ARM (NASDAQ:ARM) Shares Up 1.7% – Here’s What Happened

Arm Holdings plc (NASDAQ:ARM) shares shot up 1.7% during mid-day trading on Wednesday . The stock traded as high as $144.54 and last traded at $142.76. 1,425,974 shares changed hands during trading, a decline of 86% from the average session volume of 10,451,744 shares. The stock had previously closed at $140.38.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ARM. Daiwa Capital Markets upgraded ARM from a “neutral” rating to an “outperform” rating and set a $130.00 target price on the stock in a report on Thursday, August 8th. Wells Fargo & Company began coverage on ARM in a report on Friday, November 22nd. They set an “overweight” rating and a $155.00 target price on the stock. JPMorgan Chase & Co. upped their target price on ARM from $140.00 to $160.00 and gave the stock an “overweight” rating in a report on Thursday, November 7th. Daiwa America upgraded ARM from a “hold” rating to a “strong-buy” rating in a report on Thursday, August 8th. Finally, UBS Group began coverage on ARM in a research note on Monday, November 25th. They issued a “buy” rating and a $160.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $150.32.

ARM Price Performance

The firm has a market cap of $148.24 billion, a price-to-earnings ratio of 234.30, a P/E/G ratio of 7.01 and a beta of 4.67. The stock has a 50-day moving average of $142.57 and a 200-day moving average of $142.06.

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 analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $844.00 million for the quarter, compared to the consensus estimate of $810.03 million. ARM had a return on equity of 13.69% and a net margin of 18.13%. The firm’s quarterly revenue was up 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, equities analysts expect that Arm Holdings plc will post 0.79 EPS for the current fiscal year.

Institutional Investors Weigh In On ARM

Large investors have recently modified their holdings of the business. Transcendent Capital Group LLC bought a new position in shares of ARM in the 2nd quarter valued at $33,000. ORG Partners LLC bought a new position in shares of ARM in the 3rd quarter valued at $29,000. RiverPark Advisors LLC lifted its stake in shares of ARM by 45.3% in the 2nd quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock valued at $40,000 after acquiring an additional 77 shares during the last quarter. Mather Group LLC. bought a new position in shares of ARM in the 2nd quarter valued at $41,000. Finally, Gilliland Jeter Wealth Management LLC lifted its stake in shares of ARM by 83.0% in the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 258 shares of the company’s stock valued at $37,000 after acquiring an additional 117 shares during the last quarter. Institutional investors and hedge funds own 7.53% of the company’s stock.

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.