State of Alaska Department of Revenue Trims Stake in Rambus Inc. (NASDAQ:RMBS)

State of Alaska Department of Revenue trimmed its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 2.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,155 shares of the semiconductor company’s stock after selling 355 shares during the quarter. State of Alaska Department of Revenue’s holdings in Rambus were worth $642,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Meritage Portfolio Management grew its position in Rambus by 84.3% during the fourth quarter. Meritage Portfolio Management now owns 25,204 shares of the semiconductor company’s stock worth $1,332,000 after buying an additional 11,531 shares in the last quarter. Choreo LLC grew its position in Rambus by 10.2% during the fourth quarter. Choreo LLC now owns 11,837 shares of the semiconductor company’s stock worth $634,000 after buying an additional 1,094 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Rambus by 448.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,968 shares of the semiconductor company’s stock worth $215,000 after buying an additional 3,245 shares in the last quarter. KBC Group NV grew its position in Rambus by 54.8% during the fourth quarter. KBC Group NV now owns 4,008 shares of the semiconductor company’s stock worth $212,000 after buying an additional 1,419 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Rambus by 8.6% in the 4th quarter. Blue Trust Inc. now owns 4,411 shares of the semiconductor company’s stock worth $233,000 after purchasing an additional 350 shares in the last quarter. 88.54% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RMBS. Evercore ISI began coverage on Rambus in a report on Tuesday, February 4th. They issued an “outperform” rating and a $71.00 price objective for the company. StockNews.com upgraded Rambus from a “hold” rating to a “buy” rating in a report on Wednesday, February 5th. Rosenblatt Securities upped their price objective on Rambus from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Susquehanna upped their price objective on Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, February 4th. Finally, Robert W. Baird began coverage on Rambus in a report on Monday, November 25th. They issued an “outperform” rating and a $90.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $77.29.

Rambus Price Performance

Shares of RMBS stock opened at $62.96 on Friday. The stock has a market capitalization of $6.71 billion, a PE ratio of 37.93 and a beta of 1.26. Rambus Inc. has a 1-year low of $37.42 and a 1-year high of $69.15. The business has a 50-day moving average of $58.91 and a 200 day moving average of $50.59.

Insider Activity at Rambus

In other Rambus news, Director Meera Rao sold 5,408 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.22, for a total transaction of $314,853.76. Following the completion of the transaction, the director now owns 29,090 shares of the company’s stock, valued at $1,693,619.80. This represents a 15.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by company insiders.

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.