Rambus Inc . (NASDAQ:RMBS) Director Meera Rao recently sold shares of the semiconductor company, according to a filing with the Securities and Exchange Commission. The company, currently valued at $6.1 billion, maintains impressive gross profit margins of 82.5% and holds a "GREAT" financial health rating according to InvestingPro analysis. On December 12, Rao sold 5,408 shares at a price of $58.22 per share, totaling approximately $314,854. With analysts setting price targets ranging from $50 to $90 per share, InvestingPro subscribers can access 14 additional key insights about Rambus's valuation and growth prospects. Following this transaction, Rao holds 29,090 shares in the company. The sale was executed at an exact price of $58.2201 per share, as noted in the filing.
In other recent news, Rambus Inc. reported strong Q3 FY2024 results, with revenue reaching $145.5 million, a significant increase driven by robust demand for DDR5 memory interface chips. The product revenue saw a 27% year-over-year increase to $66.4 million, and the company generated $62 million in operational cash. Rambus also renewed its patent license deal with Micron Technology (NASDAQ:MU) for another five years, granting Micron access to Rambus's patent portfolio until late 2029.
Analyst firms Baird and Loop Capital initiated coverage on Rambus with an Outperform and Buy rating, respectively, recognizing the company's role in enhancing AI-driven performance in data centers and addressing memory bottlenecks. Rambus also introduced new DDR5 MRDIMM and RDIMM chipsets for advanced data center and AI applications.
Rambus's Q4 revenue is projected to be between $154 million and $160 million, with non-GAAP earnings per share expected to be between $0.52 and $0.59. These recent developments highlight the company's continued growth and strategic advancements in the technology sector.
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