T. ROWE PRICE CONTINUES ACTIVE EXCHANGE TRADED FUND EXPANSION WITH SECURITIZED CREDIT OFFERING PR Newswire
BALTIMORE, Sept. 3, 2026
The T. Rowe Price Securitized Income ETF brings a new fixed income offering to the firm's active ETF lineup, which now totals 35 funds
, /PRNewswire/ -- T. Rowe Price, a global investment management firm and a leader in retirement, announced today the addition of the T. Rowe Price Securitized Income ETF (Ticker: TSCZ). The new fully transparent fixed income exchange traded fund (ETF) began trading on the NYSE Arca today.
The T. Rowe Price Securitized Income ETF is designed for investors seeking to enhance portfolio income while broadening their fixed income exposure beyond traditional government and corporate bonds. Actively managed and drawing on the firm's fundamental research capabilities, TSCZ seeks high current income by investing in a diversified portfolio of U.S. securitized credit sectors, such as asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), collateralized loan obligations (CLOs), and non-agency residential mortgage-backed securities (RMBS). The total expense ratio for TSCZ is 0.20%.
TSCZ is actively co-managed by Jean-Marc Breaux, CFA® and Ramon de Castro. Breaux is head of securitized products in the Fixed Income division and has 20 years of investment experience, including eight at T. Rowe Price. de Castro is a sector portfolio manager in the Fixed Income division and has more than 30 years of investment experience, including 14 at T. Rowe Price. He is also portfolio manager of T. Rowe Price GNMA Fund (Ticker: PRGMX) and is responsible for the residential mortgage-backed security (RMBS) sleeves of various multi-sector fixed income portfolios.
With this addition, T. Rowe Price's ETF lineup totals 35 funds, including offerings spanning fixed income, equities, multi-asset, digital assets and thematic strategies. Each exchange-traded offering delivers key features such as tax efficiency, more competitive expense ratios, and the flexibility to buy and sell shares throughout the trading day. Each fund draws from the fundamental and rigorous research capabilities of T. Rowe Price investment analysts and portfolio managers, who engage in asking better questions, as they strive to deliver better investment outcomes for clients.
Separately, T, Rowe Price recently announced an agreement to acquire F/m Investments LLC, a fixed income asset manager and ETF specialist, which at closing in early 2027 is expected to increase T. Rowe Price's fixed income assets under management by nearly 9%, more than doubling its fixed income ETF assets under management and expanding its fixed income separately managed account (SMA) business. Together with today's launch, the transaction reflects the firm's continued commitment to expanding its fixed income ETF capabilities and broadening the range of solutions available to clients.
QUOTES:
Tim Coyne, Global Head of ETFs
"The addition of the T. Rowe Price Securitized Income ETF reflects our continued focus on growing a robust active ETF lineup that gives investors access to differentiated solutions across asset classes. TSCZ strengthens our fixed income roster by providing active exposure to securitized credit sectors, bringing together income potential, diversification, and T. Rowe Price's deep research capabilities in a fully transparent ETF structure."
ABOUT T. ROWE PRICE
T. Rowe Price (NASDAQ-GS: TROW) is a leading global asset management firm, entrusted with managing $1.87 trillion in client assets as of July 31, 2026, about two-thirds of which are retirement-related. Renowned for nearly 90 years of investment excellence, retirement leadership, and independent proprietary research, the firm leverages its longstanding expertise to ask better questions that can drive better investment decisions. Built on a culture of integrity and prioritizing client interests, T. Rowe Price empowers millions of investors worldwide to thrive amid evolving markets.
Visit troweprice.com/newsroom for news and public policy commentary.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information visit troweprice.com. Read it carefully.
ETFs are bought and sold at market prices, not net asset value (NAV). Investors generally incur the cost of the spread between the prices at which shares are bought and sold. Buying and selling shares may result in brokerage commissions which will reduce returns.
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Rambus (RMBS - Free Report) closed the last trading session at $89.86, gaining 2.4% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $136.38 indicates a 51.8% upside potential.
The mean estimate comprises eight short-term price targets with a standard deviation of $29.27. While the lowest estimate of $91.00 indicates a 1.3% increase from the current price level, the most optimistic analyst expects the stock to surge 83.6% to reach $165.00. It's very important to note the standard deviation here, as it helps understand the variability of the estimates. The smaller the standard deviation, the greater the agreement among analysts.
While the consensus price target is highly sought after by investors, the ability and unbiasedness of analysts in setting price targets have long been questionable. And investors making investment decisions solely based on this tool would arguably do themselves a disservice.
However, an impressive consensus price target is not the only factor that indicates a potential upside in RMBS. This view is strengthened by the agreement among analysts that the company will report better earnings than what they estimated earlier. Though a positive trend in earnings estimate revisions doesn't give any idea as to how much the stock could surge, it has proven effective in predicting an upside.
Price, Consensus and EPS Surprise
Here's What You May Not Know About Analysts' Price TargetsAccording to researchers at several universities across the globe, a price target is one of many pieces of information about a stock that misleads investors far more often than it guides. In fact, empirical research shows that price targets set by several analysts, irrespective of the extent of agreement, rarely indicate where the price of a stock could actually be heading.
While Wall Street analysts have deep knowledge of a company's fundamentals and the sensitivity of its business to economic and industry issues, many of them tend to set overly optimistic price targets. Are you wondering why?
They usually do that to drum up interest in shares of companies that their firms either have existing business relationships with or are looking to be associated with. In other words, business incentives of firms covering a stock often result in inflated price targets set by analysts.
However, a tight clustering of price targets, which is represented by a low standard deviation, indicates that analysts have a high degree of agreement about the direction and magnitude of a stock's price movement. While that doesn't necessarily mean the stock will hit the average price target, it could be a good starting point for further research aimed at identifying the potential fundamental driving forces.
That said, while investors should not entirely ignore price targets, making an investment decision solely based on them could lead to disappointing ROI. So, price targets should always be treated with a high degree of skepticism.
Why RMBS Could Witness a Solid UpsideThere has been increasing optimism among analysts lately about the company's earnings prospects, as indicated by strong agreement among them in revising EPS estimates higher. And that could be a legitimate reason to expect an upside in the stock. After all, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current year, one estimate has moved higher over the last 30 days compared to no negative revision. As a result, the Zacks Consensus Estimate has increased 3.3%.
Moreover, RMBS currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than 4,000 stocks that we rank based on four factors related to earnings estimates. Given an impressive externally-audited track record, this is a more conclusive indication of the stock's potential upside in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Therefore, while the consensus price target may not be a reliable indicator of how much RMBS could gain, the direction of price movement it implies does appear to be a good guide.
Rambus just posted record product revenue and a CEO calling the setup outstanding, yet the stock sits near its 52-week low. Something has to give, and a specific date may tell you exactly when.
Rambus (NASDAQ:RMBS | RMBS Price Prediction) has quietly become one of the purest small-cap plays on AI memory bandwidth, and the market is not treating it that way.
Product revenue hit a record $99.15 million last quarter on 22% year-over-year growth, DDR5 chipset momentum is accelerating, and CEO Luc Seraphin flagged the setup bluntly. “Rambus had an outstanding second quarter, delivering a new all-time high in revenue and non-GAAP earnings, fueled by record product revenue that grew more than 20% year over year.” Yet shares sit at $89.86. Can this stock cross $100, and when?
Why Rambus Shares Are Stuck Despite Record Product Revenue The fundamentals are working while the stock lags. RMBS is down 4.11% over the past week, off 6.41% over the past month, and 2.21% lower year to date even after the Q2 beat. The Q2 earnings report triggered a day-of decline of 8.99%, following an uglier 21.26% earnings-day drop after Q1.
With a beta of 1.887, RMBS whipsaws hard when sentiment shifts. Add the CFO transition earlier this year, an inventory build to $74.8 million, and lingering supply chain concerns, and you have a stock rebuilding a wall of skepticism.
Wall Street Sees 64% Upside. My Model Sees Something Different Sell-side analysts are unusually bullish. The consensus target is $147.50 with six Buy ratings, two Holds, and zero Sells, or a 75% bullish tilt. Our base-case model comes in more measured at $117.95, or 31.26% upside, with a bull case at $173.12 and a bear case at $101.71. Confidence on the base call is 0.9. Wall Street is right on direction but early on timing.
With quarterly earnings growth of 15.1% year over year and product revenue guided to $110 million to $116 million for Q3, the multiple expansion story needs the memory-supply narrative to hold before analyst targets get taken seriously.
Path to $100 Per Share Reaching $100 from today’s $89.86 requires a gain of 11.3%. With forward EPS of $2.68, a price of $100 implies a forward P/E of 37x. Our base case of $117.95 already implies 36x, meaning the $100 target requires roughly 2x additional multiple support versus today.
The model’s base path crosses $100 at $102.63 on January 26, 2027. The catalysts are in motion. The Q3 guide implies roughly 20% year-over-year growth in product revenue, DDR5 9600 server and client chipsets are shipping, and management flagged a Tier 1 US hyperscaler design win for next-generation HBM in future AI chips.
Seraphin’s framing is worth repeating. “We believe that we have a very strong secular setup for our business.” The primary risk is supply chain tightness bleeding into 2027 platform ramps.
Where Rambus Trades Today vs Its Earnings Power At $89.86 against forward EPS of $2.68, RMBS trades at roughly 34x forward, well below its trailing P/E of 42x. Shares sit between a 52-week low of $70.90 and a high of $174.10, closer to the bottom.
Over ten years, RMBS has returned 546.01%, and 281.57% over five years. That long-run compounding makes an 11% move to $100 look modest given the AI infrastructure setup.
Is $100 Realistic? My Verdict Reaching $100 requires just 11.3% upside from current levels, and the base-case model path gets there on January 26, 2027. This is realistic.
Three things need to go right: Q3 product revenue lands inside the $110 million to $116 million guide, DDR5 9600 server chipsets convert into design revenue by year-end, and the hyperscaler HBM IP licensing win begins recognizing revenue. What derails it is a memory cycle stall that pushes 2027 platform ramps into the back half. We’ve outlined the blueprint for how Rambus could reach $100 in 2027.
Contact [email protected] for any questions or corrections.
Emerald Investment Advisers LLC bought a new position in Rambus, Inc. (NASDAQ:RMBS – Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 26,848 shares of the semiconductor company’s stock, valued at approximately $3,564,000.
Other hedge funds have also added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in shares of Rambus by 22,321.4% in the first quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company’s stock valued at $488,000 after acquiring an additional 9,375 shares during the period. Empowered Funds LLC raised its position in shares of Rambus by 34.1% in the first quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company’s stock worth $1,178,000 after buying an additional 5,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Rambus by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company’s stock valued at $16,025,000 after buying an additional 19,120 shares during the period. Acadian Asset Management LLC bought a new stake in Rambus during the first quarter valued at $218,000. Finally, Quantbot Technologies LP purchased a new position in Rambus during the second quarter worth about $102,000. Hedge funds and other institutional investors own 88.54% of the company’s stock.
Rambus Stock Down 1.0% Shares of RMBS stock opened at $91.24 on Friday. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 41.85 and a beta of 1.88. The stock has a fifty day moving average of $108.07 and a 200 day moving average of $112.56. Rambus, Inc. has a 52 week low of $70.45 and a 52 week high of $174.10.
Rambus (NASDAQ:RMBS – Get Free Report) last issued its quarterly earnings data on Monday, July 27th. The semiconductor company reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.05. Rambus had a net margin of 31.69% and a return on equity of 17.89%. The business had revenue of $207.39 million for the quarter, compared to the consensus estimate of $199.30 million. During the same period in the previous year, the firm earned $0.53 EPS. The company’s quarterly revenue was up 20.4% compared to the same quarter last year. Equities research analysts anticipate that Rambus, Inc. will post 2.52 earnings per share for the current year. Analyst Ratings Changes A number of equities analysts have weighed in on the company. Glj Research set a $165.00 target price on Rambus in a research note on Tuesday, July 28th. Evercore reiterated an “outperform” rating and set a $172.00 price target on shares of Rambus in a research report on Tuesday, April 28th. Rosenblatt Securities reissued a “buy” rating and set a $165.00 price objective on shares of Rambus in a report on Tuesday, July 28th. Wells Fargo & Company lifted their target price on shares of Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Finally, Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $139.78.
Read Our Latest Report on Rambus
Insider Activity at Rambus In related news, EVP Xianzhi Sean Fan sold 37,914 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the completion of the transaction, the executive vice president directly owned 168,358 shares of the company’s stock, valued at $25,538,225.02. This represents a 18.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Emiko Higashi sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $160.50, for a total value of $1,605,000.00. Following the completion of the transaction, the director owned 49,519 shares of the company’s stock, valued at approximately $7,947,799.50. The trade was a 16.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 62,914 shares of company stock worth $9,724,775 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.
About Rambus (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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BlackRock Inc. bought a new position in shares of Rambus, Inc. (NASDAQ:RMBS – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 13,964,477 shares of the semiconductor company’s stock, valued at approximately $1,853,645,000. BlackRock Inc. owned about 12.88% of Rambus as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Invesco Ltd. raised its position in shares of Rambus by 70.6% in the fourth quarter. Invesco Ltd. now owns 4,148,653 shares of the semiconductor company’s stock valued at $381,220,000 after purchasing an additional 1,716,621 shares during the period. Norges Bank bought a new position in shares of Rambus during the fourth quarter worth approximately $156,356,000. Bank of America Corp DE raised its position in shares of Rambus by 196.0% in the third quarter. Bank of America Corp DE now owns 1,550,665 shares of the semiconductor company’s stock valued at $161,579,000 after buying an additional 1,026,776 shares in the last quarter. Bessemer Group Inc. raised its position in shares of Rambus by 1,009.5% in the first quarter. Bessemer Group Inc. now owns 1,039,905 shares of the semiconductor company’s stock valued at $89,463,000 after buying an additional 946,177 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Rambus in the second quarter valued at approximately $109,940,000. Institutional investors own 88.54% of the company’s stock.
Insider Transactions at Rambus In related news, EVP Xianzhi Sean Fan sold 37,914 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the sale, the executive vice president owned 168,358 shares in the company, valued at $25,538,225.02. The trade was a 18.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Necip Sayiner sold 5,000 shares of the stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total value of $850,750.00. Following the completion of the transaction, the director owned 18,223 shares of the company’s stock, valued at $3,100,643.45. This represents a 21.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 62,914 shares of company stock worth $9,724,775. 0.75% of the stock is currently owned by insiders.
Rambus Price Performance Shares of NASDAQ:RMBS opened at $90.85 on Thursday. The company has a market cap of $9.85 billion, a price-to-earnings ratio of 41.67 and a beta of 1.88. The firm has a 50 day simple moving average of $110.23 and a 200 day simple moving average of $112.87. Rambus, Inc. has a one year low of $67.15 and a one year high of $174.10. Rambus (NASDAQ:RMBS – Get Free Report) last posted its earnings results on Monday, July 27th. The semiconductor company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.05. The firm had revenue of $207.39 million for the quarter, compared to analysts’ expectations of $199.30 million. Rambus had a net margin of 31.69% and a return on equity of 17.89%. The company’s revenue was up 20.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 earnings per share. As a group, analysts expect that Rambus, Inc. will post 2.52 EPS for the current year.
Wall Street Analyst Weigh In A number of equities analysts have commented on the company. Glj Research set a $165.00 price objective on Rambus in a research note on Tuesday, July 28th. Evercore reaffirmed an “outperform” rating and set a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Rosenblatt Securities reiterated a “buy” rating and set a $165.00 price target on shares of Rambus in a research report on Tuesday, July 28th. Jefferies Financial Group lifted their price objective on shares of Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Rambus in a research note on Friday, June 5th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $139.78.
Check Out Our Latest Report on Rambus
Rambus Company Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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Our Rambus (NASDAQ:RMBS | RMBS Price Prediction) call is straightforward: the memory interface specialist has whipsawed hard in 2026, but the setup looks constructive. Shares closed at $99.33 on August 13, 2026, well off the June peak.
Our 24/7 Wall St. price target for Rambus is $113.17 over the next 12 months, implying 13.93% upside. The recommendation is buy with 90% confidence.
24/7 Wall St. Price Target Summary
Metric
Value
Current Price
$99.33
24/7 Wall St. Price Target
$113.17
Upside
13.93%
Recommendation
BUY
Confidence Level
90%
A Round Trip From $67 to $174 and Back
Rambus is up 29.35% over the past year and 8.1% year to date, but the trip has been volatile. The 52-week range spans $67.15 to $174.10, and shares surrendered roughly 28% from the June 2026 peak of $143.29.
The Q2 2026 report on July 27, 2026 delivered the first quarter above $200 million in revenue, with total sales of $207.4 million (up 20% year over year) and non-GAAP EPS of $0.77. Product revenue set a record at $99.2 million.
CEO Luc Seraphin credited “the accelerating demands of data center and AI infrastructure“. Q3 guidance calls for revenue of $210 to $216 million and non-GAAP EPS of $0.75 to $0.82.
Why Bulls See a Path to $172
The bull case runs on AI memory content growth. Seraphin told analysts that when the market moves to 16 channels per CPU in 2027, MRDIMM will “start to kick in”. Rambus announced “an exciting design win with a Tier 1 US hyperscaler for next-generation HBM”, plus new PCIe 7 Switch IP running at 128 giga transfer per second. Silicon IP is guided to grow 10% to 15% annually.
PineBridge sees datacenter equipment growth “essentially locked in for the next four to five years” at roughly 25% annually. Analyst consensus of $147.50 from six Buy and two Hold ratings anchors the bull view. Our bull scenario prints $171.93, a 73.08% return.
