Fred Alger Management LLC Decreases Stake in Rambus Inc. (NASDAQ:RMBS)

Fred Alger Management LLC cut its stake in Rambus Inc. (NASDAQ:RMBS) by 51.1% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,275 shares of the semiconductor company’s stock after selling 28,535 shares during the period. Fred Alger Management LLC’s holdings in Rambus were worth $1,152,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of RMBS. Quarry LP acquired a new stake in shares of Rambus during the second quarter worth $38,000. Fifth Third Bancorp lifted its position in Rambus by 68.7% during the 2nd quarter. Fifth Third Bancorp now owns 727 shares of the semiconductor company’s stock worth $43,000 after acquiring an additional 296 shares during the period. Blue Trust Inc. grew its stake in Rambus by 240.6% during the 2nd quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company’s stock valued at $71,000 after purchasing an additional 806 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Rambus in the second quarter valued at about $87,000. Finally, GAMMA Investing LLC lifted its holdings in shares of Rambus by 207.1% during the third quarter. GAMMA Investing LLC now owns 2,623 shares of the semiconductor company’s stock worth $111,000 after purchasing an additional 1,769 shares during the period. Hedge funds and other institutional investors own 88.54% of the company’s stock.

Wall Street Analysts Forecast Growth

RMBS has been the topic of several research reports. Loop Capital started coverage on shares of Rambus in a report on Monday, November 11th. They issued a “buy” rating and a $70.00 price target on the stock. Robert W. Baird began coverage on shares of Rambus in a report on Monday, November 25th. They set an “outperform” rating and a $90.00 target price for the company. Baird R W upgraded shares of Rambus to a “strong-buy” rating in a research report on Monday, November 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $85.00 price target on shares of Rambus in a research report on Tuesday, October 29th. Finally, Wells Fargo & Company started coverage on Rambus in a report on Wednesday, November 6th. They issued an “overweight” rating and a $62.00 price objective for the company. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $74.67.

Rambus Stock Performance

Shares of Rambus stock opened at $57.81 on Monday. The firm has a 50-day simple moving average of $47.52 and a two-hundred day simple moving average of $50.31. Rambus Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $76.38. The company has a market cap of $6.16 billion, a P/E ratio of 35.91 and a beta of 1.17.

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.