Rambus (NASDAQ:RMBS) Reaches New 52-Week High After Analyst Upgrade

Rambus Inc. (NASDAQ:RMBS) reached a new 52-week high during trading on Wednesday after StockNews.com upgraded the stock from a hold rating to a buy rating. The company traded as high as $67.90 and last traded at $67.31, with a volume of 662412 shares trading hands. The stock had previously closed at $64.44.

A number of other equities analysts also recently commented on the stock. Evercore ISI assumed coverage on shares of Rambus in a research note on Tuesday. They issued an “outperform” rating and a $71.00 target price on the stock. Wells Fargo & Company raised their price objective on Rambus from $62.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday. Susquehanna upped their target price on Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a research report on Tuesday. Rosenblatt Securities increased their target price on Rambus from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Loop Capital began coverage on Rambus in a research report on Monday, November 11th. They set a “buy” rating and a $70.00 price target on the stock. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $77.29.

Insiders Place Their Bets

In related news, Director Meera Rao sold 5,408 shares of the business’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $58.22, for a total value of $314,853.76. Following the completion of the sale, the director now directly owns 29,090 shares of the company’s stock, valued at $1,693,619.80. The trade was a 15.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. UMB Bank n.a. boosted its holdings in Rambus by 554.9% in the fourth quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 455 shares during the period. Quarry LP boosted its holdings in shares of Rambus by 40.3% in the 3rd quarter. Quarry LP now owns 919 shares of the semiconductor company’s stock valued at $39,000 after buying an additional 264 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Rambus by 207.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,623 shares of the semiconductor company’s stock valued at $111,000 after buying an additional 1,769 shares during the period. Blue Trust Inc. grew its position in shares of Rambus by 255.9% during the 3rd quarter. Blue Trust Inc. now owns 4,061 shares of the semiconductor company’s stock valued at $171,000 after buying an additional 2,920 shares during the last quarter. Finally, Meeder Asset Management Inc. lifted its holdings in Rambus by 58.2% in the third quarter. Meeder Asset Management Inc. now owns 4,298 shares of the semiconductor company’s stock worth $181,000 after acquiring an additional 1,582 shares during the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

Rambus Price Performance

The stock has a market cap of $7.22 billion, a P/E ratio of 42.08 and a beta of 1.26. The stock’s fifty day simple moving average is $57.84 and its 200-day simple moving average is $50.19.

Rambus Company 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.