ARM (NASDAQ:ARM) Shares Up 8.6%

Arm Holdings plc (NASDAQ:ARM)’s share price shot up 8.6% on Wednesday . The stock traded as high as 177.31 and last traded at 174.13. 22,339,000 shares traded hands during mid-day trading, an increase of 67% from the average session volume of 13,380,076 shares. The stock had previously closed at 160.29.

Wall Street Analyst Weigh In

Several research firms recently weighed in on ARM. BNP Paribas downgraded shares of ARM from an “outperform” rating to a “neutral” rating and set a $100.00 target price for the company. in a report on Friday, April 19th. New Street Research restated a “neutral” rating and issued a $110.00 price target on shares of ARM in a research note on Tuesday, February 27th. Mizuho boosted their price target on shares of ARM from $100.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, March 7th. The Goldman Sachs Group lifted their price objective on shares of ARM from $110.00 to $143.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, Susquehanna reaffirmed a “neutral” rating and set a $85.00 price objective on shares of ARM in a research report on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, ARM currently has a consensus rating of “Hold” and an average target price of 99.48.

ARM Price Performance

The firm’s fifty day simple moving average is 120.37 and its 200-day simple moving average is 106.90.

ARM (NASDAQ:ARM) last announced its quarterly earnings results on Wednesday, May 8th. The company reported 0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of 0.30 by 0.06. ARM had a net margin of 9.46% and a return on equity of 16.94%. The company had revenue of 928.00 million for the quarter, compared to the consensus estimate of 865.94 million. During the same quarter in the prior year, the firm earned $0.02 earnings per share. The company’s revenue for the quarter was up 46.6% compared to the same quarter last year. As a group, equities research analysts expect that Arm Holdings plc will post 0.85 EPS for the current fiscal year.

Institutional Trading of ARM

Institutional investors and hedge funds have recently modified their holdings of the business. Mark Sheptoff Financial Planning LLC purchased a new stake in shares of ARM in the first quarter valued at about $25,000. Ancora Advisors LLC purchased a new position in shares of ARM during the third quarter valued at approximately $32,000. SOA Wealth Advisors LLC. purchased a new position in shares of ARM during the first quarter valued at approximately $35,000. Bamco Inc. NY purchased a new position in shares of ARM during the third quarter valued at approximately $37,000. Finally, Naples Money Management LLC lifted its stake in shares of ARM by 47.8% during the first quarter. Naples Money Management LLC now owns 340 shares of the company’s stock valued at $42,000 after buying an additional 110 shares during the period. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Company Profile

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. It offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.