Corebridge Financial Inc. Sells 11,764 Shares of Rambus Inc. (NASDAQ:RMBS)

Corebridge Financial Inc. lowered its position in shares of Rambus Inc. (NASDAQ:RMBS) by 6.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 172,977 shares of the semiconductor company’s stock after selling 11,764 shares during the period. Corebridge Financial Inc. owned approximately 0.16% of Rambus worth $9,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Congress Wealth Management LLC DE purchased a new stake in Rambus during the 4th quarter valued at $6,382,000. Vanguard Group Inc. boosted its position in shares of Rambus by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 12,594,979 shares of the semiconductor company’s stock valued at $665,771,000 after buying an additional 31,645 shares during the last quarter. LPL Financial LLC increased its holdings in Rambus by 16.9% in the 4th quarter. LPL Financial LLC now owns 63,364 shares of the semiconductor company’s stock worth $3,349,000 after buying an additional 9,183 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in Rambus in the 4th quarter worth about $1,179,000. Finally, Hillsdale Investment Management Inc. lifted its stake in Rambus by 0.4% during the 4th quarter. Hillsdale Investment Management Inc. now owns 45,400 shares of the semiconductor company’s stock valued at $2,400,000 after acquiring an additional 200 shares during the period. Institutional investors own 88.54% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Susquehanna lifted their price target on shares of Rambus from $66.00 to $70.00 and gave the stock a “positive” rating in a research note on Tuesday, February 4th. Robert W. Baird set a $90.00 target price on shares of Rambus in a research report on Monday, February 3rd. Wells Fargo & Company increased their price target on Rambus from $62.00 to $73.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Rosenblatt Securities lifted their price objective on Rambus from $85.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Finally, Evercore ISI assumed coverage on Rambus in a research report on Tuesday, February 4th. They set an “outperform” rating and a $71.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $76.71.

Rambus Stock Performance

NASDAQ:RMBS opened at $55.44 on Friday. The stock has a 50-day simple moving average of $59.53 and a two-hundred day simple moving average of $53.22. The firm has a market capitalization of $5.96 billion, a PE ratio of 33.40 and a beta of 1.25. Rambus Inc. has a 52-week low of $37.43 and a 52-week high of $69.15.

Insider Activity

In other news, COO Xianzhi Sean Fan sold 52,327 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $68.02, for a total transaction of $3,559,282.54. Following the sale, the chief operating officer now directly owns 93,841 shares in the company, valued at $6,383,064.82. This trade represents a 35.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Necip Sayiner sold 4,625 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $66.74, for a total transaction of $308,672.50. Following the completion of the transaction, the director now directly owns 42,000 shares of the company’s stock, valued at $2,803,080. This represents a 9.92 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 76,952 shares of company stock valued at $4,992,255 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Rambus 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.