Shares of Arm Holdings plc (NASDAQ:ARM – Get Free Report) reached a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as 98.17 and last traded at 98.17, with a volume of 2553722 shares. The stock had previously closed at 77.01.
The company reported 0.29 EPS for the quarter, beating analysts’ consensus estimates of 0.25 by 0.04. The firm had revenue of 824.00 million during the quarter, compared to analyst estimates of 762.50 million. The firm’s revenue for the quarter was up 13.8% on a year-over-year basis.
Analyst Ratings Changes
Several analysts recently weighed in on the company. Mizuho upped their price objective on ARM from $85.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday. Rosenblatt Securities raised their target price on ARM from $85.00 to $110.00 and gave the company a “buy” rating in a report on Tuesday, December 26th. KeyCorp lifted their price target on ARM from $75.00 to $120.00 and gave the stock an “overweight” rating in a report on Thursday. Deutsche Bank Aktiengesellschaft lowered ARM from a “buy” rating to a “hold” rating and lifted their price target for the stock from $60.00 to $70.00 in a report on Monday, December 18th. Finally, JPMorgan Chase & Co. lifted their price target on ARM from $70.00 to $100.00 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 given a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of 74.23.
Hedge Funds Weigh In On ARM
Hedge funds and other institutional investors have recently modified their holdings of the company. Armstrong Advisory Group Inc. purchased a new position in shares of ARM during the third quarter valued at about $27,000. Hoey Investments Inc. purchased a new position in shares of ARM during the third quarter valued at about $27,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of ARM by 49.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,555 shares of the company’s stock valued at $117,000 after acquiring an additional 514 shares during the last quarter. Centerpoint Advisors LLC bought a new position in shares of ARM in the 3rd quarter valued at about $32,000. Finally, Ancora Advisors LLC bought a new position in shares of ARM in the 3rd quarter valued at about $32,000.
ARM Trading Up 47.9 %
The company’s fifty day moving average price is 71.44.
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.
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