Longitude Cayman Ltd. Trims Stake in Arm Holdings plc (NASDAQ:ARM)

Longitude Cayman Ltd. cut its stake in shares of Arm Holdings plc (NASDAQ:ARM) by 32.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 15,500 shares of the company’s stock after selling 7,500 shares during the quarter. ARM makes up approximately 1.6% of Longitude Cayman Ltd.’s holdings, making the stock its 19th biggest holding. Longitude Cayman Ltd.’s holdings in ARM were worth $2,536,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ARM. Mark Sheptoff Financial Planning LLC purchased a new position in shares of ARM during the first quarter worth $25,000. Mather Group LLC. purchased a new stake in ARM during the 2nd quarter worth approximately $41,000. SOA Wealth Advisors LLC. purchased a new stake in ARM during the 1st quarter worth approximately $35,000. Oakworth Capital Inc. purchased a new stake in shares of ARM in the 2nd quarter valued at approximately $47,000. Finally, Valley National Advisers Inc. grew its position in shares of ARM by 483.3% in the 2nd quarter. Valley National Advisers Inc. now owns 315 shares of the company’s stock valued at $51,000 after buying an additional 261 shares during the last quarter. 7.53% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on ARM. Wells Fargo & Company lifted their target price on shares of ARM from $100.00 to $115.00 and gave the stock an “overweight” rating in a research report on Monday, April 29th. The Goldman Sachs Group increased their target price on shares of ARM from $110.00 to $143.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Daiwa Capital Markets upgraded shares of ARM from a “neutral” rating to an “outperform” rating and set a $130.00 price target for the company in a research report on Thursday, August 8th. Rosenblatt Securities reiterated a “buy” rating and issued a $180.00 target price on shares of ARM in a research report on Thursday, August 1st. Finally, HSBC lowered shares of ARM from a “hold” rating to a “reduce” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, ARM currently has an average rating of “Moderate Buy” and an average target price of $121.56.

ARM Stock Performance

Shares of ARM stock traded down $1.48 on Thursday, reaching $129.72. The stock had a trading volume of 4,723,601 shares, compared to its average volume of 12,533,799. The stock has a market cap of $135.93 billion and a P/E ratio of 138.77. Arm Holdings plc has a 1 year low of $46.50 and a 1 year high of $188.75. The company has a 50 day simple moving average of $150.87 and a 200 day simple moving average of $131.52.

ARM (NASDAQ:ARM) last issued its earnings results on Wednesday, July 31st. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. The firm had revenue of $939.00 million for the quarter, compared to analysts’ expectations of $905.53 million. ARM had a return on equity of 18.97% and a net margin of 12.12%. The business’s revenue was up 39.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 earnings per share. On average, equities research analysts anticipate that Arm Holdings plc will post 0.82 earnings per share for the current fiscal year.

ARM 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.