Congress Asset Management Co. Sells 420,997 Shares of Rambus, Inc. $RMBS

Congress Asset Management Co. trimmed its holdings in shares of Rambus, Inc. (NASDAQ:RMBS) by 54.1% in the third quarter, HoldingsChannel reports. The firm owned 356,996 shares of the semiconductor company’s stock after selling 420,997 shares during the period. Congress Asset Management Co.’s holdings in Rambus were worth $38,113,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. State of Wyoming acquired a new position in shares of Rambus in the second quarter worth $1,825,000. Handelsbanken Fonder AB boosted its stake in shares of Rambus by 28.1% during the second quarter. Handelsbanken Fonder AB now owns 150,857 shares of the semiconductor company’s stock valued at $20,025,000 after acquiring an additional 33,060 shares during the last quarter. BlackRock Inc. purchased a new stake in Rambus during the 2nd quarter worth about $1,853,645,000. Hsbc Holdings PLC raised its stake in Rambus by 658.6% in the 2nd quarter. Hsbc Holdings PLC now owns 48,013 shares of the semiconductor company’s stock valued at $6,110,000 after purchasing an additional 41,684 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new position in Rambus in the 2nd quarter valued at about $4,764,000. Institutional investors and hedge funds own 88.54% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on RMBS. Rosenblatt Securities reaffirmed a “buy” rating and set a $165.00 price target on shares of Rambus in a research note on Tuesday, July 28th. Benchmark reissued a “buy” rating on shares of Rambus in a research note on Tuesday, July 28th. Glj Research set a $165.00 target price on shares of Rambus in a research note on Tuesday, July 28th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Rambus in a report on Wednesday, September 2nd. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $145.88.

Rambus Price Performance

RMBS stock traded up $3.79 on Tuesday, hitting $114.09. 1,614,024 shares of the company were exchanged, compared to its average volume of 2,614,652. The stock has a market capitalization of $12.37 billion, a price-to-earnings ratio of 52.33 and a beta of 1.85. Rambus, Inc. has a twelve month low of $77.89 and a twelve month high of $174.10. The business’s fifty day moving average is $93.59 and its two-hundred day moving average is $111.47.

Rambus (NASDAQ:RMBS) last announced its quarterly earnings data on Monday, July 27th. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.05. The company had revenue of $207.39 million during the quarter, compared to analysts’ expectations of $199.30 million. Rambus had a net margin of 31.69% and a return on equity of 17.89%. The business’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.53 EPS. Equities research analysts expect that Rambus, Inc. will post 2.52 earnings per share for the current year.

Rambus Profile

Rambus Inc is a semiconductor technology company that develops and licenses high-performance chip interfaces and related intellectual property. Its technologies are designed to improve the speed, capacity, reliability and security of data transfer in memory systems and other electronic devices.

The company offers memory interface products for applications such as data centers, servers and advanced computing systems. Its portfolio includes solutions for DDR memory, high-bandwidth memory and other emerging memory architectures, as well as interface and connectivity technologies intended to support increasingly data-intensive workloads.