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

Fred Alger Management LLC lowered its stake in shares of Rambus Inc. (NASDAQ:RMBS) by 51.1% in the third quarter, according to its most recent Form 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 hedge funds have also recently modified their holdings of RMBS. Fifth Third Bancorp increased its stake 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 buying an additional 296 shares in the last quarter. Chartwell Investment Partners LLC increased its position in shares of Rambus by 0.8% during the third quarter. Chartwell Investment Partners LLC now owns 38,956 shares of the semiconductor company’s stock worth $1,645,000 after purchasing an additional 318 shares in the last quarter. Great Valley Advisor Group Inc. raised its stake in Rambus by 4.3% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 8,550 shares of the semiconductor company’s stock valued at $361,000 after purchasing an additional 350 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in Rambus by 11.0% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,996 shares of the semiconductor company’s stock worth $294,000 after purchasing an additional 496 shares during the last quarter. Finally, Quarry LP purchased a new stake in shares of Rambus during the second quarter worth $38,000. Institutional investors and hedge funds own 88.54% of the company’s stock.

Wall Street Analyst Weigh In

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

Rambus Stock Up 1.2 %

RMBS stock opened at $57.81 on Monday. Rambus Inc. has a 52-week low of $37.42 and a 52-week high of $76.38. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of 35.91 and a beta of 1.17. The business has a fifty day moving average of $47.52 and a two-hundred day moving average of $50.31.

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.