What Could Go Wrong
The bear case has teeth. Inventory jumped to $74.8 million from $44.1 million at year-end 2025, and operating cash flow fell 35.14% year over year. Q1 2026 saw non-GAAP operating margin compress to 42% from 46% as R&D climbed to $50.23 million. The put/call ratio sits at 1.48, and insider activity leans net selling.
Management framed the inventory build as strategic build on critical products expected to ramp in Q3, Q4, and early 2027, and the R&D increase funds the HBM4E and PCIe 7 pipeline. Our bear case lands at $97.35, essentially flat.
How Rambus Stacks Up Against Credo and Lattice
Credo Technology (NASDAQ:CRDO) is the aggressive AI-connectivity comparison. Credo reported strong recent revenue growth in its most recent quarter. That growth trajectory dwarfs Rambus, but Credo trades at a premium multiple.
Lattice Semiconductor (NASDAQ:LSCC) is the closer valuation peer, with recent quarterly revenue growth on comparable secular themes. Against these peers, our $113.17 target looks reasonable.
Rambus Price Prediction 2026 to 2030
The 24/7 Wall St. price target on Rambus is $113.17 with a buy rating at 90% confidence. The combination of record product revenue, a Tier 1 hyperscaler HBM design win, and management guiding double-digit product growth tips the scale.
The setup improves if Q3 lands inside guidance and the hyperscaler ramp shows up in Q4. The thesis weakens if the inventory build turns into a demand air pocket or if DRAM supply tightens further.
Year
24/7 Wall St. Price Target
2026
$113
2027
$123
2028
$133
2029
$143
2030
$153
These projections track our base-case 5-year path to $153.42 and assume Rambus continues executing on DDR5, HBM, and PCIe 7 IP. Upside could come from MRDIMM ramping in 2027, while downside would follow any pause in AI infrastructure spending.
Contact [email protected] for any questions or corrections.
Assenagon Asset Management S.A. reduced its position in shares of Rambus, Inc. (NASDAQ:RMBS – Free Report) by 32.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 31,896 shares of the semiconductor company’s stock after selling 15,635 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Rambus were worth $4,234,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. M&T Bank Corp increased its position in Rambus by 2,372.0% during the fourth quarter. M&T Bank Corp now owns 122,636 shares of the semiconductor company’s stock worth $11,269,000 after acquiring an additional 117,675 shares during the period. AMJ Financial Wealth Management boosted its holdings in Rambus by 252.0% in the 4th quarter. AMJ Financial Wealth Management now owns 94,946 shares of the semiconductor company’s stock valued at $8,725,000 after purchasing an additional 67,973 shares during the period. Novem Group acquired a new stake in Rambus in the 4th quarter worth $885,000. Universal Beteiligungs und Servicegesellschaft mbH grew its position in Rambus by 162.6% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 137,692 shares of the semiconductor company’s stock worth $12,721,000 after purchasing an additional 85,257 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Rambus by 21.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 157,148 shares of the semiconductor company’s stock worth $14,440,000 after purchasing an additional 27,472 shares during the period. Institutional investors own 88.54% of the company’s stock.
Rambus Stock Performance Shares of RMBS stock opened at $101.01 on Thursday. Rambus, Inc. has a 52-week low of $67.15 and a 52-week high of $174.10. The stock has a market cap of $10.96 billion, a price-to-earnings ratio of 46.33 and a beta of 1.88. The firm has a fifty day moving average of $115.55 and a 200-day moving average of $113.61.
Analyst Upgrades and Downgrades A number of research analysts have recently commented on the stock. Wells Fargo & Company upped their price objective on shares of Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Jefferies Financial Group lifted their target price on Rambus from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Evercore restated an “outperform” rating and set a $172.00 price target on shares of Rambus in a research note on Tuesday, April 28th. Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price target for the company. in a report on Tuesday, April 28th. Finally, Benchmark reiterated a “buy” rating on shares of Rambus in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, Rambus presently has a consensus rating of “Moderate Buy” and an average price target of $139.78.
Check Out Our Latest Stock Analysis on RMBS
Insider Buying and Selling at Rambus In related news, EVP Xianzhi Sean Fan sold 37,914 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the sale, the executive vice president owned 168,358 shares of the company’s stock, valued at $25,538,225.02. The trade was a 18.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric B. Stang sold 5,000 shares of the stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $146.00, for a total transaction of $730,000.00. Following the completion of the transaction, the director directly owned 19,218 shares of the company’s stock, valued at $2,805,828. This trade represents a 20.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 62,914 shares of company stock worth $9,724,775. Insiders own 0.75% of the company’s stock.
Rambus Company Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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VERO BEACH, Fla., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of August 2026. The dividend of $0.10 per share will be paid September 29, 2026 to holders of record of the Company's common stock on August 31, 2026, with an ex-dividend date of August 31, 2026. The Company plans on announcing its next common stock dividend on September 14, 2026.
SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it initiated an accelerated share repurchase program with Mizuho Markets Americas LLC, through its agent Mizuho Securities USA LLC (“Dealer”) to repurchase an aggregate of approximately $100 million of its common stock.
“This accelerated share repurchase reflects our confidence in the business and reinforces our commitment to disciplined capital allocation,” said Luc Seraphin, president and chief executive officer at Rambus. “Supported by the strength of our balance sheet and continued cash generation, we remain focused on increasing stockholder value while investing in the long-term growth of the company.”
Under the accelerated share repurchase program, Rambus will pre-pay $100 million to Dealer and receive an initial delivery of approximately 796,000 shares of its common stock. The final number of shares to be repurchased will be determined based on the volume-weighted average price of Rambus common stock during the term of the transaction, less a discount. The program is expected to be completed by the end of the third quarter of 2026.
The accelerated share repurchase program is part of the broader share repurchase program previously authorized by the Rambus Board of Directors.
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 relating, among other things, to the terms of Rambus’ accelerated share repurchase program, including timing. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by Rambus’ management. Actual results may differ materially. The forward-looking statements contained in this press release are subject to risks and uncertainties, including those more fully described in Rambus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The forward-looking statements in this press release are based on information available to Rambus as of the date hereof, and Rambus undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Rambus (NASDAQ:RMBS | RMBS Price Prediction) shares hit an all-time high $174.10 earlier this year, then fell roughly 33% in the last month alone after Q2 earnings that beat on every line but still triggered heavy selling. That disconnect is exactly the kind of setup our model is built to price.
Our Rambus 24/7 Wall St. price target for year end 2026 is $116.28, implying 40.42% upside from the current $82.81. The recommendation is buy at a 90% confidence level.
24/7 Wall St. Price Target Summary Metric Value Current Price $82.81 24/7 Wall St. Price Target $116.28 Upside 40.42% Recommendation BUY Confidence Level 90% A Beat That Sold Off Anyway Q2 revenue of $207.38 million grew 20.43% year over year and beat consensus by 4.58%. Non-GAAP EPS of $0.77 beat by 7.69%. Product revenue hit a record $99.15 million, up 22%. Shares closed down 8.99% the next day and dropped another 5.63% in the following session.
The stock is now down 9.88% year to date, though still up 13.21% over the trailing year and 250% over five years.
CEO Luc Seraphin said Rambus is “well positioned to capitalize on the strong secular trends driven by the rapid expansion of AI inference and agentic workloads” and guided Q3 revenue to $210 million to $216 million.
The Case for $130+ Product revenue is guided sequentially higher to $110 million to $116 million in Q3, and management said the server unit market has shifted from mid-single-digit growth to 12% growth, with Rambus growing faster than that.
DDR5 9600 chipsets, PCIe 7 Switch IP, and an HBM4E controller provide highest-margin exposure in the DDR5 upgrade cycle. A Tier 1 U.S. hyperscaler design win validates the roadmap.
Wall Street’s average target is $147.50 with 6 Buy ratings and 2 Holds. If MRDIMM adoption ramps into 2027 and the multiple reverts to the 200-day average of $109.14, upside north of $130 is achievable.
What Could Go Wrong Rambus built inventory to $74.8 million from $44.1 million at year-end 2025, and operating cash flow fell 35.14% year over year. Management frames the buildup as strategic ahead of Q3 and Q4 ramps, noting they are “building some inventory on critical products” given tightening lead times.
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The Q1 miss triggered a 21.26% single-day drop, and a beta of 1.84 means further wobbles will be painful. A bear case where the multiple compresses toward trailing earnings support puts the stock around $90.81.
How Rambus Stacks Up Against Peers Marvell Technology (NASDAQ: MRVL) is the scale comp. Marvell’s data center segment hit $1.83 billion in Q1 FY27 and trades at a forward P/E of 47.
Rambus at a forward multiple of 24 is roughly half that. On growth, Marvell’s 27.6% YoY revenue expansion is only marginally faster than Rambus at 20.43%, making our target look conservative on relative multiples.
Credo Technology (NASDAQ: CRDO) is the high-growth pure play in AI connectivity. Credo delivered 157% Q4 revenue growth and trades at a forward P/E of 35.
Rambus offers real AI infrastructure exposure at less than half the growth beta and roughly two-thirds the forward multiple, which supports the $116 target.
Company Forward P/E YoY Revenue Growth Rambus 24 20.43% Marvell 47 27.6% Credo 35 157% The Bottom Line My 24/7 Wall St. price target for Rambus is $116.28, the call is buy, and confidence is 90%. A forward P/E of 24 against 20%+ revenue growth and a spotless bull/bear analyst split is uncommon in AI infrastructure.
The setup looks constructive if Q3 revenue lands at or above the $213 million midpoint. Caution is warranted if inventory climbs further in Q3 without matching product revenue.
Rambus Price Projection 2026 to 2030 Year 24/7 Wall St. Price Target 2026 $116.28 2027 $140 2028 $165 2029 $190 2030 $213.41 These projections assume Rambus continues executing on DDR5, HBM, and PCIe roadmaps. Meaningful upside or downside could come from MRDIMM timing, HBM4E design win volumes, or a broader downturn in data center capex.
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SummaryRambus delivered a strong Q2, beating guidance on revenue and non-GAAP EPS, and upgraded Q3 guidance.Despite a ~50% pullback from highs, RMBS trades at ~24x EV/EBITDA, reflecting significant future growth expectations.Growth is driven by memory interface chips, but increasing product mix lowers blended gross margins, and operating leverage remains limited.I maintain a Hold rating; a Buy case emerges only with clearer 2027 volume ramp visibility or a further multiple compression toward ~20x EV/EBITDA. Henrik Sorensen/DigitalVision via Getty Images
Rambus Inc. (RMBS) has delivered an excellent Q2 print with revenue (including product revenue) and non-GAAP EPS both reported higher than the high end of its own guidance. The guidance for Q3 has also been
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On July 28, 2026, Rambus Inc (RMBS) shares experienced a sharp decline of 8.9%, bringing the current price to $87.78. This decline comes amid a broader downturn
Key Takeaways Rambus beat Q2 earnings and revenue estimates as total revenues rose 20.4% year over year.RMBS posted record product revenues on strong AI, data center and DDR5 memory interface demand.Rambus expects Q3 revenues of $210-$216M and non-GAAP EPS of 75-82 cents. Rambus (RMBS - Free Report) reported second-quarter 2026 non-GAAP earnings of 77 cents per share, which increased 24.2% year over year and beat the Zacks Consensus Estimate of 71 cents by 8.45%.
Total revenues increased 20.4% year over year to $207.4 million, surpassing the Zacks Consensus Estimate by 4.27%.
Rambus' results were driven by record product revenues of $99.2 million, which rose 22% year over year, supported by robust AI and data center demand, as well as continued strength in its high-performance memory interface chips and silicon IP portfolio.
Rambus' Product Business Benefits From AI Memory DemandRecord product revenues reflected continued strength in DDR5 register clock drivers, growing adoption of next-generation memory interface chips and increasing AI-driven server deployments.
During the quarter, Rambus introduced complete DDR5 9600 chipsets for both server RDIMMs and client memory modules, extending its leadership in high-speed memory interfaces.
The company also remains on track to capitalize on emerging memory architectures such as MRDIMM and LPDDR5X SOCAMM2 as adoption accelerates.
Silicon IP Momentum Remains StrongRambus continued to benefit from robust demand for its silicon IP portfolio, securing new customer engagements across hyperscalers, custom silicon providers and AI semiconductor companies. Management highlighted a significant design win with a Tier-1 U.S. hyperscaler for next-generation High Bandwidth Memory IP designed for future AI chips.
The company also expanded its AI connectivity portfolio by introducing PCIe 7 Switch IP supporting 128 GT/s, aimed at next-generation AI scale-up and scale-out architectures requiring higher bandwidth, lower latency and secure data movement.
Rambus Maintains Healthy ProfitabilityNon-GAAP operating income increased to $93.7 million from $79 million in the year-ago quarter.
Non-GAAP operating margin remained strong at 45%, reflecting the company's disciplined execution despite continued investments in product development and growth initiatives.
Rambus' Strong Balance Sheet Supports GrowthRambus exited the quarter with $824.9 million in cash, cash equivalents and marketable securities, up from $786.1 million in the previous quarter. The increase was primarily driven by $61.2 million in operating cash flow.
The company remains debt-free, providing financial flexibility to continue investing in next-generation chip and IP solutions supporting AI and data-center infrastructure.
Rambus Guides for Continued GrowthFor the third quarter of 2026, Rambus expects revenues between $210 million and $216 million, including product revenues of $110-$116 million, Royalty revenues of $69-$75 million and contract and other revenues of $25-$31 million.
The Zacks Consensus Estimate for third-quarter revenues is currently pegged at approximately $211.6 million, reflecting a year-over-year improvement of 17.9%.
The company expects non-GAAP earnings per share between 75 cents and 82 cents. The Zacks Consensus Estimate for third-quarter earnings is currently pegged at 77 cents per share, reflecting a year-over-year improvement of 22.2%.
RMBS’ Zacks Rank & Stocks to ConsiderCurrently, RMBS carries a Zacks Rank #3 (Hold).Some better-ranked stocks in the broader Zacks Computer and Technology sector include ASE Technology (ASX - Free Report) , Bandwidth (BAND - Free Report) and Fortinet (FTNT - Free Report) . While Bandwidth and Fortinet sport a Zacks Rank #1 (Strong Buy) each, ASE Technology carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ASE Technology have rallied 127% in the year-to-date period. ASX is set to report its second-quarter 2026 results on July 30.
Shares of Bandwidth have surged 270% in the year-to-date period. BAND is slated to report its second-quarter 2026 results on July 29.
Fortinet shares have gained 92% in the year-to-date period. FTNT is set to report its second-quarter 2026 results on July 29.
This is a fair market value price provided by Massive. Learn more.
52-Week Range$65.31▼
$174.10P/E Ratio41.43
Price Target$136.63
Rambus’ NASDAQ: RMBS stock price correction is a thing of beauty to those focused on the long-term impact of AI on its business. While near-term headwinds, including market angst and summer trading conditions, impair the price action, the long-term story continues to strengthen.
The AI buildout is well underway, and it hinges on the kind of bottleneck-reducing technology Rambus supplies. Once a legacy provider, Rambus has repositioned itself around AI-critical memory interface hardware and IP. They enable quick, reliable, safe data transmission suitable for the most advanced AI workloads. The summer price pullback has decoupled from Rambus’ reality and created an attractive entry point in this market.
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Rambus’ Market Is in the Midst of a Secular Pivot, Higher Prices Are ComingRambus’ shift in position is evident in its stock price action. While near-term headwinds are reflected in the daily and weekly action, the monthly chart shows a secular-grade pivot underway. Price action, long hindered by post-DotCom headwinds, broke to fresh all-time highs alongside other emerging AI-critical names in early 2026 and is on track to double its price relative to late-July trading levels. Breaking out of the trading range brings price targets equal to the range magnitude into play, a move worth approximately $110 from the $115 break-out point.
Signals for investors to note include the steadily increasing volume and MACD convergence. They point to strong and strengthening market momentum, suggesting price action will at least retest the existing highs if not move to new highs. These signals align with market sentiment indicators such as analyst trends and institutional activity, which both lead the action with their revisions and limit downside risk.
Rambus’ Q2 results are unlikely to alter the analyst trends, only strengthen them. As it stands, MarketBeat tracks 11 analysts with current ratings. Coverage is increasing, sentiment is firming, there is a 63% Buy-side bias within the data, and the price targets are rising. Consensus forecasts a move to $135 by year’s end, sufficient to exceed the DotCom highs, but the trend matters: the high-end is pegged at $172, just shy of record stock price levels and likely to be increased as the quarters progress.
Rambus Sits Securely Behind a Deepening MoatThe company has a significant moat from its IP and product technology, with customers locked into multiyear contracts and product cycles that are expensive and difficult to break. Recent news includes new contracts with hyperscale clients that extend the growth runway while improving the profitability outlook. This year’s catalysts include production ramps, accelerating product launches, and the massive scaling of AI infrastructure.
What the market gets wrong about Rambus is that it isn’t just critical to AI training, but to AI inference as well. Management has noted the real opportunity is inference, where massive, high-bandwidth memory dumps from numerous sources are required—the exact bottleneck Rambus products address.
Rambus Retreats After Beat and Raise QuarterRambus’s post-release stock price pullback reveals the market was expecting strength. The critical details are that revenue grew by 20.4% to $207.39 million in Q2, exceeding company guidance and consensus forecasts, driven by product and IP sales. Product sales, the catalyst in 2026, grew by 13% sequentially and 22% compared to last year and now account for more than 50% of the business. Sales are driven by demand and new product lines focused on the datacenter, AI, and hyperscale markets.
Margins compressed during the quarter, but the bad news is offset by good. Compression is linked to product mix and R&D, which are ultimately good for business, and was less than expected. The company produced $61.2 million in cash from operations and 77 cents in adjusted earnings per share, 5 cents better than expected, with growth forecasted for Q3. Q3 guidance calls for another sequential increase in revenue and earnings and is likely to be cautious, given Q2's strength and outperformance.
