Jennison Associates LLC Sells 10,835 Shares of Arm Holdings plc (NASDAQ:ARM)

Jennison Associates LLC lessened its position in Arm Holdings plc (NASDAQ:ARM) by 79.1% in the third quarter, HoldingsChannel.com reports. The fund owned 2,869 shares of the company’s stock after selling 10,835 shares during the period. Jennison Associates LLC’s holdings in ARM were worth $410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently bought and sold shares of the business. ORG Partners LLC acquired a new position in shares of ARM in the third quarter valued at $29,000. Transcendent Capital Group LLC bought a new stake in ARM in the 2nd quarter valued at about $33,000. Gilliland Jeter Wealth Management LLC grew its position in ARM by 83.0% during the third quarter. Gilliland Jeter Wealth Management LLC now owns 258 shares of the company’s stock worth $37,000 after buying an additional 117 shares in the last quarter. RiverPark Advisors LLC grew its holdings in shares of ARM by 45.3% during the 2nd quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock worth $40,000 after purchasing an additional 77 shares in the last quarter. Finally, Mather Group LLC. acquired a new stake in ARM during the second quarter worth about $41,000. Institutional investors and hedge funds own 7.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Raymond James began coverage on ARM in a research note on Friday, September 13th. They set an “outperform” rating and a $160.00 target price for the company. Daiwa Capital Markets raised shares of ARM from a “neutral” rating to an “outperform” rating and set a $130.00 price objective on the stock in a research note on Thursday, August 8th. Evercore ISI increased their target price on shares of ARM from $173.00 to $176.00 and gave the company an “outperform” rating in a research report on Thursday, November 7th. Needham & Company LLC restated a “hold” rating on shares of ARM in a research report on Thursday, November 7th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price objective on shares of ARM in a research note on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $149.86.

ARM Stock Performance

ARM opened at $135.99 on Monday. Arm Holdings plc has a fifty-two week low of $60.37 and a fifty-two week high of $188.75. The firm has a 50-day moving average of $143.30 and a 200 day moving average of $140.87. The firm has a market cap of $142.50 billion, a P/E ratio of 226.65, a PEG ratio of 6.65 and a beta of 5.40.

ARM (NASDAQ:ARM) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.04. ARM had a net margin of 18.13% and a return on equity of 13.69%. The company had revenue of $844.00 million during the quarter, compared to analyst estimates of $810.03 million. During the same quarter last year, the business posted $0.36 EPS. ARM’s quarterly revenue was up 4.7% compared to the same quarter last year. Equities research analysts predict that Arm Holdings plc will post 0.79 earnings per share for the current fiscal year.

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.