQ:RMBS)

Principal Financial Group Inc. cut its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 23.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 325,409 shares of the semiconductor company’s stock after selling 98,974 shares during the period. Principal Financial Group Inc. owned about 0.30% of Rambus worth $13,739,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of RMBS. Swedbank AB acquired a new position in shares of Rambus during the 1st quarter worth $61,377,000. Assenagon Asset Management S.A. grew its position in Rambus by 339.3% in the third quarter. Assenagon Asset Management S.A. now owns 1,266,780 shares of the semiconductor company’s stock valued at $53,483,000 after acquiring an additional 978,417 shares during the last quarter. AQR Capital Management LLC raised its stake in Rambus by 559.7% during the second quarter. AQR Capital Management LLC now owns 572,930 shares of the semiconductor company’s stock worth $33,133,000 after acquiring an additional 486,078 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Rambus by 63.8% in the second quarter. American Century Companies Inc. now owns 1,053,377 shares of the semiconductor company’s stock worth $61,897,000 after acquiring an additional 410,332 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in shares of Rambus by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 11,651,114 shares of the semiconductor company’s stock valued at $720,155,000 after purchasing an additional 275,160 shares in the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RMBS. Rosenblatt Securities reiterated a “buy” rating and set a $85.00 price objective on shares of Rambus in a research report on Tuesday, October 29th. Susquehanna lowered their price target on shares of Rambus from $75.00 to $66.00 and set a “positive” rating for the company in a report on Friday, July 26th. Loop Capital started coverage on Rambus in a report on Monday, November 11th. They set a “buy” rating and a $70.00 price objective on the stock. Finally, Wells Fargo & Company assumed coverage on Rambus in a report on Wednesday, November 6th. They issued an “overweight” rating and a $62.00 target price for the company. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Rambus has an average rating of “Buy” and a consensus target price of $71.60.

Rambus Stock Performance

Shares of NASDAQ RMBS opened at $51.31 on Friday. The stock has a market cap of $5.47 billion, a P/E ratio of 31.87 and a beta of 1.17. The firm has a 50 day moving average price of $44.32 and a two-hundred day moving average price of $50.44. Rambus Inc. has a 52-week low of $37.42 and a 52-week high of $76.38.

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.