Rambus' biggest risk this year is supply chain bottlenecks that threaten to curb its ability to convert product demand into revenue. Bottlenecks are already causing extended lead times and may worsen as the year progresses. To address this, Rambus is focusing on inventory so it’s ready to fill orders as they come in, as well as quality control. Tight quality control ensures higher throughput and lower overall costs and is accretive to the top and bottom lines. Additionally, Rambus is expanding its manufacturing partnerships to strengthen its fabless position, while memory makers such as Micron NASDAQ: MU are also investing in capacity.
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Key Takeaways Rambus delivered record Q2 revenues and earnings, exceeding estimates with strong product and royalty growth.RMBS expects sequential Q3 revenue growth, supported by DDR5 demand and licensing activity.Rambus sees AI, MRDIMM and silicon IP wins driving long-term growth despite supply constraints. Rambus Inc. (RMBS - Free Report) delivered a strong second quarter as management highlighted expanding opportunities across AI infrastructure, memory interface chips and silicon IP. While record financial performance underscored the company's operational momentum, executives spent much of the earnings call discussing how rising AI workloads are reshaping memory architectures and creating long-term growth opportunities for Rambus.
The company also projected another quarter of sequential revenue growth, supported by continued demand for DDR5 memory solutions and licensing activity, even as executives cautioned that industrywide supply constraints remain a key variable.
Rambus reported second-quarter revenues of $207.40 million, which beat the Zacks Consensus Estimate of $198.30 million. Non-GAAP earnings were $0.77 per share, which outpaced the Zacks Consensus Estimate of $0.71.The record quarterly performance was driven by strong product revenues, resilient royalty income and continued momentum across its diversified silicon IP business.
AI Workloads Continue to Expand Rambus' OpportunityPresident and CEO Luc Seraphin said AI is driving a fundamental shift in computing as inference and agentic AI applications require greater memory capacity, bandwidth and power efficiency. He noted that AI infrastructure is becoming increasingly heterogeneous, combining traditional CPU servers with AI accelerators, creating richer memory content opportunities for Rambus.
Product revenues reached a record $99.2 million, rising 22% year over year, supported by leadership in DDR5 register clock drivers (RCDs) and growing contributions from newer products. Management expects another quarter of double-digit product revenue growth in the third quarter.
New Products Position RMBS for Future GrowthDuring the quarter, Rambus expanded its DDR5 portfolio with complete DDR5-9600 chipsets for both client and server memory modules.
Management also highlighted continued progress in emerging memory technologies, including MRDIMM and LPDDR5X SOCAMM2 chipsets, which are designed to address increasingly specialized AI workloads. Seraphin said these platforms should provide additional growth opportunities as adoption accelerates over the next several years.
On the silicon IP side, Rambus secured new design wins across hyperscalers, custom silicon providers and AI semiconductor developers. The company also announced a Tier 1 U.S. hyperscaler selected Rambus' next-generation HBM IP for future AI chips and introduced PCIe 7.0 Switch IP to support next-generation AI networking architectures.
Guidance Points to Another Quarter of GrowthChief financial officer Sumeet Gagneja expects third-quarter revenues to be between $210 million and $216 million, and product revenues to be in the range of $110-$116 million.
The company expects non-GAAP earnings per share to be in the band of $0.75-$0.82. Management also increased inventory during the quarter to prepare for future product ramps while addressing longer supplier lead times.
Supply Constraints Remain the Primary ChallengeDuring the Q&A session, analysts focused heavily on supply availability and customer demand.
Responding to Rosenblatt Securities, Seraphin said Rambus experienced no manufacturing capacity constraints during the second quarter despite ongoing supply-chain tightness. He credited strong supplier relationships for allowing the company to meet customer demand.
William Blair asked whether customers were building excess inventory because of constrained memory supply. Seraphin said Rambus has not observed inventory accumulation among customers, adding that the company's own inventory build is strategic and intended to support anticipated demand in the coming quarters.
MRDIMM Adoption Could Accelerate in 2027Several analysts sought additional details on the timing of MRDIMM adoption.
Management reiterated that MRDIMM represents a significant long-term opportunity because it materially increases Rambus' silicon content per memory module. However, Seraphin said meaningful revenue contributions are more likely to occur in 2027 as new CPU platforms ramp more broadly, with only limited contribution expected in the fourth quarter of 2026.
The company also expressed growing confidence in its silicon IP business as hyperscalers increasingly work directly with Rambus during early chip architecture design. According to management, these engagements provide earlier licensing opportunities while strengthening long-term visibility into future AI infrastructure deployments.
Management Remains Confident in Long-Term GrowthAlthough executives acknowledged that supply constraints and platform timing remain important variables, management consistently expressed confidence in Rambus' long-term outlook.
Seraphin said expanding DDR5 adoption, higher memory channel counts, increasing companion chip penetration, MRDIMM adoption, and robust silicon IP licensing activity would serve as multiple growth drivers extending well beyond 2026. Management believes AI-driven demand for advanced memory subsystems continues to strengthen the company's competitive positioning across both products and licensing.
Zacks Rank and Style ScoresRMBS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The stock has a Growth Score of B, a Momentum Score of C, a Value Score of F, and a VGM Score of C. The Growth Score reflects favorable earnings growth characteristics, while the VGM Score indicates balanced overall fundamentals across value, growth and momentum factors.
Rambus Inc. (RMBS) Q2 2026 Earnings Call July 27, 2026 5:00 PM EDT
Company Participants
Sumeet Gagneja - Senior VP & CFO
Luc Seraphin - CEO, President & Director
Conference Call Participants
Kevin Cassidy - Rosenblatt Securities Inc., Research Division
Sebastien Cyrus Naji - William Blair & Company L.L.C., Research Division
Gary Mobley
Aaron Rakers - Wells Fargo Securities, LLC, Research Division
Kevin Garrigan - Jefferies LLC, Research Division
Tristan Gerra - Robert W. Baird & Co. Incorporated, Research Division
Mark Lipacis - Evercore ISI Institutional Equities, Research Division
Mehdi Hosseini - Susquehanna Financial Group, LLLP, Research Division
Presentation
Operator
Welcome to the Rambus Second Quarter Fiscal 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to turn the conference over to Sumeet Gagneja, Chief Financial Officer. You may begin your conference.
Sumeet Gagneja
Senior VP & CFO
Thank you, operator, and welcome to the Rambus Second Quarter 2026 Results Conference Call. I am Sumeet Gagneja, Chief Financial Officer at Rambus. And on the call today with me is Luc Seraphin, our CEO. The press release for the results that we will be discussing today has been filed with the SEC on Form 8-K. We are webcasting this call along with the slides that we will reference during portions of today's call. A replay of this call will be available on our website beginning today at 5 p.m. Pacific Time. Our discussion today will contain forward-looking statements, including our expectations regarding projected financial results, financial prospects, market growth, demand for our solutions, other market factors, including reflections of the geopolitical and macroeconomic environment amongst other items.
These statements are subject to risks and uncertainties that may be discussed during the call and more fully described in the documents we filed with the SEC, including our 8-Ks, 10-Qs and
Rambus (RMBS - Free Report) came out with quarterly earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.71 per share. This compares to earnings of $0.6 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +8.45%. A quarter ago, it was expected that this memory chip designer would post earnings of $0.61 per share when it actually produced earnings of $0.63, delivering a surprise of +3.28%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Rambus, which belongs to the Zacks Electronics - Semiconductors industry, posted revenues of $207.39 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.27%. This compares to year-ago revenues of $170 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Rambus shares have added about 4.5% since the beginning of the year versus the S&P 500's gain of 8.3%.
What's Next for Rambus?While Rambus has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Rambus was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.77 on $211.6 million in revenues for the coming quarter and $2.95 on $817.3 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Electronics - Semiconductors is currently in the top 26% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, SkyWater Technology, Inc. (SKYT - Free Report) , is yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.07 per share in its upcoming report, which represents a year-over-year change of +36.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
SkyWater Technology, Inc.'s revenues are expected to be $148 million, up 150.6% from the year-ago quarter.
3 Stocks Rallying on Micron's Price Boost: Substance or Hype?Rambus NASDAQ: RMBS reported record second-quarter fiscal 2026 revenue and non-GAAP earnings, supported by growth in its memory-interface chip business and contributions from royalties and silicon IP. The company’s revenue surpassed $200 million for the first time, while management said demand trends tied to AI infrastructure, CPU-based servers and rising memory requirements continue to support its outlook.
Second-quarter revenue totaled $207.4 million, up 20% from a year earlier and 15% sequentially. Non-GAAP net income was $84.4 million, or $0.77 per diluted share, representing year-over-year growth of 24% and sequential growth of 21%.
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5 Reasons Rambus Stock Price Collapse Is One Hot Entry Point“Rambus had an excellent second quarter, delivering a new all-time high in revenue and non-GAAP earnings and beating the high end of our guidance ranges,” Chief Executive Officer Luc Seraphin said. He said the company’s results were driven by record product revenue and diversified revenue streams.
Product Revenue Reaches Record Product revenue was $99.2 million, rising 22% year over year and 13% from the prior quarter. Royalties revenue was $84.2 million, while contract and other revenue was $24 million, consisting primarily of silicon IP. Rambus noted that some silicon IP revenue is included in royalties revenue rather than contract and other revenue.
Why Rambus’ Market Reset Might Be the Best News Bulls GetSeraphin attributed product growth to Rambus’ DDR5 registered clock driver, or RCD, business, along with traction in newer products. The company introduced complete chipsets for DDR5 9600 client and server memory modules during the quarter, including a DDR5 9600 RDIMM chipset built around its sixth-generation RCD and PMIC5030 power-management product.
The company is also pursuing new memory-module architectures, including MRDIMM and LPDDR5X SOCAMM2. Seraphin said these products are intended to address differing performance, capacity and power requirements as AI infrastructure becomes more varied.
Management expects MRDIMM’s contribution in the fourth quarter to be minimal, with a more material contribution expected in 2027 as CPU platforms ramp. Seraphin said Rambus is continuing to ship products for early customer system builds.
On LPDDR-based server modules, Seraphin said the company views SOCAMM as complementary to DDR-based server memory rather than a replacement. DDR is expected to remain dominant in systems requiring server-grade scale, capacity, reliability and serviceability, while LPDDR may be used where power efficiency is particularly important, he said.
AI and Silicon IP Demand Rambus said AI workloads are increasing demand for memory capacity, bandwidth, power efficiency and secure connectivity. Seraphin said agentic AI applications are helping drive demand for CPU-based servers used for orchestration, data management and real-time execution.
In silicon IP, the company cited customer traction and design wins across hyperscalers, custom silicon companies and AI semiconductor developers. Rambus disclosed a design win with a tier-one U.S. hyperscaler for next-generation HBM in future AI chips. Seraphin clarified during the question-and-answer session that the win is an IP opportunity, rather than a product-chip design win, and follows the company’s licensing business model.
The company also introduced PCIe 7 switch IP supporting 128 gigatransfers per second. Seraphin said Rambus can recognize licensing revenue before its customers’ end products reach the market, because the company engages with customers early in their chip-development process.
Management reiterated its view that the silicon IP business can grow 10% to 15% annually. Seraphin said confidence in that target has increased as hyperscalers take a more direct role in defining their own system architectures and as customers seek advanced memory, interconnect and security IP.
Supply Conditions and Inventory Rambus said it did not experience capacity constraints during the second quarter, although Seraphin said the company continues to see supply-chain tightness and lengthening lead times. He said Rambus has developed strong supplier relationships and has been able to meet market demand.
The company increased inventory by $16 million during the quarter. Management said the move was intended to support expected product ramps and provide customers with supply assurance as supply conditions remain tight. Seraphin said Rambus has not seen signs that customers are building excess inventory, but is itself holding strategic inventory for products expected to contribute to growth in the coming quarters.
Rambus ended the quarter with $825 million in cash equivalents and marketable securities, up $39 million from the first quarter. Operating cash flow was $61 million, capital expenditures were $12 million, and free cash flow was $49 million.
Third-Quarter Outlook For the third quarter, Rambus forecast revenue of $210 million to $216 million. Product revenue is expected to be $110 million to $116 million, which would represent a 14% sequential increase at the midpoint. The company projected royalties revenue of $69 million to $75 million and contract and other revenue of $25 million to $31 million.
Rambus expects third-quarter non-GAAP earnings per share of $0.75 to $0.82, based on an assumed 16% tax rate and 110 million diluted shares outstanding.
Chief Financial Officer Sumeet Gagneja, who joined Rambus recently and made his first earnings-call appearance, said the company will now focus its results and guidance on an ASC 606 revenue basis. Rambus had previously disclosed licensing billings as an operating metric, but Gagneja said the difference between royalties revenue and licensing billings has become minimal.
Management said it expects the second half of 2026 to be stronger than the first half, while continuing to guide on a quarter-by-quarter basis because of platform-ramp timing and supply constraints. Seraphin said the company sees favorable demand conditions extending into 2027, including broader DDR5 adoption, more memory channels per CPU, a potential MRDIMM ramp and continued growth in companion-chip products.
About Rambus (NASDAQ:RMBS)Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the second quarter ended June 30, 2026. Total revenue for the second quarter was $207.4 million, product revenue was $99.2 million, royalties revenue was $84.2 million and contract and other revenue was $24.0 million. GAAP diluted earnings per share was $0.61 and non-GAAP diluted earnings per share was $0.77. The Company als.
Allspring Global Investments Holdings LLC cut its stake in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 87.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 66,531 shares of the semiconductor company’s stock after selling 455,695 shares during the period. Allspring Global Investments Holdings LLC owned 0.06% of Rambus worth $5,984,000 at the end of the most recent reporting period.
Other large investors have also bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its holdings in Rambus by 2.7% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,385,570 shares of the semiconductor company’s stock worth $494,881,000 after purchasing an additional 140,226 shares during the period. Invesco Ltd. increased its stake in shares of Rambus by 70.6% during the fourth quarter. Invesco Ltd. now owns 4,148,653 shares of the semiconductor company’s stock valued at $381,220,000 after purchasing an additional 1,716,621 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Rambus by 3.4% during the fourth quarter. Geode Capital Management LLC now owns 2,842,715 shares of the semiconductor company’s stock valued at $261,256,000 after purchasing an additional 94,214 shares during the last quarter. Norges Bank bought a new position in shares of Rambus during the fourth quarter valued at $156,356,000. Finally, Swedbank AB increased its holdings in shares of Rambus by 14.7% during the first quarter. Swedbank AB now owns 1,563,000 shares of the semiconductor company’s stock valued at $134,465,000 after acquiring an additional 200,000 shares in the last quarter. 88.54% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades A number of research firms have weighed in on RMBS. Benchmark started coverage on shares of Rambus in a research note on Wednesday, July 15th. They set a “buy” rating and a $165.00 price objective for the company. Evercore reaffirmed an “outperform” rating and set a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a research report on Tuesday, April 28th. Rosenblatt Securities lifted their price target on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Finally, Jefferies Financial Group lifted their target price on shares of Rambus from $120.00 to $145.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $134.75.
Read Our Latest Analysis on Rambus
Rambus Trading Down 0.6% Shares of NASDAQ RMBS opened at $103.19 on Friday. The firm has a 50 day moving average of $129.40 and a 200 day moving average of $114.41. The firm has a market capitalization of $11.16 billion, a price-to-earnings ratio of 49.14 and a beta of 1.84. Rambus, Inc. has a 12-month low of $62.81 and a 12-month high of $174.10.
Rambus (NASDAQ:RMBS – Get Free Report) last announced its earnings results on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Rambus had a net margin of 31.90% and a return on equity of 17.41%. The business had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Sell-side analysts predict that Rambus, Inc. will post 2.44 EPS for the current year.
Insider Activity In other Rambus news, Director Eric B. Stang sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $146.00, for a total transaction of $730,000.00. Following the sale, the director owned 19,218 shares in the company, valued at approximately $2,805,828. This trade represents a 20.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Xianzhi Sean Fan sold 37,914 shares of Rambus stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the transaction, the executive vice president directly owned 168,358 shares in the company, valued at $25,538,225.02. This represents a 18.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 62,914 shares of company stock valued at $9,724,775. 0.75% of the stock is owned by insiders.
Rambus Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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California Public Employees Retirement System boosted its stake in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 15.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 227,271 shares of the semiconductor company’s stock after purchasing an additional 31,064 shares during the period. California Public Employees Retirement System owned approximately 0.21% of Rambus worth $19,552,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in RMBS. NewEdge Advisors LLC lifted its holdings in Rambus by 22,321.4% in the 1st quarter. NewEdge Advisors LLC now owns 9,417 shares of the semiconductor company’s stock worth $488,000 after buying an additional 9,375 shares in the last quarter. Empowered Funds LLC grew its stake in shares of Rambus by 34.1% during the first quarter. Empowered Funds LLC now owns 22,750 shares of the semiconductor company’s stock valued at $1,178,000 after acquiring an additional 5,783 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Rambus by 6.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 309,512 shares of the semiconductor company’s stock worth $16,025,000 after acquiring an additional 19,120 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Rambus during the first quarter worth about $218,000. Finally, Quantbot Technologies LP acquired a new position in shares of Rambus in the second quarter worth about $102,000. 88.54% of the stock is currently owned by hedge funds and other institutional investors.
Rambus Stock Down 1.9% Shares of Rambus stock opened at $103.83 on Thursday. The firm has a market cap of $11.23 billion, a P/E ratio of 49.44 and a beta of 1.84. Rambus, Inc. has a fifty-two week low of $62.81 and a fifty-two week high of $174.10. The business has a 50-day moving average price of $129.94 and a 200 day moving average price of $114.38.
