State of Michigan Retirement System Decreases Stake in Rambus Inc. (NASDAQ:RMBS)

State of Michigan Retirement System reduced its stake in shares of Rambus Inc. (NASDAQ:RMBS) by 1.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,200 shares of the semiconductor company’s stock after selling 400 shares during the period. State of Michigan Retirement System’s holdings in Rambus were worth $1,332,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RMBS. State Street Corp lifted its position in Rambus by 3.5% during the 3rd quarter. State Street Corp now owns 4,819,125 shares of the semiconductor company’s stock worth $203,463,000 after acquiring an additional 164,830 shares during the period. Geode Capital Management LLC raised its stake in shares of 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 purchasing an additional 21,053 shares during the last quarter. Swedbank AB lifted its holdings 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 worth $73,589,000 after purchasing an additional 193,150 shares during the period. Vaughan Nelson Investment Management L.P. boosted its position in Rambus by 32.3% in the third quarter. Vaughan Nelson Investment Management L.P. now owns 1,462,932 shares of the semiconductor company’s stock valued at $61,765,000 after buying an additional 357,160 shares during the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings 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 buying an additional 356,496 shares during the period. 88.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have commented on RMBS shares. Evercore ISI started coverage on shares of Rambus in a research note on Tuesday, February 4th. They set an “outperform” rating and a $71.00 price objective for the company. Baird R W upgraded shares of Rambus to a “strong-buy” rating in a research report on Monday, November 25th. Robert W. Baird set a $90.00 price target on Rambus in a research report on Monday, February 3rd. Rosenblatt Securities boosted their price objective on Rambus from $85.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Finally, Loop Capital started coverage on Rambus in a research note on Monday, November 11th. They issued a “buy” rating and a $70.00 target price on the stock. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $76.71.

Insiders Place Their Bets

In other Rambus news, Director Meera Rao sold 5,408 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $58.22, for a total transaction of $314,853.76. Following the transaction, the director now directly owns 29,090 shares of the company’s stock, valued at $1,693,619.80. This trade represents a 15.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Xianzhi Sean Fan sold 52,327 shares of the business’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $68.02, for a total transaction of $3,559,282.54. Following the sale, the chief operating officer now directly owns 93,841 shares of the company’s stock, valued at $6,383,064.82. This represents a 35.80 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 62,360 shares of company stock worth $4,182,809. 1.00% of the stock is owned by corporate insiders.

Rambus Stock Up 4.4 %

NASDAQ:RMBS opened at $54.88 on Friday. Rambus Inc. has a 52 week low of $37.42 and a 52 week high of $69.15. The stock’s 50-day moving average price is $59.77 and its 200-day moving average price is $52.16. The stock has a market capitalization of $5.86 billion, a PE ratio of 33.06 and a beta of 1.25.

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.