Trade Report: Today, Texas Permanent School Fund cuts its investment of stake in Rambus Inc. (RMBS)

Today, Texas Permanent School Fund cuts its investment of stake in Rambus Inc. (RMBS)

Texas Permanent School Fund lowered its position in Rambus Inc. (NASDAQ:RMBS) by 0.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,719 shares of the company’s stock after selling 448 shares during the period. Texas Permanent School Fund owned approximately 0.08% of Rambus worth $1,046,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Gerstein Fisher acquired a new position in shares of Rambus during the second quarter worth about $705,000. Neuberger Berman Group LLC increased its position in shares of Rambus by 1.7% in the second quarter. Neuberger Berman Group LLC now owns 3,623,303 shares of the company’s stock worth $43,769,000 after buying an additional 59,259 shares in the last quarter. Princeton Alpha Management LP acquired a new position in shares of Rambus during the second quarter worth about $130,000. First Trust Advisors LP acquired a new position in shares of Rambus during the second quarter worth about $1,177,000. Finally, Emerald Acquisition Ltd. acquired a new position in shares of Rambus during the second quarter worth about $4,979,000. Institutional investors own 75.22% of the company’s stock.

Rambus Inc. (NASDAQ:RMBS) traded up 0.73% during midday trading on Friday, hitting $13.71. The company had a trading volume of 183,259 shares. Rambus Inc. has a 52-week low of $10.66 and a 52-week high of $14.50. The stock has a market cap of $1.51 billion, a PE ratio of 67.54 and a beta of 1.07. The stock’s 50-day moving average price is $12.41 and its 200-day moving average price is $12.64.

Rambus (NASDAQ:RMBS) last released its earnings results on Monday, October 24th. The company reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.13 by $0.03. Rambus had a return on equity of 10.40% and a net margin of 7.36%. The company had revenue of $89.90 million for the quarter, compared to analysts’ expectations of $86.60 million. During the same quarter in the previous year, the firm posted $0.14 EPS. The firm’s quarterly revenue was up 21.8% on a year-over-year basis. On average, equities research analysts expect that Rambus Inc. will post $0.60 EPS for the current fiscal year.

A number of equities analysts have issued reports on the company. Roth Capital assumed coverage on Rambus in a research report on Wednesday, August 31st. They set a “buy” rating and a $16.00 price target on the stock. Zacks Investment Research upgraded Rambus from a “sell” rating to a “hold” rating in a research report on Tuesday, August 2nd. Benchmark Co. reiterated a “positive” rating on shares of Rambus in a research report on Tuesday, October 4th. Finally, Jefferies Group reiterated a “hold” rating and set a $13.50 price target (up previously from $12.50) on shares of Rambus in a research report on Tuesday, October 25th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $14.50.

In other news, Director Penny Herscher sold 6,809 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $12.43, for a total transaction of $84,635.87. Following the sale, the director now owns 12,874 shares of the company’s stock, valued at approximately $160,023.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Laura Stark sold 4,010 shares of the business’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $14.35, for a total value of $57,543.50. Following the sale, the senior vice president now directly owns 169,876 shares in the company, 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.

Rambus Company Profile

Rambus Inc produces semiconductor and intellectual property (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).

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