ARM (NASDAQ:ARM) Stock Price Up 1.2% – Here’s What Happened

Arm Holdings PLC Sponsored ADR (NASDAQ:ARM) shot up 1.2% during trading on Tuesday . The stock traded as high as $247.99 and last traded at $241.56. 3,477,185 shares changed hands during mid-day trading, a decline of 57% from the average session volume of 8,145,433 shares. The stock had previously closed at $238.78.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ARM. UBS Group decreased their price objective on shares of ARM from $360.00 to $320.00 and set a “buy” rating for the company in a research note on Thursday, July 30th. Morgan Stanley upped their price target on shares of ARM from $202.00 to $212.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. HSBC downgraded ARM from a “buy” rating to a “hold” rating and increased their price target for the company from $255.00 to $315.00 in a report on Tuesday, July 14th. KeyCorp boosted their price objective on ARM from $300.00 to $430.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Barclays boosted their price target on ARM from $250.00 to $360.00 and gave the stock an “overweight” rating in a research report on Monday, June 1st. Eighteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $305.12.

ARM Stock Up 1.2%

The stock has a market cap of $258.01 billion, a P/E ratio of 249.03, a price-to-earnings-growth ratio of 7.21 and a beta of 3.91. The firm’s 50 day simple moving average is $299.52 and its two-hundred day simple moving average is $231.13.

ARM (NASDAQ:ARM) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.05. The business had revenue of $1.29 billion for the quarter, compared to analysts’ expectations of $1.26 billion. ARM had a net margin of 20.25% and a return on equity of 12.24%. The company’s revenue for the quarter was up 22.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.35 EPS. As a group, equities analysts predict that Arm Holdings PLC Sponsored ADR will post 1.15 EPS for the current year.

Insider Buying and Selling

In other ARM news, insider William Abbey sold 6,566 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $402.72, for a total value of $2,644,259.52. Following the completion of the sale, the insider owned 20,563 shares of the company’s stock, valued at $8,281,131.36. The trade was a 24.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Laura Kathleen Bartels sold 11,306 shares of the business’s stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $392.70, for a total transaction of $4,439,866.20. Following the transaction, the chief accounting officer directly owned 12,135 shares in the company, valued at $4,765,414.50. This trade represents a 48.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 22,072 shares of company stock valued at $8,528,128 in the last ninety days.

Hedge Funds Weigh In On ARM

Several institutional investors have recently bought and sold shares of the business. Syntax Research Inc. acquired a new stake in shares of ARM in the first quarter valued at approximately $30,000. Evelyn Partners Investment Management Services Ltd bought a new stake in shares of ARM during the first quarter worth approximately $30,000. Allied Private Wealth LLC bought a new stake in shares of ARM during the 2nd quarter valued at $71,000. FWL Investment Management LLC acquired a new position in shares of ARM in the 2nd quarter valued at $34,000. Finally, Cassaday & Co Wealth Management LLC acquired a new position in shares of ARM in the 1st quarter valued at $40,000. Institutional investors own 7.53% of the company’s stock.

About ARM

Arm Holdings (NASDAQ: ARM) is a global semiconductor IP company best known for designing energy-efficient processor architectures and related technologies that underpin a wide range of computing devices. Founded in 1990 as a joint venture between Acorn Computers, Apple and VLSI Technology and headquartered in Cambridge, England, Arm develops the ARM instruction set architectures and core processor designs that chipmakers license and integrate into custom system-on-chip (SoC) products. The company operates a licensing and royalty business model rather than manufacturing chips itself.

Arm’s product portfolio includes CPU core families (such as Cortex and Neoverse lines), GPU and multimedia IP (Mali), neural processing units (Ethos) and a suite of system and physical IP blocks.