ARM (NASDAQ:ARM) Trading 3.9% Higher Following Analyst Upgrade

Shares of Arm Holdings plc (NASDAQ:ARM) were up 3.9% on Tuesday after The Goldman Sachs Group raised their price target on the stock from $110.00 to $143.00. The Goldman Sachs Group currently has a buy rating on the stock. ARM traded as high as 145.72 and last traded at 145.41. Approximately 3,903,083 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 13,105,850 shares. The stock had previously closed at 139.91.

A number of other research analysts have also recently issued reports on ARM. Mizuho boosted their price objective on shares of ARM from $100.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, March 7th. New Street Research reaffirmed a “neutral” rating and set a $110.00 price objective on shares of ARM in a research note on Tuesday, February 27th. KeyCorp raised their price objective on ARM from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Evercore ISI decreased their target price on ARM from $156.00 to $145.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. Finally, Daiwa Capital Markets cut ARM from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $63.00 to $130.00 in a report on Friday, February 16th. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, ARM currently has an average rating of “Hold” and a consensus price target of 94.88.

Institutional Investors Weigh In On ARM

A number of institutional investors and hedge funds have recently made changes to their positions in ARM. Cetera Advisors LLC bought a new stake in shares of ARM in the 1st quarter valued at about $726,000. Cetera Investment Advisers acquired a new position in ARM during the first quarter worth approximately $3,425,000. Virtu Financial LLC raised its stake in ARM by 198.6% in the first quarter. Virtu Financial LLC now owns 51,016 shares of the company’s stock valued at $6,376,000 after buying an additional 33,931 shares during the period. EMC Capital Management acquired a new stake in shares of ARM in the first quarter valued at approximately $124,000. Finally, iA Global Asset Management Inc. boosted its stake in shares of ARM by 28.2% during the 1st quarter. iA Global Asset Management Inc. now owns 13,944 shares of the company’s stock worth $1,743,000 after acquiring an additional 3,069 shares during the period. Institutional investors own 7.53% of the company’s stock.

ARM Stock Performance

The business has a fifty day moving average of 114.85 and a two-hundred day moving average of 101.99.

ARM (NASDAQ:ARM) last issued its quarterly earnings data on Wednesday, May 8th. The company reported 0.36 earnings per share for the quarter, beating the consensus estimate of 0.30 by 0.06. The company had revenue of 928.00 million for the quarter, compared to analyst estimates of 865.94 million. ARM had a net margin of 9.46% and a return on equity of 16.94%. The company’s revenue was up 46.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.02 earnings per share. Analysts anticipate that Arm Holdings plc will post 0.85 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.