ARM (NASDAQ:ARM) Updates FY24 Earnings Guidance

ARM (NASDAQ:ARM) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided earnings per share (EPS) guidance of $1.00 to $1.10 for the period, compared to the consensus estimate of $1.03. The company issued revenue guidance of $2.96 billion to $3.08 billion, compared to the consensus revenue estimate of $2.97 billion. ARM also updated its Q3 guidance to $0.21 to $0.28 EPS.

ARM Trading Down 7.8 %

Shares of ARM stock opened at 50.14 on Thursday. ARM has a 1-year low of 46.50 and a 1-year high of 69.00.

Analyst Upgrades and Downgrades

ARM has been the subject of several research reports. JPMorgan Chase & Co. started coverage on shares of ARM in a research note on Monday, October 9th. They set an overweight rating and a $70.00 price objective for the company. Redburn Atlantic started coverage on ARM in a research note on Tuesday, September 19th. They set a neutral rating and a $50.00 price target for the company. Rosenblatt Securities began coverage on ARM in a research note on Monday, October 9th. They issued a buy rating and a $85.00 price objective on the stock. Deutsche Bank Aktiengesellschaft initiated coverage on shares of ARM in a research report on Monday, October 9th. They set a buy rating and a $60.00 target price for the company. Finally, HSBC assumed coverage on shares of ARM in a research report on Monday, October 9th. They set a hold rating and a $57.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have issued a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average target price of 62.05.

Institutional Trading of ARM

A hedge fund recently bought a new stake in ARM stock. UBS Group AG acquired a new stake in Arm Holdings plc (NASDAQ:ARM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 13,705 shares of the company’s stock, valued at approximately $733,000.

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.