Principal Financial Group Inc. Sells 98,974 Shares of Rambus Inc. (NASDAQ:RMBS)

Principal Financial Group Inc. lowered its stake in shares of Rambus Inc. (NASDAQ:RMBS) by 23.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 325,409 shares of the semiconductor company’s stock after selling 98,974 shares during the quarter. Principal Financial Group Inc.’s holdings in Rambus were worth $13,739,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RMBS. Allspring Global Investments Holdings LLC grew its stake in shares of Rambus by 77.5% during the second quarter. Allspring Global Investments Holdings LLC now owns 16,100 shares of the semiconductor company’s stock valued at $946,000 after purchasing an additional 7,031 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Rambus by 28.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,905 shares of the semiconductor company’s stock valued at $1,463,000 after buying an additional 5,564 shares during the period. Van ECK Associates Corp raised its position in shares of Rambus by 22.2% during the second quarter. Van ECK Associates Corp now owns 53,581 shares of the semiconductor company’s stock worth $3,148,000 after acquiring an additional 9,725 shares during the last quarter. Natixis Advisors LLC lifted its stake in shares of Rambus by 6.7% during the second quarter. Natixis Advisors LLC now owns 223,027 shares of the semiconductor company’s stock valued at $13,105,000 after acquiring an additional 14,093 shares during the period. Finally, Rhumbline Advisers boosted its holdings in Rambus by 1.6% in the second quarter. Rhumbline Advisers now owns 340,637 shares of the semiconductor company’s stock valued at $20,016,000 after acquiring an additional 5,360 shares during the last quarter. Institutional investors and hedge funds own 88.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on RMBS shares. Wells Fargo & Company initiated coverage on Rambus in a report on Wednesday, November 6th. They set an “overweight” rating and a $62.00 price objective for the company. Loop Capital initiated coverage on shares of Rambus in a report on Monday, November 11th. They issued a “buy” rating and a $70.00 price objective on the stock. Robert W. Baird started coverage on shares of Rambus in a report on Monday, November 25th. They set an “outperform” rating and a $90.00 target price for the company. Baird R W upgraded shares of Rambus to a “strong-buy” rating in a research report on Monday, November 25th. Finally, 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. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Rambus presently has a consensus rating of “Buy” and a consensus target price of $74.67.

Insider Buying and Selling

In related news, Director Meera Rao sold 5,408 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $58.22, for a total value of $314,853.76. Following the completion of the transaction, the director now directly owns 29,090 shares in the company, valued at approximately $1,693,619.80. The trade was a 15.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by company insiders.

Rambus Stock Performance

RMBS opened at $54.24 on Friday. The firm’s fifty day moving average is $53.58 and its two-hundred day moving average is $50.38. The firm has a market cap of $5.78 billion, a PE ratio of 33.69 and a beta of 1.22. Rambus Inc. has a twelve month low of $37.42 and a twelve month high of $76.38.

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.