ARM (NASDAQ:ARM) Stock Price Up 4.9% on Analyst Upgrade

Arm Holdings plc (NASDAQ:ARM) rose 4.9% during trading on Tuesday after Bank of America raised their price target on the stock from $150.00 to $180.00. Bank of America currently has a buy rating on the stock. ARM traded as high as 170.35 and last traded at 168.15. Approximately 7,852,524 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 13,249,001 shares. The stock had previously closed at 160.29.

ARM has been the subject of several other reports. Evercore ISI reduced their price objective on ARM from $156.00 to $145.00 and set an “outperform” rating for the company in a research note on Thursday, May 9th. BNP Paribas lowered shares of ARM from an “outperform” rating to a “neutral” rating and set a $100.00 price objective on the stock. in a research note on Friday, April 19th. Sanford C. Bernstein lifted their target price on shares of ARM from $72.00 to $92.00 and gave the company an “underperform” rating in a research note on Thursday, May 16th. Wells Fargo & Company upped their price target on shares of ARM from $100.00 to $115.00 and gave the stock an “overweight” rating in a research note on Monday, April 29th. Finally, The Goldman Sachs Group lifted their price objective on ARM from $110.00 to $143.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of 99.48.

Hedge Funds Weigh In On ARM

Several large investors have recently added to or reduced their stakes in the company. Schroder Investment Management Group acquired a new stake in shares of ARM during the 4th quarter valued at about $480,194,000. FMR LLC acquired a new stake in ARM during the third quarter valued at approximately $242,812,000. Wellington Management Group LLP bought a new stake in shares of ARM in the 3rd quarter valued at approximately $152,896,000. Invesco Ltd. acquired a new stake in ARM in the 3rd quarter valued at $143,092,000. Finally, Mubadala Investment Co PJSC acquired a new position in ARM during the fourth quarter worth $150,437,000. Institutional investors and hedge funds own 7.53% of the company’s stock.

ARM Stock Performance

The stock has a fifty day simple moving average of 117.86 and a 200-day simple moving average of 105.27.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Wednesday, May 8th. The company reported 0.36 EPS for the quarter, beating analysts’ consensus estimates of 0.30 by 0.06. The firm 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 for the quarter was up 46.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.02 earnings per share. On average, equities research analysts anticipate that Arm Holdings plc will post 0.85 EPS for the current year.

ARM Company Profile

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.