Rambus (NASDAQ:RMBS – Get Free Report) last released its earnings results on Monday, April 27th. The semiconductor company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The company had revenue of $180.19 million for the quarter, compared to the consensus estimate of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. As a group, equities research analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current year.
Insider Activity In other Rambus news, Director Necip Sayiner sold 5,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total transaction of $850,750.00. Following the sale, the director directly owned 18,223 shares of the company’s stock, valued at approximately $3,100,643.45. This represents a 21.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Meera Rao sold 2,972 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $150.30, for a total transaction of $446,691.60. Following the sale, the director directly owned 19,974 shares in the company, valued at $3,002,092.20. This trade represents a 12.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 65,886 shares of company stock valued at $10,171,466 over the last three months. 0.75% of the stock is currently owned by company insiders.
Analyst Ratings Changes A number of research analysts recently commented on RMBS shares. Wells Fargo & Company increased their price target on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, April 28th. Robert W. Baird lowered Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 target price on the stock. in a research report on Tuesday, April 28th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Rambus in a research note on Friday, June 5th. Rosenblatt Securities raised their price target on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research report on Tuesday, April 28th. Finally, Benchmark began coverage on shares of Rambus in a research note on Wednesday, July 15th. They issued a “buy” rating and a $165.00 price target for the company. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $134.75.
Read Our Latest Research Report on Rambus
Rambus Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
Recommended Stories Five stocks we like better than Rambus Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).
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Bank of New York Mellon Corp cut its position in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 28.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 779,878 shares of the semiconductor company’s stock after selling 314,278 shares during the quarter. Bank of New York Mellon Corp owned about 0.72% of Rambus worth $67,093,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also bought and sold shares of the company. Acumen Wealth Advisors LLC bought a new position in shares of Rambus in the fourth quarter worth approximately $25,000. Torren Management LLC purchased a new stake in shares of Rambus in the 4th quarter worth approximately $26,000. Spire Wealth Management raised its position in shares of Rambus by 199.0% in the 4th quarter. Spire Wealth Management now owns 302 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 201 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new stake in shares of Rambus in the 4th quarter worth $28,000. Finally, IFP Advisors Inc grew its stake in shares of Rambus by 126.7% in the third quarter. IFP Advisors Inc now owns 442 shares of the semiconductor company’s stock worth $47,000 after acquiring an additional 247 shares during the period. 88.54% of the stock is currently owned by institutional investors.
Rambus Price Performance NASDAQ RMBS opened at $103.83 on Thursday. The stock has a market capitalization of $11.23 billion, a P/E ratio of 49.44 and a beta of 1.84. The firm’s 50-day moving average is $129.94 and its two-hundred day moving average is $114.38. Rambus, Inc. has a 12 month low of $62.81 and a 12 month high of $174.10.
Rambus (NASDAQ:RMBS – Get Free Report) last released its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $180.19 million for the quarter, compared to the consensus estimate of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. As a group, analysts anticipate that Rambus, Inc. will post 2.44 EPS for the current year.
Insiders Place Their Bets In related news, Director Meera Rao sold 2,972 shares of the stock in a transaction on Friday, April 24th. The stock was sold at an average price of $150.30, for a total value of $446,691.60. Following the completion of the sale, the director directly owned 19,974 shares in the company, valued at approximately $3,002,092.20. This represents a 12.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Xianzhi Sean Fan sold 37,914 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the completion of the transaction, the executive vice president owned 168,358 shares in the company, valued at $25,538,225.02. This represents a 18.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 65,886 shares of company stock worth $10,171,466. 0.75% of the stock is owned by insiders.
Analyst Upgrades and Downgrades A number of brokerages have recently issued reports on RMBS. Evercore reissued an “outperform” rating and set a $172.00 price objective on shares of Rambus in a research report on Tuesday, April 28th. Wells Fargo & Company raised their price objective on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, April 28th. Robert W. Baird downgraded shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price objective for the company. in a research note on Tuesday, April 28th. Benchmark initiated coverage on shares of Rambus in a report on Wednesday, July 15th. They set a “buy” rating and a $165.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Rambus in a research report on Friday, June 5th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $134.75.
Get Our Latest Analysis on Rambus
About Rambus (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
Read More Five stocks we like better than Rambus Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).
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Fifth Third Bancorp lifted its position in Rambus, Inc. (NASDAQ:RMBS – Free Report) by 1,675.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,361 shares of the semiconductor company’s stock after acquiring an additional 25,820 shares during the period. Fifth Third Bancorp’s holdings in Rambus were worth $2,354,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Krilogy Financial LLC lifted its position in Rambus by 3.8% during the first quarter. Krilogy Financial LLC now owns 2,238 shares of the semiconductor company’s stock valued at $193,000 after purchasing an additional 81 shares during the period. Oak Grove Capital LLC grew its position in Rambus by 1.3% during the 4th quarter. Oak Grove Capital LLC now owns 7,600 shares of the semiconductor company’s stock worth $698,000 after purchasing an additional 100 shares during the period. Northwestern Mutual Investment Management Company LLC raised its stake in shares of Rambus by 0.4% during the 4th quarter. Northwestern Mutual Investment Management Company LLC now owns 24,085 shares of the semiconductor company’s stock valued at $2,213,000 after buying an additional 103 shares during the last quarter. Ashton Thomas Private Wealth LLC raised its stake in shares of Rambus by 3.3% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 3,445 shares of the semiconductor company’s stock valued at $317,000 after buying an additional 110 shares during the last quarter. Finally, Meeder Advisory Services Inc. lifted its holdings in shares of Rambus by 3.0% in the 4th quarter. Meeder Advisory Services Inc. now owns 3,883 shares of the semiconductor company’s stock valued at $357,000 after buying an additional 114 shares during the period. Hedge funds and other institutional investors own 88.54% of the company’s stock.
Insider Buying and Selling at Rambus In other news, Director Meera Rao sold 2,972 shares of the business’s stock in a transaction that occurred on Friday, April 24th. The shares were sold at an average price of $150.30, for a total transaction of $446,691.60. Following the completion of the sale, the director owned 19,974 shares in the company, valued at approximately $3,002,092.20. The trade was a 12.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Xianzhi Sean Fan sold 37,914 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $151.69, for a total value of $5,751,174.66. Following the completion of the sale, the executive vice president directly owned 168,358 shares of the company’s stock, valued at approximately $25,538,225.02. This trade represents a 18.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 65,886 shares of company stock valued at $10,171,466. 0.75% of the stock is currently owned by company insiders.
Rambus Price Performance NASDAQ:RMBS opened at $105.79 on Wednesday. The company’s 50-day moving average is $130.56 and its two-hundred day moving average is $114.30. Rambus, Inc. has a 1-year low of $62.81 and a 1-year high of $174.10. The firm has a market capitalization of $11.44 billion, a price-to-earnings ratio of 50.38 and a beta of 1.84.
Rambus (NASDAQ:RMBS – Get Free Report) last posted its quarterly earnings data on Monday, April 27th. The semiconductor company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Rambus had a net margin of 31.90% and a return on equity of 17.41%. As a group, equities analysts anticipate that Rambus, Inc. will post 2.44 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth Several analysts recently commented on RMBS shares. Robert W. Baird lowered shares of Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price target on the stock. in a research report on Tuesday, April 28th. Rosenblatt Securities increased their target price on shares of Rambus from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Tuesday, April 28th. Benchmark assumed coverage on Rambus in a research report on Wednesday, July 15th. They set a “buy” rating and a $165.00 target price on the stock. Jefferies Financial Group lifted their price target on Rambus from $120.00 to $145.00 and gave the company a “buy” rating in a research note on Tuesday, April 28th. Finally, Evercore reaffirmed an “outperform” rating and issued a $172.00 price target on shares of Rambus in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $134.75.
Check Out Our Latest Report on Rambus
Rambus Profile (Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
See Also Five stocks we like better than Rambus Confidence Is Back, But Earnings Show the Consumer Is Being Picky AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off 3M’s Redemption Arc: Can Q2 Earnings Change the Narrative? 3 Photonics Companies Making Quantum Tech Possible Want to see what other hedge funds are holding RMBS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rambus, Inc. (NASDAQ:RMBS – Free Report).
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On July 21, 2026, Rambus Inc RMBS shares rose 4.7% today, closing at $105.79. The stock has experienced significant volatility over the past month, declining by 25.1%, but is up 15.1% year-to-date. The 52-week range for RMBS has been between $62.81 and $174.10.
GF Value™ verdict: Current price $105.79 vs GF Value™ of $94.54, indicating the stock is 11.9% overvalued.GF Score™ of 90/100, indicating a strong overall rating.Notable signal: Financial Strength rated 10/10, suggesting excellent financial stability. Is RMBS Overvalued or Undervalued? According to GF Value™, Rambus Inc is currently overvalued, trading at $105.79 compared to an intrinsic value estimation of $94.54, resulting in an overvaluation of 11.9%. This overvaluation presents a potential risk for investors, suggesting that the stock may not provide a sufficient margin of safety for new purchases at the current price. The GF Valuation label categorizes RMBS as "Modestly Overvalued," indicating caution for those considering entry into the stock.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current market price, investors may want to approach RMBS with caution, as the potential for a price correction exists if the stock fails to deliver on future growth expectations.
How Does RMBS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 50.4x 34.2x Forward P/E 35.4x N/A The current P/E ratio of 50.4x is significantly above its 5-year median of 34.2x, indicating that RMBS shares are trading at a premium relative to their historical valuation. This analysis aligns with the GF Value™ assessment, reinforcing the view that the stock is overvalued at its current price level.
What Does RMBS's GF Score™ Tell Us? Metric Rating GF Score™ 90/100 Financial Strength 10/10 Profitability 6/10 Growth 10/10 Valuation 7/10 Momentum 9/10 The GF Score™ of 90/100 indicates that Rambus has strong potential for long-term returns, with notable strengths in Financial Strength and Growth, both rated at 10/10. However, the Profitability rank of 6/10 suggests there might be room for improvement in generating consistent earnings relative to its peers.
What Are Insiders Doing with RMBS Stock? In recent months, insider activity has shown a pattern of selling, with insiders disposing of $11.8 million worth of shares without any buying activity reported. This trend may raise concerns among investors about the confidence insiders have in the company’s future prospects. Insider selling can be interpreted as a lack of conviction in the stock's current valuation or future growth potential.
What This Means for Investors Based on the assessment of GF Value™, Rambus Inc RMBS is currently overvalued. The intrinsic value estimation suggests that there is potential risk associated with investing at the current price level. Investors may need to reassess their positions or consider the potential for price corrections in the near future.
For the complete analysis, visit the Rambus Inc RMBS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is RMBS's GF Score™?
The GF Score™ for Rambus Inc is 90/100, indicating a strong potential for long-term returns based on its financial strength, growth prospects, and other key metrics.
Is RMBS overvalued or undervalued?
Rambus Inc is considered overvalued based on its current price of $105.79 compared to the GF Value™ of $94.54, suggesting a margin of 11.9% overvaluation.
What is RMBS's P/E ratio?
Rambus Inc has a trailing P/E ratio of 50.4x, which is significantly higher than its 5-year median of 34.2x, indicating that the stock is trading at a premium relative to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Rambus (NASDAQ:RMBS | RMBS Price Prediction) has ridden the AI memory wave in 2026, and Wall Street is taking notice. Benchmark and Rosenblatt Securities both initiated coverage this month with Buy ratings and $165 price targets, while the analyst consensus sits at $149.
Our 24/7 Wall St. price target for Rambus is $109.40 over the next 12 months, implying 8.48% upside from $100.85. Our recommendation is buy, with a confidence level of 90%.
24/7 Wall St. Price Target Summary Metric Value Current Price $100.85 24/7 Wall St. Price Target $109.40 Upside 8.48% Recommendation BUY Confidence Level 90% The Pullback That Reset Expectations Rambus is down 28.56% over the past month after touching a 52-week high of $174.10 in June. Even after the drawdown, shares are still up 47.85% over the trailing year and 9.75% year to date.
Q1 2026 revenue of $180.19 million narrowly beat consensus, though non-GAAP EPS of $0.63 missed by a penny. Product revenue climbed 15% year over year to $88 million on AI memory interface chip demand. The July 8 launch of the DDR5 9600 server RDIMM chipset (with a 20% bandwidth increase) kept the AI narrative intact. Q2 2026 earnings are set for July 27.
Why Bulls See a Breakout Ahead The bull case rests on Rambus owning the memory bottleneck in AI infrastructure. FY2025 revenue reached $707.63 million (+27.13%) and operating cash flow hit $360 million. Q4 2025 delivered a 24.77% EPS beat at $0.68.
CEO Luc Seraphin argues “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth.”
With the HBM4E memory controller IP marketed as the industry’s fastest, Benchmark’s Gary Mobley and Rosenblatt both see $165 as achievable. In the bull case, Rambus reaches $170.98, a 69.54% total return.
The Risks Worth Watching Royalty revenue slipped to $69.64 million in Q1 2026 from $74 million a year earlier, and non-GAAP operating margin compressed to 42% from 46%. Bulls counter that R&D spending rose 18% to $50.23 million because Rambus is funding the HBM4E and SOCAMM2 roadmap.
The shares trade at 48x trailing earnings, and GuruFocus pegs intrinsic value at $93.31. Tightening DRAM supply triggered an analyst downgrade after Q1, and a CFO transition adds noise. The bear case lands at $93.54, a 7.25% decline.
How Rambus Compares to Marvell and Micron Marvell Technology (NASDAQ:MRVL) is the closest AI-infrastructure silicon peer, trading at 47x forward earnings with an analyst target of $253.69. Marvell’s premium multiple, despite quarterly EPS growth of -80.4% YoY, suggests investors pay up for AI silicon exposure, making Rambus’s 24x forward P/E look reasonable.
Micron Technology (NASDAQ:MU) is the DRAM manufacturer whose memory Rambus’s interface chips enable. Micron trades at just 5x forward earnings with a 55.9% profit margin, showing memory cyclicality still spooks the market. Rambus’s IP-royalty model deserves a premium to Micron’s commodity exposure, supporting our target.
Company Forward P/E Analyst Target Rambus 24x $149 Marvell 47x $253.69 Micron 5x $1,491.95 I’d Buy It Here The 24/7 Wall St. price target for Rambus is $109.40, a buy at 90% confidence. The tipping factor is the recent 28% pullback, which resets the risk-reward after June’s froth.
Buy here if the July 27 earnings report confirms product revenue toward the top of the $95 to $101 million guide. Stay on the sidelines if royalty revenue slips further below $72 million or margins compress again.
Year 24/7 Wall St. Price Target 2026 $109 2027 $118 2028 $126 2029 $132 2030 $138.81 These projections assume Rambus executes on DDR5 leadership and HBM4E ramp. Significant upside or downside could come from AI infrastructure capex cycles or a shift in the DRAM royalty base.
Rambus, Inc. (NASDAQ:RMBS – Get Free Report) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 4,878,765 shares, a decline of 36.5% from the June 15th total of 7,682,296 shares. Based on an average daily volume of 4,603,682 shares, the short-interest ratio is currently 1.1 days. Currently, 4.5% of the shares of the company are short sold.
Analyst Upgrades and Downgrades RMBS has been the topic of several research reports. Wells Fargo & Company upped their target price on Rambus from $115.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, April 28th. Weiss Ratings reissued a “hold (c+)” rating on shares of Rambus in a report on Friday, June 5th. Evercore restated an “outperform” rating and issued a $172.00 price target on shares of Rambus in a research note on Tuesday, April 28th. Rosenblatt Securities upped their price objective on Rambus from $130.00 to $150.00 and gave the company a “buy” rating in a report on Tuesday, April 28th. Finally, Robert W. Baird cut Rambus from an “outperform” rating to a “neutral” rating and set a $120.00 price objective on the stock. in a research report on Tuesday, April 28th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Rambus has an average rating of “Moderate Buy” and a consensus price target of $134.75.
Get Our Latest Report on RMBS
Rambus Stock Up 0.0% Shares of NASDAQ:RMBS opened at $101.44 on Friday. Rambus has a 12-month low of $62.81 and a 12-month high of $174.10. The company’s 50 day moving average price is $131.72 and its two-hundred day moving average price is $114.01. The firm has a market cap of $10.97 billion, a PE ratio of 48.30 and a beta of 1.84.
Rambus (NASDAQ:RMBS – Get Free Report) last issued its quarterly earnings results on Monday, April 27th. The semiconductor company reported $0.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.02. The business had revenue of $180.19 million during the quarter, compared to analysts’ expectations of $179.94 million. Rambus had a return on equity of 17.41% and a net margin of 31.90%. On average, research analysts expect that Rambus will post 2.44 EPS for the current year.
Insider Transactions at Rambus In other news, Director Necip Sayiner sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $170.15, for a total transaction of $850,750.00. Following the completion of the sale, the director owned 18,223 shares in the company, valued at approximately $3,100,643.45. This trade represents a 21.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Xianzhi Sean Fan sold 37,914 shares of Rambus stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $151.69, for a total transaction of $5,751,174.66. Following the sale, the executive vice president directly owned 168,358 shares of the company’s stock, valued at $25,538,225.02. The trade was a 18.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 65,886 shares of company stock valued at $10,171,466. Corporate insiders own 0.75% of the company’s stock.
