ARM (NASDAQ:ARM) Posts Quarterly Earnings Results, Beats Estimates By $0.04 EPS

ARM (NASDAQ:ARMGet Free Report) posted its earnings results on Wednesday. The company reported 0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of 0.25 by 0.04, Briefing.com reports. The company had revenue of 824.00 million for the quarter, compared to the consensus estimate of 762.50 million. The business’s quarterly revenue was up 13.8% on a year-over-year basis.

ARM Stock Performance

ARM opened at 115.21 on Friday. The company has a 50-day moving average of 72.47. ARM has a 1 year low of 46.50 and a 1 year high of 126.58.

Hedge Funds Weigh In On ARM

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG acquired a new stake in ARM in the third quarter worth about $733,000. Citigroup Inc. acquired a new stake in ARM in the third quarter worth about $344,000. Envestnet Asset Management Inc. acquired a new stake in ARM in the third quarter worth about $2,223,000. LPL Financial LLC acquired a new stake in ARM in the third quarter worth about $1,625,000. Finally, Stifel Financial Corp acquired a new stake in ARM in the third quarter worth about $1,222,000.

Analysts Set New Price Targets

ARM has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft cut shares of ARM from a “buy” rating to a “hold” rating and upped their target price for the company from $60.00 to $70.00 in a research note on Monday, December 18th. The Goldman Sachs Group upped their price target on shares of ARM from $65.00 to $95.00 and gave the company a “buy” rating in a research report on Friday. JPMorgan Chase & Co. upped their price target on shares of ARM from $70.00 to $100.00 and gave the company an “overweight” rating in a research report on Thursday. Mizuho upped their price target on shares of ARM from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday. Finally, KeyCorp upped their price target on shares of ARM from $75.00 to $120.00 and gave the company an “overweight” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and fourteen have given a 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 75.73.

Check Out Our Latest Report on ARM

About ARM

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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.

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