Rambus (NASDAQ:RMBS) Stock Price Down 7.7% Following Insider Selling
by Renee Jackson · The Cerbat GemRambus, Inc. (NASDAQ:RMBS – Get Free Report)’s share price dropped 7.7% on Wednesday after an insider sold shares in the company. The company traded as low as $146.35 and last traded at $145.17. Approximately 707,454 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 2,454,287 shares. The stock had previously closed at $157.23.
Specifically, EVP Xianzhi Sean Fan sold 37,914 shares of Rambus stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the completion of the sale, the executive vice president directly owned 168,358 shares of the company’s stock, valued at $25,538,225.02. The trade was a 18.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Susquehanna cut their target price on Rambus from $100.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 3rd. Rosenblatt Securities boosted their target price on Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Wells Fargo & Company upped their price target on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Weiss Ratings downgraded shares of Rambus from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Tuesday, March 10th. Finally, Jefferies Financial Group boosted their price objective on shares of Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $130.43.
Read Our Latest Stock Analysis on Rambus
Rambus Stock Down 7.3%
The company has a fifty day simple moving average of $115.30 and a two-hundred day simple moving average of $105.06. The stock has a market capitalization of $15.76 billion, a P/E ratio of 69.80 and a beta of 1.79.
Rambus (NASDAQ:RMBS – Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.02. The company 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, equities analysts forecast that Rambus, Inc. will post 2.44 earnings per share for the current year.
Hedge Funds Weigh In On Rambus
Several institutional investors and hedge funds have recently modified their holdings of RMBS. Acumen Wealth Advisors LLC acquired a new stake in Rambus during the 4th quarter worth approximately $25,000. Torren Management LLC acquired a new position in shares of Rambus in the fourth quarter valued at approximately $26,000. Spire Wealth Management boosted its holdings in shares of Rambus by 199.0% in the fourth quarter. Spire Wealth Management now owns 302 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 201 shares during the period. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Rambus during the fourth quarter worth $28,000. Finally, Western Wealth Management LLC bought a new stake in shares of Rambus during the first quarter worth $44,000. 88.54% of the stock is currently owned by institutional investors and hedge funds.
Rambus Company 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.