Point72 Asset Management L.P. Invests $2.85 Million in Rambus Inc. (NASDAQ:RMBS)

Point72 Asset Management L.P. purchased a new position in Rambus Inc. (NASDAQ:RMBS) during the third quarter, HoldingsChannel.com reports. The fund purchased 67,587 shares of the semiconductor company’s stock, valued at approximately $2,854,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Janus Henderson Group PLC lifted its holdings in shares of Rambus by 597.9% in the third quarter. Janus Henderson Group PLC now owns 351,801 shares of the semiconductor company’s stock worth $14,852,000 after buying an additional 301,394 shares in the last quarter. HighTower Advisors LLC lifted its holdings in shares of Rambus by 22.6% in the third quarter. HighTower Advisors LLC now owns 233,293 shares of the semiconductor company’s stock worth $9,813,000 after buying an additional 42,968 shares in the last quarter. Holocene Advisors LP purchased a new stake in shares of Rambus in the third quarter worth about $608,000. Centiva Capital LP purchased a new stake in shares of Rambus in the third quarter worth about $3,543,000. Finally, Barington Capital Group L.P. lifted its holdings in shares of Rambus by 11.5% in the third quarter. Barington Capital Group L.P. now owns 145,100 shares of the semiconductor company’s stock worth $6,126,000 after buying an additional 15,000 shares in the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company assumed coverage on shares of Rambus in a research note on Wednesday, November 6th. They issued an “overweight” rating and a $62.00 target price on the stock. Robert W. Baird assumed coverage on shares of Rambus in a research note on Monday, November 25th. They issued an “outperform” rating and a $90.00 target price on the stock. Baird R W raised shares of Rambus to a “strong-buy” rating in a research note on Monday, November 25th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 target price on shares of Rambus in a research note on Tuesday, October 29th. Finally, Loop Capital assumed coverage on shares of Rambus in a research note on Monday, November 11th. They issued a “buy” rating and a $70.00 target price on the stock. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $74.67.

Rambus Stock Performance

RMBS stock opened at $58.40 on Tuesday. The company has a market capitalization of $6.22 billion, a PE ratio of 36.27 and a beta of 1.22. Rambus Inc. has a one year low of $37.42 and a one year high of $76.38. The company’s 50 day moving average price is $49.70 and its two-hundred day moving average price is $50.32.

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.