Elite Wealth Management Inc. Buys 19,633 Shares of Arm Holdings plc (NASDAQ:ARM)

Elite Wealth Management Inc. boosted its position in Arm Holdings plc (NASDAQ:ARM) by 89.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 41,496 shares of the company’s stock after purchasing an additional 19,633 shares during the quarter. ARM comprises about 0.2% of Elite Wealth Management Inc.’s portfolio, making the stock its 14th biggest holding. Elite Wealth Management Inc.’s holdings in ARM were worth $6,790,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of ARM. Lazard Asset Management LLC increased its holdings in ARM by 393.0% in the first quarter. Lazard Asset Management LLC now owns 25,236 shares of the company’s stock valued at $3,154,000 after purchasing an additional 20,117 shares during the period. Mizuho Securities Co. Ltd. lifted its stake in ARM by 156.3% during the 2nd quarter. Mizuho Securities Co. Ltd. now owns 18,400 shares of the company’s stock valued at $3,011,000 after acquiring an additional 11,220 shares in the last quarter. Rheos Capital Works Inc. grew its position in ARM by 48.1% in the 1st quarter. Rheos Capital Works Inc. now owns 256,900 shares of the company’s stock worth $32,110,000 after purchasing an additional 83,400 shares in the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of ARM during the first quarter valued at approximately $222,000. Finally, Prudential PLC raised its position in ARM by 38.1% in the second quarter. Prudential PLC now owns 108,653 shares of the company’s stock worth $17,778,000 after acquiring an additional 29,992 shares during the period. 7.53% of the stock is currently owned by institutional investors and hedge funds.

ARM Trading Up 1.6 %

Shares of ARM stock opened at $140.59 on Friday. Arm Holdings plc has a 1-year low of $46.50 and a 1-year high of $188.75. The firm’s 50-day moving average price is $136.41 and its two-hundred day moving average price is $132.85. The stock has a market capitalization of $147.32 billion and a price-to-earnings ratio of 148.06.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.40 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.05. The company had revenue of $939.00 million for the quarter, compared to analyst estimates of $905.53 million. ARM had a return on equity of 18.97% and a net margin of 12.12%. ARM’s revenue was up 39.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 earnings per share. As a group, equities research analysts predict that Arm Holdings plc will post 0.82 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on ARM shares. Bank of America increased their target price on ARM from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Guggenheim boosted their target price on ARM from $110.00 to $169.00 and gave the stock a “buy” rating in a research report on Tuesday, June 25th. HSBC downgraded ARM from a “hold” rating to a “reduce” rating in a report on Monday, July 29th. TD Cowen upgraded shares of ARM to a “strong-buy” rating in a research report on Monday. Finally, Rosenblatt Securities restated a “buy” rating and set a $180.00 target price on shares of ARM in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, ARM currently has a consensus rating of “Moderate Buy” and an average price target of $125.96.

About ARM

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.