Institutional Inflows and Outflows A number of hedge funds have recently modified their holdings of the stock. Invesco Ltd. boosted its stake in Rambus by 70.6% in the fourth quarter. Invesco Ltd. now owns 4,148,653 shares of the semiconductor company’s stock valued at $381,220,000 after buying an additional 1,716,621 shares in the last quarter. Norges Bank acquired a new position in Rambus during the fourth quarter worth about $156,356,000. Bank of America Corp DE raised its stake in Rambus by 196.0% during the third quarter. Bank of America Corp DE now owns 1,550,665 shares of the semiconductor company’s stock worth $161,579,000 after acquiring an additional 1,026,776 shares in the last quarter. Bessemer Group Inc. lifted its holdings in shares of Rambus by 1,009.5% in the first quarter. Bessemer Group Inc. now owns 1,039,905 shares of the semiconductor company’s stock worth $89,463,000 after acquiring an additional 946,177 shares during the last quarter. Finally, EdgePoint Investment Group Inc. lifted its holdings in shares of Rambus by 38.5% in the first quarter. EdgePoint Investment Group Inc. now owns 1,947,742 shares of the semiconductor company’s stock worth $167,564,000 after acquiring an additional 541,056 shares during the last quarter. Institutional investors own 88.54% of the company’s stock.
About Rambus (Get Free Report)
Rambus Inc is a technology licensing company specializing in semiconductor and system-level interface solutions. Founded in 1990 by Stanford University researchers Mike Farmwald and Mark Horowitz, Rambus established its headquarters in Sunnyvale, California. The company initially gained prominence by developing high-speed DRAM interface technology and securing a broad patent portfolio covering memory architecture, data signaling and power management innovations.
Today, Rambus licenses its proprietary intellectual property (IP) to semiconductor companies, original equipment manufacturers (OEMs) and system integrators worldwide.
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Our Rambus (NASDAQ:RMBS | RMBS Price Prediction) call is constructive. After a violent June rally and sharp July pullback, the memory interface specialist trades in the shadow of its own overshoot. The 24/7 Wall St. price target for Rambus is $108.43 over the next 12 months, implying 5.38% upside from $102.89. Our recommendation is buy with high confidence at 0.9.
24/7 Wall St. Price Target Summary Metric Value Current Price $102.89 24/7 Wall St. Price Target $108.43 Upside 5.38% Recommendation BUY Confidence Level 90% From June Peak to July Reset Shares are down 6.16% over the past week and 28.19% over the last month after peaking near $143.29 on June 15. Even after that reset, RMBS is up 11.97% year to date and 59.45% over the past 12 months, trading 17% below the 52-week high of $174.10.
Fundamentals are strong. Q1 FY26 revenue hit $180.19 million, up 8.12% year over year, with product revenue climbing 15%. Non-GAAP EPS came in at $0.63, narrowly missing the $0.6363 consensus.
FY25 closed at $707.63 million in revenue, up 27.13%, and $360 million in operating cash flow. CEO Luc Seraphin flagged that “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth.”
The Bull Case Our bull-case scenario points to $173.05 within 12 months, implying 68.19% upside. Analyst consensus sits at $144.57, with 7 buys, 2 holds, and zero sells. Drivers:
DDR5 Registered Clock Driver leadership, HBM4E memory controller IP marketed as the industry’s fastest, and LPDDR5X SOCAMM2 chipset for next-generation AI servers. Q2 FY26 guidance calls for product revenue of $95 to $101 million, extending the Q4 FY25 record.
What Could Go Wrong The bear case targets $92.86, or -9.75% from here. Royalty revenue slipped to $69.64 million from $74 million a year ago. An analyst downgrade cited tightening DRAM supply. Non-GAAP operating margin compressed to 42% from 46% as R&D climbed 18%.
Insiders including the COO and multiple directors sold shares between $125.52 and $170.15 in May and June. Bulls counter that R&D spend of $50.23 million funds HBM4E and SOCAMM2 designs that should compound into product revenue for years.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rambus didn't make the cut. Grab the names FREE today.
Rambus vs. Marvell and Astera Labs Marvell Technology (NASDAQ:MRVL) is the scaled AI-silicon peer at a $180.6 billion market cap, with Q1 FY27 revenue of $2.42 billion and 27.6% growth. Marvell’s data center segment dwarfs all of Rambus, giving investors a read on AI infrastructure demand: if hyperscaler capex holds for MRVL, Rambus royalty and product ramps should follow.
Astera Labs (NASDAQ:ALAB) is the growth counterpoint. ALAB grew Q1 FY26 revenue 93.4% to $308.4 million and trades at a P/E of 283. Rambus’s 49 trailing and 24 forward P/E look reasonable against that. Peers make our $108.43 target look conservative on multiples but appropriate given Rambus’s slower top-line trajectory.
Bottom Line The 24/7 Wall St. price target for Rambus is $108.43, recommendation buy, confidence 90%. The combination of bullish analyst skew, tech sector tailwinds, and a derated price after the June pullback tips the scale.
Confidence rises if Q2 FY26 product revenue lands at the high end of the $95 to $101 million guide and royalty revenue stabilizes. The setup weakens if DRAM supply tightens further or margin compression persists.
Rambus Price Prediction 2026-2030 Our model projects the following trajectory under base-case assumptions, extending the 247Factor framework across a 5.18% annualized base-case return.
Year 24/7 Wall St. Price Target 2026 $108.43 2027 $106.32 2028 $111.61 2029 $118.51 2030 $127.10 These projections assume Rambus converts its DDR5, HBM4E, and SOCAMM2 pipeline into royalty and product revenue at its historical clip. A step-change in AI memory adoption could push results toward the bull path near $339 by 2031; a DRAM supply squeeze or major license loss could pin them near the bear path.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Rambus didn't make the cut. Grab the names FREE today.
Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our analyst ratings page.
Considering buying RMBS stock? Here’s what analysts think:
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Estimated Book Value Per Share as of June 30, 2026 of $7.22
Estimated GAAP net income of $0.44 per share for the quarter ended June 30, 2026 including an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instrumentsEstimated 6.2% total return on equity for the quarter ended June 30, 2026 Estimated book value, net income and total return on equity amounts are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firmRMBS Portfolio Characteristics as of June 30, 2026 Vero Beach, Fla., July 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today its estimated second quarter of 2026 results and portfolio characteristics as of June 30, 2026.
Shares Outstanding
As of July 13, 2026 and June 30, 2026, the Company had 199,603,438 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.
Estimated June 30, 2026 Book Value Per Share
The Company’s estimated book value per share as of June 30, 2026 was $7.22. The Company computes book value per share by dividing total stockholders' equity by the total number of outstanding shares of common stock. At June 30, 2026, the Company's preliminary estimated total stockholders' equity was approximately $1.4 billion with 199,603,438 shares of common stock outstanding. These figures and the resulting estimated book value per share are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm.
Estimated Net Income Per Share and Realized and Unrealized Gains on RMBS and Derivative Instruments
The Company estimates it generated net income per share of $0.44 for the quarter ended June 30, 2026, which includes an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments. These amounts compare to total dividends declared during the quarter of $0.30 per share. Net income per common share calculated under generally accepted accounting principles can, and does, differ from our real estate investment trust ("REIT") taxable income. The Company views REIT taxable income as a better indication of income to be paid in the form of a dividend rather than net income. Many components of REIT taxable income can only be estimated at this time and our monthly dividends declared are based on both estimates of REIT taxable income to be earned over the course of the current quarter and calendar year and a longer-term estimate of the REIT taxable income of the Company. These figures are preliminary, subject to change, and subject to review by the Company’s independent registered public accounting firm.
Estimated Total Return on Equity
The Company’s estimated total return on equity for the quarter ended June 30, 2026 was 6.2%. The Company calculates total return on equity as the sum of dividends declared and paid during the quarter plus changes in book value during the quarter, divided by the Company’s stockholders’ equity at the beginning of the quarter. The total return was $0.44 per share, comprised of dividends per share of $0.30 and an increase in book value per share of $0.14 from June 30, 2026.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of June 30, 2026 are presented below. These figures are preliminary and subject to change and, with respect to figures that will appear in the Company’s financial statements and associated footnotes as of and for the quarter ended June 30, 2026, are subject to review by the Company’s independent registered public accounting firm:
RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
RMBS Valuation Characteristics
($ in thousands)
Realized
Realized
Apr-26 -
Jun-26
Jun-26
Net
Weighted
CPR
CPR
Weighted
Average
(1-Month)
(3-Month)
Modeled Interest
Current
Fair
% of
Current
Average
Maturity
(Reported
(Reported
Rate Sensitivity (1)
Type Face
Value
Portfolio
Price
Coupon
GWAC
Age
(Months)
in July)
in July)
(-50 BPS)
(+50 BPS)
Fixed Rate RMBS 30yr 3.0 $315,785 $280,604 2.43% 88.86 3.00% 3.52% 62 291 8.1% 6.5% $8,376 $(8,497)30yr 3.5 37,144 33,944 0.29% 91.39 3.50% 4.30% 81 260 1.7% 3.7% 993 (1,011)30yr 4.0 47,532 45,097 0.39% 94.88 4.00% 4.77% 85 270 10.2% 11.4% 1,169 (1,208)30yr 4.5 436,796 422,712 3.66% 96.78 4.50% 5.46% 30 326 7.6% 6.1% 9,135 (10,098)30yr 5.0 2,163,688 2,140,194 18.55% 98.91 5.00% 6.00% 13 344 4.6% 5.2% 40,360 (47,402)30yr 5.5 4,030,632 4,086,306 35.41% 101.38 5.50% 6.45% 13 343 6.4% 6.6% 60,965 (76,234)30yr 6.0 3,051,319 3,146,124 27.26% 103.11 6.00% 6.92% 18 336 11.0% 15.1% 31,503 (43,625)30yr 6.5 1,261,375 1,317,446 11.42% 104.45 6.50% 7.39% 20 334 22.2% 22.8% 9,259 (13,756)30yr 7.0 52,676 55,771 0.48% 105.88 7.00% 7.91% 31 321 15.6% 42.4% 458 (600)Total Pass-Through RMBS 11,396,947 11,528,198 99.90% 101.15 5.54% 6.47% 18 338 9.2% 10.9% 162,218 (202,431)Total Structured RMBS 82,573 11,966 0.10% 14.49 3.39% 4.59% 139 204 7.2% 7.0% 63 95 Total Mortgage Assets $11,479,520 $11,540,164 100.00% 5.52% 6.45% 19 337 9.2% 10.9% $162,281 $(202,336) Hedge Modeled Interest
Notional
Period Rate Sensitivity (1)
Hedge Balance
End (-50 BPS)
(+50 BPS)
3-Month SOFR Futures $(390,000)Jan-27 $(1,950) $1,950 10-Year Treasury Future(3) (188,600)May-33 (6,062) 5,854 10-Year Ultra Treasury Future(4) (60,000)Feb-36 (2,628) 2,542 ERIS SOFR Swap Futures (10,000)Sep-31 (182) 177 Swaps (7,814,200)Feb-31 (160,872) 155,615 Swaptions (1,000,000)Dec-31 (2,737) 5,001 TBA Short (594,900)Jul-26 (8,005) 10,686 Hedge Total $(10,057,700) $(182,436) $181,825 Rate Shock Grand Total $(20,155) $(20,511) (1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.(2) Ten-year Treasury futures contracts were valued at prices of $109.89 at June 30, 2026. The market value of the short position was $207.3 million.(3) Ten-year Ultra futures contracts were valued at prices of $112.47 at June 30, 2026 The market value of the short position was $67.5 million. RMBS Assets by Agency
($ in thousands)
Percentage
Fair
of
Asset Category Value
Portfolio
As of June 30, 2026 Fannie Mae $6,022,656 52.2%Freddie Mac 5,517,509 47.8%Total Mortgage Assets $11,540,165 100.0% Investment Company Act of 1940 Whole Pool Test
($ in thousands)
Percentage
Fair
of
Asset Category Value
Portfolio
As of June 30, 2026 Non-Whole Pool Assets $574,055 5.0%Whole Pool Assets 10,966,109 95.0%Total Mortgage Assets $11,540,164 100.0% Borrowings By Counterparty
($ in thousands)
Weighted
Weighted % of
Average
Average Total
Total
Repo
Maturity LongestAs of June 30, 2026 Borrowings
Debt
Rate
in Days MaturityWells Fargo Securities, LLC $568,720 5.1% 3.77% 14 8/19/2026Marex Capital Markets Inc. 497,411 4.5% 3.78% 20 7/23/2026StoneX Financial Inc. 486,529 4.4% 3.79% 73 9/23/2026Hidden Road Partners Civ US LLC 484,902 4.4% 3.76% 53 8/26/2026Citigroup Global Markets Inc 483,698 4.4% 3.76% 29 9/21/2026ABN AMRO Bank N.V. 477,675 4.3% 3.76% 24 7/27/2026ASL Capital Markets Inc. 472,828 4.3% 3.77% 57 9/21/2026The Bank of Nova Scotia 460,634 4.2% 3.75% 27 8/13/2026South Street Securities, LLC 458,067 4.1% 3.82% 68 11/13/2026J.P. Morgan Securities LLC 451,719 4.1% 3.78% 27 7/27/2026RBC Capital Markets, LLC 445,012 4.0% 3.82% 27 7/27/2026Cantor Fitzgerald & Co 424,847 3.8% 3.76% 24 7/24/2026DV Securities, LLC Repo 423,823 3.8% 3.77% 47 8/27/2026Banco Santander SA 413,756 3.7% 3.77% 14 7/20/2026Daiwa Securities America Inc. 407,688 3.7% 3.81% 67 9/23/2026Clear Street LLC 407,554 3.7% 3.76% 17 7/20/2026Goldman, Sachs & Co 395,928 3.6% 3.76% 27 7/27/2026Bank of Montreal 376,058 3.4% 3.76% 15 7/15/2026ING Financial Markets LLC 370,344 3.3% 3.80% 13 7/13/2026Brean Capital, LLC 299,159 2.7% 3.76% 21 7/27/2026Mirae Asset Securities (USA) Inc. 296,573 2.7% 3.79% 47 8/24/2026MUFG Securities Canada, Ltd. 268,537 2.4% 3.75% 30 8/4/2026Morgan Stanley & Co. LLC 260,567 2.4% 3.74% 9 7/15/2026Merrill Lynch, Pierce, Fenner & Smith 252,699 2.3% 3.78% 26 7/27/2026Mitsubishi UFJ Securities (USA), Inc. 239,196 2.2% 3.77% 22 7/22/2026TD Securities (USA) LLC 219,140 2.0% 3.78% 42 8/11/2026Nomura Securities International, Inc. 212,865 1.9% 3.76% 40 8/14/2026Mizuho Securities USA LLC 182,067 1.6% 3.77% 15 7/15/2026Natixis, New York Branch 137,685 1.2% 3.76% 19 7/24/2026BNP Paribas Securities Corp. 135,654 1.2% 3.78% 41 8/10/2026Lucid Prime Fund, LLC 30,438 0.3% 3.75% 16 7/16/2026Canyon Partners, LLC 23,899 0.2% 3.71% 17 7/17/2026Mesirow Financial, Inc. 21,243 0.2% 3.75% 16 7/16/2026Total Borrowings $11,086,915 100.0% 3.77% 32 11/13/2026 Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
Few small-cap semiconductor names have ridden the AI infrastructure wave as cleanly as Rambus (NASDAQ:RMBS | RMBS Price Prediction). Memory bandwidth is the choke point of AI inference, and Rambus sits directly in that value chain with DDR5 chipsets, HBM controller IP, and next-generation server module solutions. The question now is whether the stock has already priced in the boom.
Our 24/7 Wall St. Price Target for Rambus Rambus trades at $112.92 after a 32.29% pullback over the past month. Our 24/7 Wall St. price target for Rambus is $110.76, implying a -1.91% move over the next 12 months. Our model classifies the stock as fairly valued, with 90% confidence. Shares are sitting almost exactly at fair value.
Metric Value Current Price $112.92 24/7 Wall St. Price Target $110.76 Upside/Downside -1.91% Recommendation HOLD Confidence Level 90% Why We Could Be Wrong Our 24/7 Wall St. price target sits just below where Rambus trades today, and the AI thesis here is real. Product revenue tied to DDR5 and HBM has been the fastest-growing part of the business, and management just launched a DDR5-9600 chipset targeting AI PCs. Consider our target one datapoint. The bull case below outlines why shares could push well past $170.
From $65 to $174 and Back Rambus has been on a tear, gaining 73.72% over the trailing year and 22.89% year to date, but the stock has cooled. Shares fell 8.71% last week alone and sit 17% below the 52-week high of $174.10.
Q1 FY26 revenue came in at $180.19 million, up 8.1% YoY, narrowly meeting expectations. Non-GAAP EPS of $0.63 came in just under the $0.64 consensus. Product revenue rose 15% YoY on AI server demand, while royalties slipped from $74 million to $69.6 million.
The Case for $173 and Higher Bulls point to the $144.57 consensus analyst target and a bull-case trajectory that reaches $173.57 by July 2027, a 53.71% return. The engine is memory.
CEO Luc Seraphin said “The growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth”. Rambus dominates DDR5 RCDs, is shipping HBM4E controller IP, and just added a DDR5-9600 client chipset for AI PCs. FY2025 revenue rose 27.13% to $707.63 million, and operating income jumped 45.34%.
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What Could Go Wrong The bear case starts with valuation. At a 54 trailing P/E and 17x sales, expectations are elevated. Royalty revenue is shrinking, operating margin compressed to 42% from 46%, and Rambus disclosed a DOJ antitrust subpoena. Insider selling has been consistent, with 26 insider sells and zero buys over the past year.
A DCF from Simply Wall Street pegs fair value at $68.22 to $73.96. Our bear case lands at $94.05. Bulls would counter that rising R&D (up 18% YoY) reflects disciplined investment in HBM4E and SOCAMM2.
