SummitTX Capital L.P. Sells 16,698 Shares of Rambus, Inc. $RMBS

SummitTX Capital L.P. lowered its stake in shares of Rambus, Inc. (NASDAQ:RMBS) by 17.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 80,674 shares of the semiconductor company’s stock after selling 16,698 shares during the quarter. SummitTX Capital L.P.’s holdings in Rambus were worth $6,940,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its holdings in Rambus by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,385,570 shares of the semiconductor company’s stock worth $494,881,000 after buying an additional 140,226 shares during the period. Invesco Ltd. grew its holdings in shares of Rambus by 70.6% during the 4th quarter. Invesco Ltd. now owns 4,148,653 shares of the semiconductor company’s stock worth $381,220,000 after acquiring an additional 1,716,621 shares during the period. Geode Capital Management LLC raised its position in shares of Rambus by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 2,842,715 shares of the semiconductor company’s stock worth $261,256,000 after acquiring an additional 94,214 shares in the last quarter. Norges Bank bought a new position in shares of Rambus in the 4th quarter worth approximately $156,356,000. Finally, Swedbank AB lifted its stake in shares of Rambus by 14.7% in the 1st quarter. Swedbank AB now owns 1,563,000 shares of the semiconductor company’s stock valued at $134,465,000 after purchasing an additional 200,000 shares during the period. 88.54% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Rosenblatt Securities lifted their price target on Rambus from $130.00 to $150.00 and gave the company a “buy” rating in a research report on Tuesday, April 28th. Benchmark initiated coverage on Rambus in a report on Wednesday, July 15th. They issued a “buy” rating and a $165.00 price objective for the company. Wells Fargo & Company raised their price objective on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Jefferies Financial Group boosted their target price on shares of Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Finally, Evercore reaffirmed an “outperform” rating and issued a $172.00 target price on shares of Rambus in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $134.75.

Insider Activity

In other news, Director Eric B. Stang sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $146.00, for a total value of $730,000.00. Following the transaction, the director owned 19,218 shares in the company, valued at approximately $2,805,828. This represents a 20.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Necip Sayiner sold 5,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total transaction of $850,750.00. Following the sale, the director owned 18,223 shares in the company, valued at approximately $3,100,643.45. The trade was a 21.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 62,914 shares of company stock valued at $9,724,775. Company insiders own 0.75% of the company’s stock.

Rambus Trading Up 0.4%

NASDAQ RMBS opened at $96.42 on Tuesday. Rambus, Inc. has a 12 month low of $63.30 and a 12 month high of $174.10. The stock has a market cap of $10.43 billion, a P/E ratio of 45.91 and a beta of 1.84. The stock’s fifty day moving average price is $128.23 and its 200-day moving average price is $114.40.

Rambus (NASDAQ:RMBS) last issued its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.02. The firm had revenue of $180.19 million during the quarter, compared to the consensus estimate of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. As a group, analysts forecast that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.

Rambus Profile

Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.

Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.