Bank of New York Mellon Corp Cuts Holdings in Rambus Inc. (NASDAQ:RMBS)

Bank of New York Mellon Corp trimmed its holdings in shares of Rambus Inc. (NASDAQ:RMBS) by 3.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,237,267 shares of the semiconductor company’s stock after selling 70,531 shares during the quarter. Bank of New York Mellon Corp owned approximately 2.08% of Rambus worth $131,462,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in Rambus during the first quarter valued at approximately $28,000. Fifth Third Bancorp grew its holdings in Rambus by 68.7% in the second quarter. Fifth Third Bancorp now owns 727 shares of the semiconductor company’s stock worth $43,000 after purchasing an additional 296 shares during the last quarter. GAMMA Investing LLC purchased a new position in Rambus in the fourth quarter worth $66,000. Blue Trust Inc. grew its holdings in Rambus by 240.6% in the second quarter. Blue Trust Inc. now owns 1,141 shares of the semiconductor company’s stock worth $71,000 after purchasing an additional 806 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in Rambus in the first quarter worth $90,000. 88.54% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $75.00 price target (up from $72.00) on shares of Rambus in a report on Monday, May 13th. Susquehanna cut their price target on shares of Rambus from $75.00 to $66.00 and set a “positive” rating on the stock in a report on Friday, July 26th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $77.75.

Rambus Price Performance

Shares of RMBS opened at $44.87 on Tuesday. The firm has a market capitalization of $4.84 billion, a PE ratio of 13.72 and a beta of 1.20. Rambus Inc. has a 1-year low of $38.91 and a 1-year high of $76.38. The company’s fifty day moving average price is $53.80 and its 200-day moving average price is $56.81.

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

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.