Fairly Valued for Now The 24/7 Wall St. price target of $110.76 reflects a stock priced almost perfectly for its fundamentals. Rambus is a real AI infrastructure winner, but at these multiples the risk-reward is balanced.
I would get more constructive if Q2 FY26 product revenue lands at the top of the $95 to $101 million range and royalties stabilize. I would stay cautious if margin compression continues or the DOJ probe expands.
Extending our model forward, here is where Rambus could trade assuming the current AI memory cycle holds and margins gradually recover.
Year 24/7 Wall St. Price Target 2026 $110.76 2027 $112.45 2028 $116.20 2029 $119.80 2030 $123.39 These projections assume Rambus sustains DDR5 and HBM leadership. Meaningful upside or downside could emerge from HBM4E adoption pace, the DOJ investigation outcome, or a broader semiconductor cycle turn.
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SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (Nasdaq: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that it will hold a conference call on Monday, July 27, 2026, at 2:00 p.m. Pacific Time to discuss its second quarter fiscal year 2026 results. This call will be webcast and can be accessed via Rambus' website at investor.rambus.com. A replay will be available following the call on the Rambus Investor Relations website or for one week at the followi.
One of the best strategies for generating high returns over the past two years has been finding obscure AI stocks that are critical parts of relieving bottlenecks. For example, most investors didn't care about Micron or Nebius until mid-2025, and those two stocks have gone on to crush the S&P 500.
Investors who are looking for the next superstar may want to take a closer look at Rambus (RMBS +4.84%). It's only up by 25% year to date as I write this, and has a $13 billion market cap. That stock has more than quintupled over the past five years, so there is a history of strong momentum. A closer look reveals how the opportunity stacks up for long-term investors.
Image source: Getty Images.
Memory chip demand surges Rambus specializes in high-performance memory chipsets that are found in AI data centers. Memory chipsets essentially manage memory chips to ensure they perform optimally. Rambus has a few competitors, but broad tailwinds benefit the company greatly.
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If memory chips continue to fly off the shelves, memory chipsets will eventually follow. Micron has demonstrated that the first part of that equation is still strong. The company more than quadrupled its revenue year over year in its fiscal 2026 third quarter while delivering more than 70% sequential growth. Micron's current-quarter guidance implies more than 20% sequential growth.
Those results should translate into higher revenue growth rates for Rambus. Memory chips need memory chipsets like the ones Rambus provides, and this idea is starting to take shape in the company's finances. Overall revenue increased by 8% year over year in the most recent quarterly report, while product revenue was up by 15% year over year. The product segment includes Rambus' memory chipsets and is the fastest-growing part of the business.
AI inference and agentic workloads are in early innings Rambus CEO Luc Seraphin cited "the growth of AI inference and agentic workloads" when touting Rambus' long-term opportunities and ability to support next-generation AI platforms. Those products will require substantial amounts of memory chips and chipsets, and they are projected to grow meaningfully.
Grand View Research projects a 17.5% compound annual growth rate (CAGR) for the AI inference market and 46.2% CAGR for the agentic AI market through 2030.
Investors can already see the impact of these growing markets in Rambus' projections. Its product segment generated $88 million in Q1, and the company is forecasting $98 million at the midpoint for Q2. That target implies 11% sequential growth.
Rambus has demonstrated that it can meet memory performance requirements and gain market share in AI infrastructure. As its product revenue continues to grow sequentially, more investors will recognize the opportunity. The stock is well-positioned for a prolonged rally. I think it is one of the best AI stocks to buy right now.
Marc Guberti has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.
On June 23, 2026, Rambus Inc RMBS shares fell 8.6% today, currently priced at $128.29. The stock has experienced a 52-week range between $60.96 and $174.10, highlighting significant volatility over the past year. The recent drop adds to a one-month decline of 10.3% and a weekly decrease of 3.2%.
GF Value™ verdict: Shares are currently priced at $128.29, which represents a 37.5% overvaluation compared to the GF Value™ of $93.31.GF Score™: 85/100, indicating a strong overall ranking based on key financial metrics.Notable signal: Insiders sold $13.3 million in stock over the past three months, signaling potential caution regarding the company's future prospects. Is RMBS Overvalued or Undervalued? The current price of Rambus Inc at $128.29 is well above the GF Value™ estimate of $93.31, which indicates that the stock is overvalued by approximately 37.5%. This significant difference raises concerns about the sustainability of the current price level, particularly in light of the GF Valuation label stating that the stock is "Significantly Overvalued." The margin of safety appears limited, which suggests potential risks for current shareholders.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. The considerable gap between the current price and the GF Value™ raises red flags, indicating that the market may be pricing in overly optimistic future growth expectations for Rambus. Investors should be cautious, as overvaluation can lead to declines if market sentiment shifts or if the company fails to meet growth projections.
How Does RMBS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 61.0x 33.9x Forward P/E 43.0x N/A The current P/E (TTM) of Rambus is 61.0x, which is 80% above its 5-year median P/E of 33.9x. Additionally, the forward P/E of 43.0x suggests that analysts expect earnings to improve in the future. However, this analysis aligns with the GF Value™ verdict that the stock is overvalued. The elevated P/E ratios indicate that the market is pricing in high growth expectations, which may not be sustainable.
What Does RMBS's GF Score™ Tell Us? Metric Rating GF Score™ 85/100 Financial Strength 10/10 Profitability 6/10 Growth 10/10 Valuation 3/10 Momentum 9/10 The GF Score™ of 85/100 reflects a strong overall performance for Rambus, particularly in areas such as Financial Strength and Growth, where it scored 10/10. However, the Valuation score of 3/10 indicates significant concerns regarding its current pricing relative to its intrinsic value. The disparity between strong financial metrics and an unfavorable valuation suggests that while the company may be performing well operationally, its stock price may not be justified by its fundamentals.
What Are Insiders Doing with RMBS Stock? In the last three months, insiders have sold $13.3 million worth of shares without any buying activity, which can be interpreted as a bearish signal. This trend of selling may indicate a lack of confidence from those who have the most insight into the company's operations. The absence of insider buying further emphasizes the caution surrounding the stock's current valuation and future performance.
What This Means for Investors Based on the GF Value™ assessment, Rambus Inc is currently overvalued. The significant gap between the current share price and the estimated intrinsic value raises concerns about the sustainability of the current price level. Investors may need to proceed with caution in light of these factors.
For the complete analysis, visit the Rambus Inc RMBS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is RMBS's GF Score™?
RMBS has a GF Score™ of 85/100, indicating a strong overall ranking based on key financial metrics.
Is RMBS overvalued or undervalued?
According to the GF Value™ estimate, RMBS is overvalued, with a current price of $128.29 compared to a GF Value™ of $93.31.
What is RMBS's P/E ratio?
The P/E ratio for RMBS is 61.0x, which is significantly above its 5-year median P/E of 33.9x, indicating that the stock is trading at a premium compared to its historical valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA releases a recap of IMN's Non-QM Forum, held on June 15-16 at the Waldorf Astoria Monarch Beach in Dana Point, California, which brought together market professionals across the residential mortgage-backed securities (RMBS) space. The forum featured a range of discussions about how one of the most active sectors of private label RMBS is evolving against a more complex macroeconomic and regulatory backdrop. With non-qualified mortgage (non-QM) issuance at post-glo.
After a rally that has lifted Rambus (NASDAQ:RMBS | RMBS Price Prediction) 133.15% over the past year, the memory interface IP leader trades at $141.17. Our 24/7 Wall St. price target for Rambus is $117.57 over the next 12 months, implying 16.72% downside from current levels.
Our recommendation is sell, with high confidence at 90%. The shares are pricing in flawless execution against a backdrop of tightening DRAM supply and compressing margins.
24/7 Wall St. Price Target Summary Metric Value Current Price $141.17 24/7 Wall St. Price Target $117.57 Upside/Downside -16.72% Recommendation SELL Confidence Level 90% Why We Could Be Wrong Our 24/7 Wall St. price target of $117.57 sits below where Rambus trades today, and the bull case is real. The HBM4E memory controller IP ramp and the AI inference data center cycle could push product revenue meaningfully above guidance.
Wall Street analysts carry a consensus target of $145.25 with 7 buy ratings and zero sells. Treat our target as one datapoint among many.
A Year-Long Rally Meets a Margin Squeeze RMBS is up 53.63% year to date and 15.68% over the past month, though it pulled back 2.28% last week and sits 17% from its 52-week high of $174.10.
Q1 2026 revenue of $180.19 million beat slightly, but non-GAAP EPS of $0.63 missed the $0.6363 consensus. Non-GAAP operating margin compressed to 42% from 46%, R&D rose 18%, and royalty revenue declined year over year. An analyst downgrade citing tightening DRAM supply followed the report.
The Case for $175+ Bulls have catalysts. CEO Luc Seraphin said “The growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth, efficient data movement, and scalable connectivity.”
DDR5 RCD leadership, the LPDDR5X SOCAMM2 server module chipset, and the industry-fastest HBM4E memory controller IP position Rambus squarely inside the AI capex wave. Q2 2026 guidance calls for revenue of $186 million to $204 million. Our bull-case 12-month scenario reaches $175.08, a 24.02% gain.
The Risks Worth Watching RMBS trades at 62 trailing earnings and a price-to-sales ratio of 20, leaving little margin for error. Royalty revenue declined to $69.64 million in Q1, the CFO transitioned in Q4 2025, and supply chain disruption was disclosed.
Bulls would counter that R&D spending is the kind of investment that funds the HBM4E and SOCAMM2 ramps, and the balance sheet shows $1.39 billion in equity. Still, our bear case lands at $98.18, a 30.45% decline.
Rambus Price Prediction 2026-2030 The 24/7 Wall St. price target of $117.57 reflects a sell call at 90% confidence. The tipping factor is valuation: a forward multiple of 24 is reasonable, but the stock trades far above that anchor.
The bull thesis strengthens if HBM4E design wins translate into a step-function ramp in product revenue. The bear thesis strengthens if royalty revenue keeps slipping and margins keep compressing. Today, the setup favors patience.
Year 24/7 Wall St. Price Target 2026 $117.57 2027 $115.00 2028 $110.50 2029 $108.25 2030 $107.71 These projections assume Rambus continues executing its current DDR5 and HBM roadmap. Significant upside could result from accelerated HBM4E adoption, while downside risk centers on prolonged DRAM supply tightness and royalty erosion.
Rambus stock is showing notable weakness. What’s behind RMBS decline? Q1 HighlightsRambus reported adjusted earnings per share of 63 cents, missing the consensus estimate of 64 cents. In addition, it posted revenue of $180.18 million, beating the consensus estimate of $177.92 million and representing a 15% year-over-year growth.
"Rambus opened 2026 with a solid first quarter, delivering financial results in line with guidance and generating strong cash from operations," said CEO Luc Seraphin.
The company generated $83.2 million in cash from operating activities during the quarter.
Cash, cash equivalents, and marketable securities totaled $786.1 million as of March 31, 2026.
Rambus expects second-quarter adjusted revenue from $190.00 million to $208.00 million, versus the consensus estimate of $196.20 million.
Rambus Shares FallRMBS Price Action: At the time of publication, Rambus shares are trading 18.26% lower at $115.50, according to data from Benzinga Pro.
Image via Shutterstock
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Rambus, Inc. (NASDAQ:RMBS) reported mixed first-quarter results after Monday’s closing bell.
Rambus reported quarterly earnings of 63 cents per share, which missed the consensus estimate of 64 cents. Quarterly revenue came in at $180.19 million, which beat the Street estimate of $177.93 million, according to Benzinga Pro data.
"Rambus opened 2026 with a solid first quarter, delivering financial results in line with guidance and generating strong cash from operations," said Luc Seraphin, president and CEO of Rambus.
Rambus sees second-quarter revenue in a range of $190 million to $208 million, versus the $196.21 million analyst estimate.
Rambus shares fell 23.2% to trade at $108.47 on Tuesday.
These analysts made changes to their price targets on Rambus following earnings announcement.
Rosenblatt analyst Kevin Cassidy maintained Rambus with a Buy and raised the price target from $130 to $150. Evercore ISI Group analyst Daniel Markowitz maintained the stock with an Outperform rating and raised the price target from $119 to $172. Wells Fargo analyst Aaron Rakers maintained Rambus with an Overweight rating and raised the price target from $115 to $145. Considering buying RMBS stock? Here’s what analysts think:
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Rambus Inc (NASDAQ:RMBS) shares plunged nearly 23% to around $109.63 on Tuesday after the semiconductor intellectual property company reported first-quarter 2026 results that fell short of revenue expectations, compounded by an analyst downgrade citing mounting risks from tightening DRAM supply.
The company posted Q1 revenue of $180.2 million, missing the consensus estimate of $189.71 million, while adjusted earnings per share came in at $0.63, a hair below the $0.64 forecast.
Product revenue reached $88 million, up 15% year-over-year, while royalties totaled $69.6 million and contract and other revenue came in at $22.6 million.
For the second quarter, Rambus guided licensing billings of $76 million to $82 million, royalty revenue of $72 million to $78 million, product revenue of $95 million to $101 million, and contract and other revenue of $19 million to $25 million, with a diluted share count of 110 million.
Adding to the pressure, Baird downgraded the stock to Neutral, citing a growing risk of slowing RDIMM unit growth heading into 2027 driven by deepening DRAM supply constraints. The firm noted that while the acceleration in x86 CPU demand fueled by inferencing and agentic AI is a positive demand signal for Rambus, the company's volume-driven business model leaves it exposed when memory supply tightens.
"Rambus is the classic case of a unit-driven top-line impacted at times of severe memory shortages without the benefit of higher pricing," Baird wrote, adding that companies controlling their own capacity and benefiting from pricing power tend to maximize revenue and earnings leverage in such environments, while volume-driven players face headwinds when supply is constrained.
Baird flagged that the bulk of new DRAM capacity coming online is expected to be directed toward high-bandwidth memory, or HBM, leaving conventional RDIMM supply increasingly strained. The firm modeled RDIMM unit growth of 20% in 2026, slowing to 12% to 15% in 2027. It also noted that surging DRAM pricing could weigh on MRDIMM volumes, and that Google's ramp of CXL technology represents a further headwind.
Industry-wide DRAM bit growth is expected to reach only around 23% in 2027, potentially slowing further to barely 20% in 2028.
Baird also pointed to softening product revenue momentum, noting that second-quarter product revenue guidance implies growth of just 1% versus the fourth quarter of 2025, compared with 11% growth over the same period a year earlier, with the firm expecting year-over-year product revenue comparisons to decelerate through the remainder of 2026 and into 2027 absent new product introductions.
Despite the downgrade, Baird maintained its price target of $120 and described Rambus as one of the highest-quality names within its small-cap coverage.
Industry-proven finance leader brings deep semiconductor, data center and AI-driven computing ecosystem expertise to support long-term profitable growth
SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS) today announced the appointment of Sumeet Gagneja as senior vice president and chief financial officer, effective April 29, 2026. Mr. Gagneja joins Rambus with more than two decades of financial and operational leadership across the semiconductor, data center, and AI-driven computing ecosystem. Mr. Gagneja will oversee the company’s global finance organization, including financial strategy, capital allocation, and investor engagement, reporting to president and chief executive officer Luc Seraphin.
Rambus appoints former AMD Data Center finance leader Sumeet Gagneja as CFO, adding data center and AI ecosystem experience.
Share “Sumeet is a highly experienced finance leader with deep knowledge of the semiconductor and data center ecosystem,” said Luc Seraphin, president and chief executive officer of Rambus. “He brings a strong track record of helping companies scale with disciplined execution and a focus on value creation, and will be an outstanding addition to the leadership team as we continue to drive long-term profitable growth.”
Mr. Gagneja most recently served as divisional CFO for AMD’s Data Center segment. Previously, he was CFO of Western Digital’s Flash business and held senior finance leadership roles at Xilinx, Innovium, Maxim Integrated, Avago, and Intel. Across these roles, he supported capital allocation, mergers and acquisitions, operational planning, and investor and analyst engagement, bringing a disciplined and execution-focused approach to scaling complex technology businesses.
“I am excited to join Rambus and support its continued progress,” said Mr. Gagneja. “The company has a strong foundation, a differentiated portfolio, and a clear opportunity to deliver long-term profitable growth. I look forward to working with the leadership team to help drive disciplined execution and create durable value for shareholders.”
Gagneja holds a Master of Business Administration with high distinction from the University of Michigan Ross School of Business and a master’s degree in mechanical engineering from Wayne State University. He is a California Certified Public Accountant.
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next‑generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Forward-Looking Statements
This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to Rambus’ expectations regarding business opportunities, the Company’s ability to deliver long-term, profitable growth, product and investment strategies, and the Company’s outlook and financial guidance for the second quarter of 2026 and related drivers, and the Company’s ability to effectively manage market challenges. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.
Rambus’ NASDAQ: RMBS stock price took investors on a wild ride in April, surging to fresh highs then collapsing in the wake of its earnings release. The candle formed in late April is scary, a large red candle nearly engulfing the prior two weeks, but this is one bear investors will want to cuddle. While the late April price action raises some questions, the implications are clear. Rambus is well-positioned within the AI world, has a long runway for growth, and the sell-off was and is a buying opportunity
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Rambus Had a High Bar to Beat: As Expected Just Wasn’t Good EnoughRambus' stock price decline was centered on the price action prior to its Q1 earnings release. There was a high expectation for shockingly strong results, given the GPU and datacenter demand.
Rambus Today
$147.41 +2.94 (+2.03%)
As of 03:35 PM Eastern
This is a fair market value price provided by Massive. Learn more.
52-Week Range$57.98▼
$174.10P/E Ratio69.91
Price Target$130.43
Once primarily the licenser of intellectual property (IP), the company now designs and markets a widening range of memory interface products. These are not merely the connections between memory chips, but advanced semiconductor technology that enables the efficient operation of GPUs, clusters and data centers.
