Principal Financial Group Inc. Acquires 4,725 Shares of Rambus Inc. (NASDAQ:RMBS)

Principal Financial Group Inc. grew its stake in shares of Rambus Inc. (NASDAQ:RMBS) by 1.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 330,134 shares of the semiconductor company’s stock after acquiring an additional 4,725 shares during the quarter. Principal Financial Group Inc. owned about 0.31% of Rambus worth $17,451,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its position in shares of Rambus by 3.5% during the 3rd quarter. State Street Corp now owns 4,819,125 shares of the semiconductor company’s stock valued at $203,463,000 after acquiring an additional 164,830 shares during the period. Geode Capital Management LLC lifted its position in Rambus by 0.8% in the third quarter. Geode Capital Management LLC now owns 2,621,342 shares of the semiconductor company’s stock worth $110,693,000 after buying an additional 21,053 shares during the last quarter. Swedbank AB boosted its position in shares of Rambus by 12.5% during the third quarter. Swedbank AB now owns 1,743,000 shares of the semiconductor company’s stock valued at $73,589,000 after buying an additional 193,150 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in shares of Rambus by 32.3% during the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,462,932 shares of the semiconductor company’s stock worth $61,765,000 after purchasing an additional 357,160 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in Rambus by 65.3% in the 3rd quarter. Westfield Capital Management Co. LP now owns 902,236 shares of the semiconductor company’s stock worth $38,092,000 after acquiring an additional 356,496 shares in the last quarter. Institutional investors own 88.54% of the company’s stock.

Rambus Stock Down 4.5 %

NASDAQ RMBS opened at $57.43 on Wednesday. The stock has a market capitalization of $6.12 billion, a PE ratio of 34.60 and a beta of 1.26. The firm has a 50 day moving average of $59.71 and a two-hundred day moving average of $51.58. Rambus Inc. has a 52 week low of $37.42 and a 52 week high of $69.15.

Insider Activity

In other news, Director Necip Sayiner sold 4,625 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $66.74, for a total transaction of $308,672.50. Following the transaction, the director now directly owns 42,000 shares in the company, valued at approximately $2,803,080. This trade represents a 9.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Xianzhi Sean Fan sold 52,327 shares of the business’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total value of $3,559,282.54. Following the completion of the transaction, the chief operating officer now owns 93,841 shares in the company, valued at $6,383,064.82. This trade represents a 35.80 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 62,360 shares of company stock worth $4,182,809. 1.00% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RMBS. Rosenblatt Securities increased their price objective on shares of Rambus from $85.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Robert W. Baird set a $90.00 price target on Rambus in a research report on Monday, February 3rd. Wells Fargo & Company increased their price objective on shares of Rambus from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Loop Capital began coverage on Rambus in a research report on Monday, November 11th. They issued a “buy” rating and a $70.00 price target for the company. Finally, Susquehanna upped their target price on shares of Rambus from $66.00 to $70.00 and gave the company a “positive” rating in a research report on Tuesday, February 4th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $76.71.

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.