Rambus Inc. (RMBS) Trading Up 1.8%
Rambus Inc. (NASDAQ:RMBS) was up 1.8% during trading on Friday . The company traded as high as $13.87 and last traded at $13.80, with a volume of 356,634 shares traded. The stock had previously closed at $13.56.
RMBS has been the topic of several recent research reports. Zacks Investment Research lowered shares of Rambus from a “hold” rating to a “sell” rating in a research note on Wednesday, May 4th. Wunderlich initiated coverage on shares of Rambus in a research note on Friday, June 3rd. They issued a “buy” rating and a $15.00 price target on the stock. JPMorgan Chase & Co. reiterated a “hold” rating and issued a $12.50 price target on shares of Rambus in a research note on Tuesday, July 5th. Jefferies Group reiterated a “hold” rating and issued a $12.50 price target on shares of Rambus in a research note on Wednesday, July 6th. Finally, Citigroup Inc. lifted their price target on shares of Rambus from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Wednesday, July 20th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $13.88.
The company’s 50-day moving average price is $13.17 and its 200 day moving average price is $12.64. The stock has a market capitalization of $1.52 billion and a P/E ratio of 7.87.
Rambus (NASDAQ:RMBS) last posted its quarterly earnings data on Monday, July 18th. The company reported $0.15 EPS for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.02. The firm earned $76.50 million during the quarter, compared to the consensus estimate of $74.44 million. During the same period in the prior year, the company posted $0.13 earnings per share. The company’s revenue for the quarter was up 5.1% compared to the same quarter last year. On average, analysts expect that Rambus Inc. will post $0.60 earnings per share for the current year.
In other news, CEO Ronald D. Black sold 29,528 shares of the company’s stock in a transaction on Thursday, July 21st. The shares were sold at an average price of $13.51, for a total value of $398,923.28. Following the sale, the chief executive officer now directly owns 359,241 shares of the company’s stock, valued at approximately $4,853,345.91. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Laura Stark sold 6,753 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $13.58, for a total transaction of $91,705.74. Following the completion of the sale, the senior vice president now directly owns 172,619 shares in the company, valued at $2,344,166.02. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors recently modified their holdings of the company. Morgan Stanley raised its position in shares of Rambus by 716.4% in the fourth quarter. Morgan Stanley now owns 1,691,783 shares of the company’s stock valued at $19,607,000 after buying an additional 1,484,567 shares in the last quarter. Comerica Bank bought a new position in shares of Rambus during the fourth quarter valued at about $1,293,000. Finally, California Public Employees Retirement System raised its position in shares of Rambus by 4.3% in the fourth quarter. California Public Employees Retirement System now owns 221,000 shares of the company’s stock valued at $2,561,000 after buying an additional 9,100 shares in the last quarter.
Rambus Inc produces semiconductor and Internet protocol (IP) products, spanning memory and interfaces to security, sensors and lighting. The Company’s products are integrated into devices and systems, powering and securing diverse applications, including big data and media platforms. Its segments include Memory and Interfaces Division (MID) and Cryptography Research Division (CRD).
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.