In the end, the results affirmed the company’s position, with product revenue growing to $88 million, accounting for nearly 50% of sales, and management highlighting the long-term potential. In management's view, it is the rise of agentic workflows and inference that drives demand for Rambus' products, a much larger market than the infrastructure side and one even earlier in its evolution. The likely outcome is that RMBS will continue to drive growth in the long term, potentially accelerating alongside AI adoption over the coming years.
Misplaced DRAM Concerns: Acceleration Coming in 2027Among the catalysts for Rambus’ stock price decline was a downgrade from Robert W. Baird. Analysts at the firm cut the rating to Hold, leaving the price target unchanged, citing concern over DRAM supply. The company cited shortages as hindering their growth, but this is a near-term phenomenon.
Companies such as Micron Technology NASDAQ: MU (and all other DRAM manufacturers) are actively ramping production and capacity, with significant improvement in DRAM availability expected by late 2027. In this scenario, Rambus may struggle to accelerate growth in the near term, but business remains assured, and the long-term outlook remains robust. In this scenario, not only is there an opportunity for this company to surprise in the upcoming quarters, but also a business acceleration tied to DRAM supply improvements.
Analysts, in General, Liked What They Saw in Rambus’ Earnings ReportRambus Stock Forecast Today12-Month Stock Price Forecast:
$130.43
-11.64% Downside
Moderate Buy
Based on 10 Analyst Ratings
Current Price$147.61High Forecast$172.00Average Forecast$130.43Low Forecast$90.00Rambus Stock Forecast Details
Robert W. Baird’s downgrade was not without cause, but it is an outlier.
The bulk of responses increased and reaffirmed price targets, leading to an above-consensus price point, including a new high target of $172.
The data tracked by MarketBeat reveals a moderate-conviction Moderate Buy consensus among 10 analysts with potential for 15% upside from the critical support level and an uptrend in the price targets.
The consensus of fresh targets, including Baird’s reaffirmed $120, places this market even higher, near $145, $15 above the broader consensus and on track to hit fresh highs.
The Price Action Is Kinda Bullish, Believe It or NotRambus' stock price decline suggests a deeper pullback is possible, but many factors, including price action, critical targets, and the MACD indicator, suggest otherwise. To begin, RMBS stock advanced sharply from its March low, accelerating over four weeks to set a new high, breaking above the DotCom high for the first time in over two decades. The price action formed Three, and then Four White Soldiers, a sign of a strengthening market with the capacity to continue higher. Regarding the price pullback, it shows support at the critical prior highs and is likely a strong level, given the ramp in trading volume over the past year.
The MACD indicator is the operative signal in this case. The MACD is a measure of market momentum and affirms strengthening through convergence. The MACD peak set in April converges with the fresh high and is an Extreme Peak, as it is the largest momentum swing on record. The implication is that this market will retest the recent high, at least, and will probably set a fresh high. The question is whether the fresh high is sustained and if even higher highs will come.
Rambus Results Weren’t Bad, No Reason to Shed 25% HereRambus' results were not bad, far from it, merely less than what the market had hoped. Revenue grew by a high single-digit amount, earnings by a slightly lower amount, and cash from ops by 15%. The net result was an increase in shareholder equity and the capacity to continue executing the strategy. That is IP development and, now, sales associated with it. The catalysts in 2026 include the expansion of the product line, with the launch of SOCAMM2 products, and the shift from DDR5 Gen2 to Gen3.
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Rambus PCIe® 7.0 Switch IP with Time Division Multiplexing enables efficient, scalable PCIe fabrics that optimize link utilization and reduce system complexity for scale up and scale out of distributed AI clusters and high-performance computing networks
Supports bandwidth scaling, low latency, and efficient data movement for AI, cloud, and HPC systemsIncreases link utilization through intelligent traffic multiplexing, enabling simpler architectures and scalable disaggregated and pooled compute designsExtends the industry-leading Rambus PCIe IP portfolio which spans switches, controllers, retimers, and debug solutions to support next‑generation AI infrastructure SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced the Rambus PCIe® 7.0 Switch IP with Time Division Multiplexing (TDM), a new addition to its advanced interconnect IP portfolio designed to address the rapidly escalating bandwidth, latency, and scalability requirements of AI, cloud, and high-performance computing (HPC) systems.
As AI infrastructure grows in scale and architectural complexity, system designers are increasingly challenged to move massive volumes of data efficiently across CPUs, GPUs, accelerators, and NVMe storage. The Rambus PCIe 7.0 Switch IP with TDM is architected to help meet these demands by enabling more flexible and efficient utilization of PCIe links, supporting emerging disaggregated and pooled compute architectures while maintaining low latency and deterministic performance.
Rambus PCIe 7.0 Switch IP with TDM Optimized for Next-Generation AI and Data Center SoCs
Built on the PCIe 7.0 specification, the Rambus newest switch IP is optimized for next‑generation AI and data center SoCs that require extreme bandwidth density, advanced traffic management, and seamless scalability. By incorporating TDM capabilities, the switch enables designers to intelligently schedule and multiplex traffic across shared links, helping maximize fabric utilization while supporting diverse workload profiles, from large‑scale AI training to latency‑sensitive inference and data movement.
“The acceleration of AI is fundamentally reshaping system architectures, and it’s no longer sufficient to simply add more lanes or more endpoints,” said Simon Blake‑Wilson, senior vice president and general manager of Silicon IP at Rambus. “With our PCIe 7.0 Switch IP with TDM, Rambus is giving system architects a new degree of freedom to scale bandwidth efficiently and deterministically, while reducing complexity and improving overall system utilization. This is a critical enabler for scale up and scale out of the next wave of advanced AI clusters and HPC networks.”
“AI infrastructure is increasingly defined by how efficiently data can move between heterogeneous compute and memory resources,” said Jeff Janukowicz, VP, Semiconductors and Enabling Technologies. “Advanced PCIe switching technologies that improve link utilization and enable flexible traffic orchestration will be key to building scalable, cost‑effective AI platforms as next‑generation interconnect technology evolves.”
Rambus PCIe 7.0 Switch IP with TDM Expands Industry-Leading PCIe IP Portfolio
The Rambus PCIe 7.0 Switch IP with TDM is designed to integrate seamlessly into leading-edge ASIC platforms and complements Rambus’ broader PCIe 7.0 IP portfolio, which includes controllers, retimers, and debug solutions. Together, these IP offerings help customers accelerate time‑to‑market while addressing the demanding performance, power, and reliability requirements of modern AI infrastructure.
The Rambus PCIe 7.0 Switch IP with TDM reinforces the company’s long‑standing leadership in high‑speed interface IP and its commitment to delivering differentiated interconnect technologies that help customers solve the most challenging problems in AI, cloud, and HPC Infrastructure.
More Information:
Learn more about the Rambus PCIe 7.0 Switch IP with TDM and Rambus’ industry-leading family of PCIe solutions at www.rambus.com/interface-ip/pci-express/.
Follow Rambus:
Company website: rambus.com
Rambus blog: rambus.com/blog
LinkedIn: www.linkedin.com/company/rambus
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Source: Rambus Inc.
Forward-looking statements
Information set forth in this press release, including statements as to Rambus’ outlook and financial estimates and statements as to the expected timing and effects of Rambus products, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on various assumptions and the current expectations of the management of Rambus and may not be accurate because of risks and uncertainties surrounding these assumptions and expectations. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, or what effect they will have on the operations or financial condition of Rambus. Forward-looking statements included herein are made as of the date hereof, and Rambus undertakes no obligation to publicly update or revise any forward-looking statement unless required to do so by federal securities laws.
Major risks, uncertainties and assumptions include, but are not limited to: any statements regarding anticipated operational and financial results; any statements of expectation or belief; other factors described under “Risk Factors” in Rambus’ Annual Report on Form 10-K and Quarterly Reports on Form 10-Q; and any statements of assumptions underlying any of the foregoing. It is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.
Rambus remains a Hold as Q1 results and guidance reset overly optimistic expectations, despite long-term DDR5-driven growth prospects. RMBS trades at 43x FY2026 P/E, reflecting little margin for error amid gradual product revenue ramp and an ongoing business model transition. Management reaffirmed a $600M MRDIMM TAM and expects mid-teens companion chip revenue contribution by end of 2026, but near-term growth is incremental.
May 13, 2026 16:45 ET | Source: Orchid Island Capital, Inc.
May 2026 Monthly Dividend of $0.10 Per Share of Common StockRMBS Portfolio Characteristics as of April 30, 2026Next Dividend Announcement Expected June 9, 2026 VERO BEACH, Fla., May 13, 2026 (GLOBE NEWSWIRE) -- Orchid Island Capital, Inc. (the “Company”) (NYSE: ORC) announced today that the Board of Directors of the Company declared a monthly cash dividend for the month of May 2026. The dividend of $0.10 per share will be paid June 29, 2026 to holders of record of the Company’s common stock on May 29, 2026, with an ex-dividend date of May 29, 2026. The Company plans on announcing its next common stock dividend on June 9, 2026.
The Company intends to make regular monthly cash distributions to its holders of common stock. In order to qualify as a real estate investment trust (“REIT”), the Company must distribute annually to its stockholders an amount at least equal to 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and excluding any net capital gain. The Company will be subject to income tax on taxable income that is not distributed and to an excise tax to the extent that a certain percentage of its taxable income is not distributed by specified dates. The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future.
As of May 13, 2026 and April 30, 2026, the Company had 200,700,226 shares of common stock outstanding. As of March 31, 2026, the Company had 196,700,226 shares of common stock outstanding.
RMBS Portfolio Characteristics
Details of the RMBS portfolio as of April 30, 2026 are presented below. These figures are preliminary and subject to change. The information contained herein is an intra-quarter update created by the Company based upon information that the Company believes is accurate:
RMBS Valuation CharacteristicsRMBS Assets by AgencyInvestment Company Act of 1940 (Whole Pool) Test ResultsRepurchase Agreement Exposure by CounterpartyRMBS Risk Measures About Orchid Island Capital, Inc.
Orchid Island Capital, Inc. is a specialty finance company that invests on a leveraged basis in Agency RMBS. Our investment strategy focuses on, and our portfolio consists of, two categories of Agency RMBS: (i) traditional pass-through Agency RMBS, such as mortgage pass-through certificates and collateralized mortgage obligations issued by Fannie Mae, Freddie Mac or Ginnie Mae, and (ii) structured Agency RMBS. The Company is managed by Bimini Advisors, LLC, a registered investment adviser with the Securities and Exchange Commission.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements include, but are not limited to, statements about the Company’s distributions. These forward-looking statements are based upon Orchid Island Capital, Inc.’s present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For further discussion of the factors that could affect outcomes, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
RMBS Valuation Characteristics ($ in thousands)
Realized Realized Feb-26 - Apr-26 Apr-26 Net Weighted CPR CPR Weighted Average (1-Month) (3-Month) Modeled Interest Current Fair % of Current Average Maturity (Reported (Reported Rate Sensitivity (1) Type Face Value Portfolio Price Coupon GWAC Age (Months) in May) in May) (-50 BPS) (+50 BPS) Fixed Rate RMBS
15yr 4.5 TBA $250,000 $248,076 2.14% 99.23 4.50% 5.41% 8 170 n/a n/a $3,518 $(4,113) 15yr Total 250,000 248,076 2.14% 99.23 4.50% 5.41% 8 170 n/a n/a 3,518 (4,113) 30yr 3.0 320,298 285,121 2.46% 89.02 3.00% 3.52% 60 293 3.9% 6.7% 8,532 (8,672) 30yr 3.5 37,630 34,449 0.30% 91.55 3.50% 4.30% 79 262 1.1% 0.8% 1,012 (1,032) 30yr 4.0 48,820 46,472 0.40% 95.19 4.00% 4.77% 83 272 12.9% 10.6% 1,187 (1,228) 30yr 4.5 442,020 428,330 3.70% 96.90 4.50% 5.46% 28 328 3.5% 7.7% 9,350 (10,333) 30yr 5.0 1,908,999 1,893,235 16.35% 99.17 5.00% 6.00% 13 344 5.2% 5.6% 35,770 (42,269) 30yr 5.5 3,519,332 3,577,448 30.90% 101.65 5.50% 6.46% 13 343 5.9% 8.6% 53,782 (67,626) 30yr 6.0 3,155,624 3,259,141 28.15% 103.28 6.00% 6.92% 16 339 18.5% 21.7% 32,555 (45,492) 30yr 6.5 1,518,506 1,590,370 13.74% 104.73 6.50% 7.39% 20 335 27.3% 26.7% 10,135 (15,677) 30yr 7.0 190,888 202,488 1.75% 106.08 7.00% 7.95% 30 321 42.9% 33.1% 1,303 (1,742) 30yr Total 11,142,117 11,317,054 97.75% 101.57 5.59% 6.53% 18 338 12.7% 14.9% 153,626 (194,071) Total Pass-Through RMBS 11,392,117 11,565,130 99.89% 101.52 5.57% 6.50% 17 334 12.7% 14.9% 157,144 (198,184) Structured RMBS
IO 20yr 4.0 4,902 373 0.00% 7.60 4.00% 4.56% 171 63 14.4% 11.7% 1 (1) IO 30yr 4.0 61,029 11,063 0.10% 18.13 4.00% 4.60% 139 211 5.3% 4.6% (70) 102 IO 30yr 4.5 2,656 497 0.00% 18.70 4.50% 4.99% 189 157 11.0% 8.7% (2) - IO 30yr 5.0 1,396 274 0.00% 19.63 5.00% 5.37% 190 157 1.8% 4.4% (2) 1 IO Total 69,983 12,207 0.11% 17.44 4.04% 4.62% 145 197 6.1% 5.2% (73) 102 IIO 30yr 4.0 14,954 97 0.00% 0.65 0.16% 4.40% 103 245 12.8% 8.6% 69 (44) Total Structured RMBS 84,937 12,304 0.11% 14.49 3.36% 4.58% 137 206 7.3% 5.8% (4) 58 Total Mortgage Assets $11,477,054 $11,577,434 100.00% 5.55% 6.49% 18 333 12.7% 14.8% $157,140 $(198,126) Hedge Modeled Interest Notional Period Rate Sensitivity (1) Hedge Balance End (-50 BPS) (+50 BPS) 3-Month SOFR Futures $(390,000) Dec-26 $(2,113) $2,113 5-Year Treasury Future(2) (180,000) Aug-30 (3,747) 3,662 10-Year Treasury Future(3) (123,600) Jan-33 (3,967) 3,909 10-Year Ultra Treasury Future(4) (60,000) Nov-35 (2,669) 2,556 ERIS SOFR Swap Futures (10,000) Jun-31 (195) 190 Swaps (7,014,200) Nov-30 (143,920) 139,285 TBA Short (155,000) May-26 (688) 1,310 Hedge Total $(7,932,800) $(157,299) $153,025 Rate Shock Grand Total $(159) $(45,101) (1) Modeled results from Citigroup Global Markets Inc. Yield Book. Interest rate shocks assume instantaneous parallel shifts and horizon prices are calculated assuming constant SOFR option-adjusted spreads. These results are for illustrative purposes only and actual results may differ materially.
(2) Five-year Treasury futures contracts were valued at prices of $107.84 at April 30, 2026. The market value of the short position was $194.1 million.
(3) Ten-year Treasury futures contracts were valued at prices of $110.59 at April 30, 2026. The market value of the short position was $136.7 million.
(4) Ten-year Ultra Treasury futures contracts were valued at prices of $112.86 at April 30, 2026. The market value of the short position was $67.7 million.
RMBS Assets by Agency ($ in thousands) Percentage Fair of Asset Category Value Portfolio As of April 30, 2026 Fannie Mae $5,910,702 52.2% Freddie Mac 5,418,656 47.8% Total Mortgage Assets $11,329,358 100.0% Investment Company Act of 1940 Whole Pool Test ($ in thousands) Percentage Fair of Asset Category Value Portfolio As of April 30, 2026 Non-Whole Pool Assets $590,190 5.2% Whole Pool Assets 10,739,167 94.8% Total Mortgage Assets $11,329,357 100.0% Borrowings By Counterparty ($ in thousands) Weighted Weighted % of Average Average Total Total Repo Maturity LongestAs of April 30, 2026 Borrowings Debt Rate in Days MaturityWells Fargo Securities, LLC $540,272 4.9% 3.79% 9 5/21/2026Hidden Road Partners Civ US LLC 500,781 4.6% 3.78% 27 5/28/2026Marex Capital Markets Inc. 498,421 4.6% 3.78% 80 7/23/2026ABN AMRO Bank N.V. 497,665 4.6% 3.77% 22 5/26/2026Citigroup Global Markets Inc 494,590 4.5% 3.78% 13 5/26/2026StoneX Financial Inc. 488,036 4.5% 3.79% 125 9/23/2026ASL Capital Markets Inc. 481,407 4.4% 3.79% 61 9/21/2026South Street Securities, LLC 477,914 4.4% 3.83% 76 11/13/2026The Bank of Nova Scotia 472,247 4.3% 3.78% 20 5/22/2026J.P. Morgan Securities LLC 461,915 4.2% 3.78% 26 5/26/2026RBC Capital Markets, LLC 451,723 4.1% 3.83% 73 7/27/2026DV Securities, LLC Repo 450,381 4.1% 3.78% 43 8/21/2026Cantor Fitzgerald & Co 440,165 4.0% 3.77% 22 5/28/2026Clear Street LLC 437,924 4.0% 3.79% 39 6/22/2026Daiwa Securities America Inc. 432,054 4.0% 3.79% 36 6/23/2026Banco Santander SA 426,957 3.9% 3.79% 14 5/19/2026Bank of Montreal 416,360 3.8% 3.79% 13 5/13/2026Goldman, Sachs & Co 406,319 3.7% 3.78% 27 5/27/2026Merrill Lynch, Pierce, Fenner & Smith 379,970 3.5% 3.79% 18 5/26/2026ING Financial Markets LLC 370,344 3.4% 3.80% 74 7/13/2026Mirae Asset Securities (USA) Inc. 328,612 3.0% 3.79% 29 6/17/2026Brean Capital, LLC 283,485 2.6% 3.79% 19 5/26/2026Mitsubishi UFJ Securities (USA), Inc. 244,377 2.2% 3.79% 22 5/22/2026MUFG Securities Canada, Ltd. 227,431 2.1% 3.78% 4 5/4/2026Nomura Securities International, Inc. 222,189 2.0% 3.79% 41 6/15/2026Mizuho Securities USA LLC 194,681 1.8% 3.79% 21 5/22/2026TD Securities (USA) LLC 172,885 1.6% 3.80% 43 6/12/2026Natixis, New York Branch 96,572 0.9% 3.78% 27 5/27/2026Lucid Prime Fund, LLC 31,400 0.3% 3.78% 14 5/14/2026Total Borrowings $10,927,077 100.0% 3.79% 38 11/13/2026 Contact:
Orchid Island Capital, Inc.
