Zacks Investment Research cut shares of Rambus Inc. (NASDAQ:RMBS) from a hold rating to a sell rating in a research report released on Wednesday morning.
According to Zacks, “Rambus, Inc. designs, develops, licenses and markets high-speed chip-to-chip interface technology to enhance the performance and cost-effectiveness of computers, consumer electronics and other electronic systems. The company licenses semiconductor companies to manufacture and sell memory and logic integrated circuits incorporating Rambus interface technology and markets its solution to systems companies to encourage them to design Rambus interface technology into their products. “
A number of other brokerages also recently issued reports on RMBS. Citigroup Inc. boosted their price objective on shares of Rambus from $14.00 to $15.00 and gave the company a buy rating in a research report on Wednesday, July 20th. Roth Capital assumed coverage on shares of Rambus in a research note on Wednesday, August 31st. They issued a buy rating and a $16.00 price target on the stock. Benchmark Co. reiterated a positive rating on shares of Rambus in a research note on Tuesday, October 4th. Jefferies Group reiterated a hold rating and issued a $12.50 price target on shares of Rambus in a research note on Wednesday, July 6th. Finally, JPMorgan Chase & Co. reiterated a hold rating and issued a $12.50 price target on shares of Rambus in a research note on Tuesday, July 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company. Rambus currently has a consensus rating of Buy and a consensus price target of $14.11.
Rambus (NASDAQ:RMBS) opened at 11.84 on Wednesday. Rambus has a 1-year low of $9.86 and a 1-year high of $14.50. The firm has a 50 day moving average of $13.01 and a 200-day moving average of $12.71. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 6.73 and a beta of 1.32.
Rambus (NASDAQ:RMBS) last issued its earnings results on Monday, July 18th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.13 by $0.02. Rambus had a net margin of 66.99% and a return on equity of 10.40%. The company had revenue of $76.50 million for the quarter, compared to the consensus estimate of $74.44 million. During the same period in the previous year, the firm earned $0.13 earnings per share. The firm’s revenue for the quarter was up 5.1% on a year-over-year basis. On average, equities research analysts anticipate that Rambus will post $0.56 earnings per share for the current fiscal year.
In other news, SVP Satish Rishi sold 2,000 shares of the company’s stock in a transaction dated Tuesday, July 19th. The shares were sold at an average price of $13.49, for a total transaction of $26,980.00. Following the completion of the sale, the senior vice president now owns 251,838 shares of the company’s stock, valued at approximately $3,397,294.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Laura Stark sold 4,010 shares of the company’s stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $14.35, for a total transaction of $57,543.50. Following the sale, the senior vice president now directly owns 169,876 shares of the company’s stock, valued at approximately $2,437,720.60. The disclosure for this sale can be found here. Company insiders own 2.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Fox Run Management L.L.C. acquired a new stake in Rambus during the third quarter valued at approximately $408,000. Mason Street Advisors LLC acquired a new stake in Rambus during the second quarter valued at approximately $260,000. Schwab Charles Investment Management Inc. raised its stake in Rambus by 1.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 382,760 shares of the company’s stock valued at $4,624,000 after buying an additional 6,666 shares during the last quarter. Amalgamated Bank raised its stake in Rambus by 5.7% in the second quarter. Amalgamated Bank now owns 12,853 shares of the company’s stock valued at $174,000 after buying an additional 697 shares during the last quarter. Finally, Arizona State Retirement System raised its stake in Rambus by 2.0% in the second quarter. Arizona State Retirement System now owns 57,200 shares of the company’s stock valued at $691,000 after buying an additional 1,100 shares in the last quarter. 74.55% of the stock is owned by hedge funds and other institutional investors.
Rambus Inc produces semiconductor and Internet protocol (IP) products, spanning memory and interfaces to security, sensors and lighting. The Company’s products are integrated into devices and systems, powering and securing diverse applications, including big data and media platforms. Its segments include Memory and Interfaces Division (MID) and Cryptography Research Division (CRD).