Fred Alger Management LLC Has $3.30 Million Stock Position in Rambus Inc. (NASDAQ:RMBS)

Fred Alger Management LLC raised its holdings in Rambus Inc. (NASDAQ:RMBS) by 129.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 62,508 shares of the semiconductor company’s stock after purchasing an additional 35,233 shares during the quarter. Fred Alger Management LLC owned 0.06% of Rambus worth $3,304,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. UMB Bank n.a. boosted its stake in Rambus by 554.9% in the fourth quarter. UMB Bank n.a. now owns 537 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 455 shares in the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of Rambus by 927.5% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 709 shares of the semiconductor company’s stock worth $38,000 after buying an additional 640 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Rambus by 379.1% during the fourth quarter. Farther Finance Advisors LLC now owns 1,126 shares of the semiconductor company’s stock worth $60,000 after buying an additional 891 shares in the last quarter. Quarry LP boosted its holdings in shares of Rambus by 26.9% during the 4th quarter. Quarry LP now owns 1,166 shares of the semiconductor company’s stock valued at $62,000 after acquiring an additional 247 shares in the last quarter. Finally, GeoWealth Management LLC acquired a new stake in shares of Rambus during the fourth quarter valued at about $68,000. Institutional investors own 88.54% of the company’s stock.

Insider Buying and Selling

In other Rambus news, COO Xianzhi Sean Fan sold 52,327 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total value of $3,559,282.54. Following the completion of the sale, the chief operating officer now owns 93,841 shares in the company, valued at approximately $6,383,064.82. This trade represents a 35.80 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Luc Seraphin sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 18th. The stock was sold at an average price of $53.79, for a total value of $537,900.00. Following the completion of the transaction, the chief executive officer now owns 316,931 shares in the company, valued at $17,047,718.49. The trade was a 3.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 113,300 shares of company stock worth $6,745,221. 1.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RMBS. StockNews.com upgraded shares of Rambus from a “hold” rating to a “buy” rating in a report on Sunday, May 4th. Wells Fargo & Company boosted their price objective on shares of Rambus from $62.00 to $73.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $80.00 target price on shares of Rambus in a research report on Tuesday, April 29th. Robert W. Baird set a $90.00 price objective on shares of Rambus in a research report on Monday, February 3rd. Finally, Susquehanna lifted their target price on Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a report on Tuesday, February 4th. Eight analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $75.00.

Rambus Stock Performance

RMBS stock opened at $51.03 on Friday. The company has a market capitalization of $5.48 billion, a P/E ratio of 30.74 and a beta of 1.24. Rambus Inc. has a 52-week low of $37.43 and a 52-week high of $69.15. The business has a 50-day simple moving average of $50.66 and a two-hundred day simple moving average of $54.87.

About Rambus

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.