Assenagon Asset Management S.A. Has $53.48 Million Stock Position in Rambus Inc. (NASDAQ:RMBS)

Assenagon Asset Management S.A. grew its position in Rambus Inc. (NASDAQ:RMBS) by 339.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,266,780 shares of the semiconductor company’s stock after purchasing an additional 978,417 shares during the period. Assenagon Asset Management S.A. owned about 1.18% of Rambus worth $53,483,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RMBS. Swedbank AB bought a new position in Rambus during the first quarter valued at approximately $61,377,000. AQR Capital Management LLC raised its holdings in shares of Rambus by 559.7% during the 2nd quarter. AQR Capital Management LLC now owns 572,930 shares of the semiconductor company’s stock valued at $33,133,000 after purchasing an additional 486,078 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Rambus by 63.8% in the 2nd quarter. American Century Companies Inc. now owns 1,053,377 shares of the semiconductor company’s stock valued at $61,897,000 after purchasing an additional 410,332 shares during the last quarter. Westfield Capital Management Co. LP bought a new stake in Rambus in the first quarter worth $20,277,000. Finally, Vanguard Group Inc. increased its position in Rambus by 2.4% during the first quarter. Vanguard Group Inc. now owns 11,651,114 shares of the semiconductor company’s stock worth $720,155,000 after buying an additional 275,160 shares during the last quarter. 88.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $85.00 price target on shares of Rambus in a research report on Tuesday, September 10th. Susquehanna decreased their target price on Rambus from $75.00 to $66.00 and set a “positive” rating for the company in a research report on Friday, July 26th.

Rambus Price Performance

Rambus stock opened at $42.04 on Friday. Rambus Inc. has a fifty-two week low of $37.42 and a fifty-two week high of $76.38. The firm has a fifty day moving average price of $41.95 and a two-hundred day moving average price of $51.21. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 20.11 and a beta of 1.19.

Rambus (NASDAQ:RMBS) last posted its quarterly earnings data on Monday, July 29th. The semiconductor company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.45 by ($0.12). The business had revenue of $132.10 million for the quarter, compared to analyst estimates of $139.00 million. Rambus had a return on equity of 16.74% and a net margin of 48.31%. Rambus’s revenue for the quarter was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. As a group, sell-side analysts expect that Rambus Inc. will post 1.41 earnings per share for the current year.

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.