Putnam Investments LLC Trims Holdings in Rambus Inc. (NASDAQ:RMBS)

Posted by Defense World Staff on Mar 13th, 2023

Putnam Investments LLC lessened its holdings in shares of Rambus Inc. (NASDAQ:RMBS – Get Rating) by 58.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 89,032 shares of the semiconductor company’s stock after selling 123,411 shares during the period. Putnam Investments LLC owned about 0.08% of Rambus worth $2,263,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of RMBS. Mesirow Institutional Investment Management Inc. purchased a new position in Rambus during the 3rd quarter valued at about $9,570,000. BlackRock Inc. increased its stake in shares of Rambus by 1.6% in the 3rd quarter. BlackRock Inc. now owns 17,120,075 shares of the semiconductor company’s stock worth $435,192,000 after purchasing an additional 269,773 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Rambus by 13.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 2,098,093 shares of the semiconductor company’s stock worth $53,333,000 after buying an additional 242,562 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Rambus by 2,157.0% during the second quarter. Renaissance Technologies LLC now owns 205,386 shares of the semiconductor company’s stock valued at $4,414,000 after purchasing an additional 196,286 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Rambus by 14.0% in the 3rd quarter. Vaughan Nelson Investment Management L.P. now owns 1,584,075 shares of the semiconductor company’s stock valued at $40,268,000 after acquiring an additional 194,060 shares during the last quarter. Hedge funds and other institutional investors own 85.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Rambus from $34.00 to $45.00 in a report on Monday, January 30th. Susquehanna boosted their target price on shares of Rambus from $36.00 to $60.00 and gave the stock a “positive” rating in a research note on Friday, February 3rd. StockNews.com cut shares of Rambus from a “buy” rating to a “hold” rating in a research note on Monday, February 27th. Wells Fargo & Company boosted their target price on shares of Rambus from $42.00 to $50.00 and gave the company an “overweight” rating in a report on Wednesday, January 18th. Finally, TheStreet lowered shares of Rambus from a “b-” rating to a “c+” rating in a report on Wednesday, December 28th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Rambus has an average rating of “Moderate Buy” and an average price target of $47.20.

Insider Buying and Selling at Rambus

In other news, Director Necip Sayiner sold 2,873 shares of the business’s stock in a transaction on Friday, February 10th. The shares were sold at an average price of $45.53, for a total transaction of $130,807.69. Following the transaction, the director now directly owns 25,000 shares of the company’s stock, valued at $1,138,250. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, Director Necip Sayiner sold 2,873 shares of the company’s stock in a transaction dated Friday, February 10th. The shares were sold at an average price of $45.53, for a total transaction of $130,807.69. Following the completion of the transaction, the director now owns 25,000 shares in the company, valued at $1,138,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Eric B. Stang sold 6,000 shares of the company’s stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $45.46, for a total transaction of $272,760.00. Following the completion of the sale, the director now directly owns 27,180 shares of the company’s stock, valued at approximately $1,235,602.80. The disclosure for this sale can be found here. 1.53% of the stock is currently owned by corporate insiders.

Rambus Trading Down 3.4 %

Shares of NASDAQ RMBS opened at $41.30 on Monday. Rambus Inc. has a 52 week low of $20.00 and a 52 week high of $46.16. The firm has a 50-day moving average price of $42.07 and a 200 day moving average price of $35.17.

Rambus (NASDAQ:RMBS – Get Rating) last issued its quarterly earnings results on Monday, February 6th. The semiconductor company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.27). Rambus had a positive return on equity of 21.35% and a negative net margin of 3.15%. The firm had revenue of $122.37 million for the quarter, compared to analysts’ expectations of $151.93 million. During the same quarter last year, the firm earned $0.35 earnings per share. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. Analysts anticipate that Rambus Inc. will post 1.39 EPS for the current fiscal year.

Rambus Profile

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Rambus, Inc engages in the provision of cutting-edge semiconductor and Internet Protocol products, spanning memory and interfaces to security, smart sensors and lighting. Its products include Memory Interface Chips, Interface IP, and Security IP. The company was founded by P. Michael Farmwald and Mark A.