Robert E. Cauley
3305 Flamingo Drive, Vero Beach, Florida 32963
Telephone: (772) 231-1400
Our Rambus (NASDAQ:RMBS | RMBS Price Prediction) call lands on the cautious side after a powerful run. The memory interface and semiconductor IP designer has more than doubled in a year as AI infrastructure spending pours into DDR5, HBM, and high-bandwidth memory controllers. Our model says the easy money has already been made.
The 24/7 Wall St. price target for Rambus is $113.52, against a current price of $130.28. That implies -12.86% downside over the next 12 months. Our recommendation is hold, with a 90% confidence level, which qualifies as high conviction on the model side.
24/7 Wall St. Price Target Summary Metric Value Current Price $130.28 24/7 Wall St. Price Target $113.52 Upside/Downside -12.86% Recommendation HOLD Confidence Level 90% Why We Could Be Wrong Before going further, the 24/7 Wall St. price target of $113.52 sits below where Rambus trades today, and the bull arguments are real. Genuine upside could come from accelerating HBM4E memory controller IP adoption or a clean royalty re-acceleration as new licensing agreements close. Treat our number as one datapoint. A fuller bull case appears below.
A 140% Rally Met a Soft Quarter RMBS is up 140.77% over one year and 41.78% year to date, trading 14% below its 52-week high of $161.80.
Q1 FY2026, reported April 27, brought revenue of $180.19M (up 8.1% YoY) and non-GAAP EPS of $0.63, missing the $0.636 consensus by 0.99%. Product revenue grew 15% to $88.0M, but royalty revenue slipped to $69.64M, and non-GAAP operating margin compressed to 42% from 46%. The stock dropped 21.26% on the report.
The Case for $170+ Bulls have a credible path. CEO Luc Seraphin says “the growth of AI inference and agentic workloads in the data center continues to drive demand for higher memory bandwidth, efficient data movement, and scalable connectivity.” Rambus owns the industry’s fastest HBM4E controller IP and is shipping LPDDR5X SOCAMM2 chipsets into next-gen AI servers.
Q2 FY2026 guidance points to revenue of $186 to $204M. Full-year FY2025 revenue grew 27.13% to $707.63M with operating income up 45.34%. Sell-side coverage skews positive with 8 buy ratings versus 1 hold. Our bull case scenario points to $170.82, a 31.12% return.
The Risks Worth Watching Three headwinds keep us cautious. First, royalty revenue fell from $74.0M to $69.64M YoY, and an analyst downgrade cited tightening DRAM supply.
Second, operating expenses are accelerating, with R&D up 18% and SG&A up 13%. Bulls would counter that elevated R&D funds the HBM4E and SOCAMM2 roadmap that powers the long-term thesis.
Third, CFO Desmond Lynch resigned with John Allen stepping in as interim, and CEO Luc Seraphin executed multiple large disposals in March and April. Our bear case target is $93.54, a 28.2% drawdown.
Rambus Price Prediction 2026-2030 The 24/7 Wall St. price target of $113.52 reflects a real tension: Rambus has world-class IP in the right end markets, but at 64 trailing earnings and a forward P/E of 24, much of the AI memory story is priced in. The setup improves if Q2 FY2026 revenue lands at the high end of guidance and royalty revenue stabilizes. Caution stays warranted if margins compress further or DRAM supply tightens into a second quarter. Hold, with high model conviction.
Looking further ahead, here is where our model projects Rambus could trade, assuming current growth trajectories and AI memory tailwinds hold.
Year 24/7 Wall St. Price Target 2026 $113.52 2027 $118.40 2028 $124.10 2029 $118.85 2030 $109.56 These projections assume Rambus continues executing on its DDR5 and HBM4E roadmap. Significant upside could come from new licensing wins, while downside risk centers on royalty erosion and DRAM supply cycles.
SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (Nasdaq: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced that its executives will present at three upcoming investor events: the Baird 2026 Global Consumer, Technology & Services Conference; the Evercore 2026 Global TMT Conference; and the Rosenblatt 6th Annual Technology Virtual Summit.
Baird 2026 Global Consumer, Technology & Services Conference
Sumeet Gagneja, chief financial officer, and Matt Jones, senior vice president of corporate strategy, will present at the Baird 2026 Global Consumer, Technology & Services Conference in New York City, NY on Tuesday, June 2, 2026, at 9:05 a.m. ET. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.
Evercore 2026 Global TMT Conference
Luc Seraphin, chief executive officer, will present at the Evercore 2026 Global TMT Conference in San Francisco, CA on Wednesday, June 3, 2026, at 2:35 p.m. PT. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.
Rosenblatt 6th Annual Technology Virtual Summit
Steve Woo, fellow and distinguished inventor, will present at the Rosenblatt 6th Annual Technology Virtual Summit on Tuesday, June 9, 2026, at 2:00 p.m. PT. The presentation will be available live through a webcast that can be accessed on the Rambus Investor Relations website at investor.rambus.com. A replay of the presentation will also be available on the website following the event.
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next-generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
On May 21, 2026, Rambus Inc RMBS shares rose 6.3% today, bringing the current price to $141.82. Over the past year, the stock has seen remarkable performance, with a 52-week range of $52.12 to $161.80.
GF Value™ verdict: Current price is $141.82 vs GF Value™ of $91.75, indicating a 54.6% overvaluation.GF Score™ of 85/100 suggests a strong overall rating based on various performance metrics.Most notable signal: Insiders sold $8.6M worth of shares in the last 3 months without any buying activity. Is RMBS Overvalued or Undervalued? Rambus Inc RMBS is currently trading at $141.82, significantly above the GF Value™ estimate of $91.75, which indicates a 54.6% overvaluation. The GF Valuation label categorizes the stock as "Significantly Overvalued," highlighting a considerable gap between the market price and its intrinsic value. The significant overvaluation suggests a lack of margin of safety for potential investors, as the stock price does not reflect the underlying business fundamentals and future performance estimates.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. With the stock trading at such a premium, there is inherent risk involved. Market corrections could lead to a decline in stock price if the market adjusts to more accurately reflect the company's valuation.
How Does RMBS's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 67.5x 33.7x Forward P/E 47.8x N/A The current P/E ratio of 67.5x is considerably above its 5-year median of 33.7x, indicating that the stock is trading at a premium compared to its historical valuation. This analysis of the P/E ratio agrees with the GF Value™ verdict, further supporting the conclusion that RMBS is overvalued in the current market environment.
What Does RMBS's GF Score™ Tell Us? Metric Rating GF Score™ 85/100 Financial Strength 10/10 Profitability 6/10 Growth 10/10 Valuation 3/10 Momentum 9/10 Rambus Inc's GF Score™ of 85/100 indicates a strong overall rating, with particularly high marks in Financial Strength (10/10) and Growth (10/10). However, the Valuation score is notably low at 3/10, which aligns with the findings of the GF Value™ analysis. The momentum score of 9/10 suggests positive price movement, but the weak valuation rank indicates that the stock may not be a sound investment at its current price.
What Are Insiders Doing with RMBS Stock? In the last three months, insiders have sold $8.6 million worth of Rambus stock, with no reported purchases. This pattern of selling without any buying activity can suggest a lack of confidence among insiders regarding the stock's future performance. Such actions may indicate that those with the most intimate knowledge of the company do not believe the current price reflects its true value.
What This Means for Investors Based on the GF Value™ assessment, Rambus Inc RMBS is currently overvalued. The significant disparity between the current market price and the intrinsic value suggests potential risks for those considering investing in the stock at this time.
For the complete analysis, visit the Rambus Inc RMBS stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is RMBS's GF Score™?
RMBS has a GF Score™ of 85/100, indicating a strong overall rating based on key performance metrics.
Is RMBS overvalued or undervalued?
RMBS is considered overvalued, with a GF Value™ estimate of $91.75 compared to the current price of $141.82.
What is RMBS's P/E ratio?
RMBS's P/E (TTM) ratio is 67.5x, which is significantly higher than its historical 5-year median of 33.7x, indicating a premium valuation.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Industry’s fastest DDR5 Client Chipset, with Gen2 Client Clock Driver (CKD02), PMIC5120 and SPD Hub, offers breakthrough performance of up to 9600 MT/s
Enables advanced agentic AI, gaming and content creation workloads in future generation PC desktops and laptopsSupports high-bandwidth, high-capacity CUDIMM, CQDIMM and CSODIMM memory module form factorsExtends Rambus comprehensive memory module chipset offerings for server to client platforms SAN JOSE, Calif.--(BUSINESS WIRE)--Rambus Inc. (NASDAQ: RMBS), a premier chip and silicon IP provider making data faster and safer, today announced its complete DDR5 9600 Client Memory Module Chipset for high-performance CUDIMM, CQDIMM and CSODIMM modules in future generation AI PCs. The chipset includes the new Gen2 Client Clock Driver (CKD02), delivering breakthrough performance with support for PC memory module operation of up to 9600 MT/s, Power Management IC (PMIC5120) and Serial Presence Detect Hub (SPD Hub).
With the rise of agentic AI, PCs now plan, execute, and adapt workflows in real time. These workloads require persistent context, concurrent processing, and continuous data movement between the processor and system memory requiring significant increases in both bandwidth and capacity. At the same time, scaling DDR5 memory beyond 6400 MT/s introduces new technical challenges, including signal degradation, clock jitter, and timing instability. To address these challenges, the industry is transitioning to clocked memory modules, including CUDIMM and CQDIMM for desktops and CSODIMM for laptops, which incorporate an on-module client clock driver (CKD) to condition and redistribute the clock signal.
The new Rambus DDR5 9600 Client Chipset provides a complete solution for clocked DDR5 modules operating from 8000 to 9600 MT/s. Designed for performance and scalability, the chipset supports next-generation AI PCs, notebooks, and workstations. By addressing signal integrity, power delivery, and system coordination at the module level, Rambus simplifies the design and deployment of high-performance memory module solutions.
“Agentic workloads are fundamentally more memory-hungry, driving the need for higher memory bandwidth, greater capacity, and improved efficiency in AI-enabled PCs,” said Rami Sethi, SVP and general manager of Memory Interface Chips at Rambus. “Our DDR5 9600 Client Chipset, featuring the Gen2 Client Clock Driver, delivers the performance foundation needed to enable this new era of intelligent, high-performance client systems for AI-driven productivity, next-generation gaming and professional content creation.”
“As AI-driven workloads become increasingly pervasive across client devices, memory subsystem innovation will be key to unlocking their full potential,” said Jeff Janukowicz, research vice president at IDC. “To meet growing performance demands, the industry is transitioning to clocked memory architectures such as CUDIMM and CSODIMM, which are designed to address signal integrity and timing challenges at higher data rates. Complete chipset solutions that deliver stable, high-speed operation will play a critical role in accelerating the adoption of next-generation AI PCs.”
The Rambus DDR5 9600 Client Chipset supporting high-bandwidth, high-capacity, clocked client memory modules and includes:
Gen2 Client Clock Driver retimes, conditions and distributes the clock sent from the processor to the DRAM devices on the DIMM PMIC5120 efficiently steps down the system voltage supply to the voltage levels needed to power the DRAM and all other active chips on the module SPD Hub enables communication of module identification, configuration, and telemetry More Information
Learn more about the Rambus DDR5 9600 Client Memory Module Chipset at: https://www.rambus.com/memory-interface-chips/ddr5-client-dimm-chipset/
Follow Rambus:
Company website: rambus.com
Rambus blog: rambus.com/blog
LinkedIn: www.linkedin.com/company/rambus
About Rambus Inc.
Rambus delivers industry-leading chips and silicon IP for the data center and AI infrastructure. With over three decades of advanced semiconductor experience, our products and technologies address the critical bottlenecks between memory and processing to accelerate data-intensive workloads. By enabling greater bandwidth, efficiency and security across next generation computing platforms, we make data faster and safer. For more information, visit rambus.com.
Source: Rambus Inc.
Forward-looking statements
Information set forth in this press release, including statements as to Rambus’ outlook and financial estimates and statements as to the expected timing and effects of Rambus products, constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
These statements are based on various assumptions and the current expectations of the management of Rambus and may not be accurate because of risks and uncertainties surrounding these assumptions and expectations. Factors listed below, as well as other factors, may cause actual results to differ significantly from these forward-looking statements. There is no guarantee that any of the events anticipated by these forward-looking statements will occur, or what effect they will have on the operations or financial condition of Rambus. Forward-looking statements included herein are made as of the date hereof, and Rambus undertakes no obligation to publicly update or revise any forward-looking statement unless required to do so by federal securities laws.
Major risks, uncertainties and assumptions include, but are not limited to: any statements regarding anticipated operational and financial results; any statements of expectation or belief; other factors described under “Risk Factors” in Rambus’ Annual Report on Form 10-K and Quarterly Reports on Form 10-Q; and any statements of assumptions underlying any of the foregoing. It is not possible to predict or identify all such factors. Consequently, while the list of factors presented here is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties.
Rambus (NASDAQ:RMBS | RMBS Price Prediction) has become one of the more interesting names in the AI infrastructure supply chain, and it remains under the radar for most investors. This is the memory bandwidth IP company sitting underneath the entire AI buildout, yet awareness outside semiconductor circles is limited. That gap between fundamentals and recognition is what makes the research case worth examining.
Rambus designs the memory interface chips and the controller IP that let DDR5, LPDDR5X, and HBM memory actually keep up with AI accelerators. CEO Luc Seraphin put it bluntly on the Q1 call. “Everyone is trying to optimize now the memory subsystems… HBM, DDR, LPDDR… this plays to our strength because this is what we’ve been doing forever at Rambus.” When NVIDIA (NASDAQ:NVDA), AMD (NASDAQ:AMD), or a hyperscaler designs a custom accelerator, the memory side of that chip is Rambus territory.
Reason One: A Hardware Business Running Software-Company Margins Q1 2026 gross margin came in at 79.73%. Full-year 2025 sat at 75.98%, up from 69.14% in 2023. That margin profile exists because the royalty and IP side of the business is essentially capital-light, and the chip side is a high-value piece of silicon that customers cannot easily second-source.
Operating income went from $91.5 million in 2023 to $260.2 million in 2025. Q1 2026 operating cash flow was $83.2 million, and cash plus marketable securities now sit at $786 million against total liabilities of just $139.9 million. The balance sheet is effectively net cash.
Reason Two: Every AI Chip on Earth Needs This IP Product revenue grew 15% year over year to $88 million in Q1, with Q2 guided to $95 to $101 million. Seraphin says Rambus exited 2025 with mid-40% share in DDR5 RCDs and is gaining as the market transitions from Gen 2 to Gen 3.
The company also launched the industry’s fastest HBM4E controller, the exact IP block AI accelerators need for next-generation memory throughput. The MRDIMM opportunity alone is a $600 million SAM with the earnest ramp in 2027. Full-year 2025 revenue grew 27.13% to $707.63 million.
Reason Three: Victor Peng on the Board Is the Signal AMD’s former president joined the board, with the equity grant landing April 1, 2026. Peng ran Xilinx before AMD bought it and led AMD’s adaptive computing push.
He does not take a seat at a sub-$20 billion semiconductor company by accident. Custom silicon for hyperscalers is exactly where Rambus is positioned, and Peng is the operator who has lived inside that customer base.
The Honest Risk Royalty revenue declined to $69.6 million from $74.0 million a year ago, non-GAAP operating margin compressed from 46% to 42%, and one analyst downgrade flagged tightening DRAM supply.
The CFO also resigned. None of that changes the underlying thesis. Royalty lumpiness comes with the licensing model. Margin compression is funding R&D that grew to $50.23 million, which is the spend that produced the HBM4E controller in the first place. Supply tightness is a demand problem.
Why the Valuation Matters Shares trade at a forward multiple of roughly 24 for a company growing product revenue double digits, sitting on $786 million in cash, earning 79.73% gross margins, and embedded inside every meaningful AI memory architecture.
Analyst consensus rating sits at seven buys and two holds. The stock is up 170% over the past year. For investors researching under-the-radar AI infrastructure exposure, Rambus warrants a closer look as the next decade of inference workloads gets built.
All that said, I still wouldn’t expect big, explosive gains. This is an IP company and they’re never going to scale into the trillions with IP only. Thankfully, Rambus has moved into memory designing and derives around half of its revenue from semiconductor products. But the non-IP business still needs time to scale significantly and mature.
