Arm Holdings PLC Sponsored ADR (NASDAQ:ARM – Get Free Report)’s share price traded up 1.7% during mid-day trading on Thursday . The stock traded as high as $267.69 and last traded at $255.21. Approximately 4,857,891 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 8,100,679 shares. The stock had previously closed at $251.06.
Analysts Set New Price Targets
Several research analysts recently commented on ARM shares. Benchmark began coverage on shares of ARM in a research note on Thursday, July 16th. They issued a “hold” rating on the stock. The Goldman Sachs Group raised their price target on shares of ARM from $125.00 to $150.00 and gave the stock a “sell” rating in a report on Thursday, May 7th. Morgan Stanley boosted their price objective on shares of ARM from $202.00 to $212.00 and gave the company an “equal weight” rating in a research report on Thursday, July 30th. Wells Fargo & Company lowered their price objective on shares of ARM from $350.00 to $280.00 and set an “overweight” rating for the company in a research note on Thursday, July 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $255.00 price objective on shares of ARM in a research note on Thursday, July 30th. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $305.12.
Get Our Latest Research Report on ARM
ARM Trading Down 6.3%
ARM (NASDAQ:ARM – Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.05. ARM had a return on equity of 12.24% and a net margin of 20.25%.The company had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. During the same quarter last year, the business posted $0.35 EPS. The firm’s revenue for the quarter was up 22.4% compared to the same quarter last year. On average, research analysts predict that Arm Holdings PLC Sponsored ADR will post 1.15 earnings per share for the current year.
Insiders Place Their Bets
In other news, CAO Laura Kathleen Bartels sold 11,306 shares of the company’s stock in a transaction dated Tuesday, June 2nd. The shares were sold at an average price of $392.70, for a total value of $4,439,866.20. Following the sale, the chief accounting officer directly owned 12,135 shares of the company’s stock, valued at $4,765,414.50. This represents a 48.23% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William Abbey sold 6,566 shares of the company’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $402.72, for a total transaction of $2,644,259.52. Following the completion of the sale, the insider directly owned 20,563 shares in the company, valued at $8,281,131.36. This represents a 24.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.
Institutional Investors Weigh In On ARM
Hedge funds have recently bought and sold shares of the business. Amundi increased its stake in shares of ARM by 24.8% during the first quarter. Amundi now owns 11,804 shares of the company’s stock valued at $1,153,000 after purchasing an additional 2,345 shares in the last quarter. Empowered Funds LLC grew its stake in shares of ARM by 28.8% in the 1st quarter. Empowered Funds LLC now owns 4,887 shares of the company’s stock worth $522,000 after buying an additional 1,094 shares during the last quarter. Schnieders Capital Management LLC. grew its stake in shares of ARM by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 2,430 shares of the company’s stock worth $393,000 after buying an additional 200 shares during the last quarter. Bank of Nova Scotia purchased a new stake in shares of ARM in the 2nd quarter worth approximately $556,000. Finally, State Street Corp increased its position in ARM by 14.7% during the 2nd quarter. State Street Corp now owns 441,445 shares of the company’s stock valued at $71,399,000 after buying an additional 56,656 shares in the last quarter. Institutional investors own 7.53% of the company’s stock.
ARM Company Profile
Arm Holdings (NASDAQ: ARM) is a global semiconductor IP company best known for designing energy-efficient processor architectures and related technologies that underpin a wide range of computing devices. Founded in 1990 as a joint venture between Acorn Computers, Apple and VLSI Technology and headquartered in Cambridge, England, Arm develops the ARM instruction set architectures and core processor designs that chipmakers license and integrate into custom system-on-chip (SoC) products. The company operates a licensing and royalty business model rather than manufacturing chips itself.
Arm’s product portfolio includes CPU core families (such as Cortex and Neoverse lines), GPU and multimedia IP (Mali), neural processing units (Ethos) and a suite of system and physical IP blocks.
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