ARM (NASDAQ:ARM) Trading Up 4.7% – Time to Buy?

Arm Holdings plc (NASDAQ:ARM) shares shot up 4.7% during trading on Wednesday . The stock traded as high as $147.25 and last traded at $146.60. 1,762,791 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 4,249,685 shares. The stock had previously closed at $140.06.

Analysts Set New Price Targets

ARM has been the subject of several recent research reports. The Goldman Sachs Group upped their price objective on ARM from $144.00 to $159.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. UBS Group began coverage on ARM in a report on Monday, November 25th. They set a “buy” rating and a $160.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of ARM in a research note on Thursday, November 7th. Evercore ISI boosted their price objective on shares of ARM from $173.00 to $176.00 and gave the stock an “outperform” rating in a research note on Thursday, November 7th. Finally, Wells Fargo & Company upped their price objective on ARM from $155.00 to $162.00 and gave the company an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $151.09.

ARM Price Performance

The stock has a 50-day moving average of $137.33 and a 200-day moving average of $141.46. The firm has a market cap of $156.40 billion, a price-to-earnings ratio of 248.77, a P/E/G ratio of 6.57 and a beta of 4.53.

ARM (NASDAQ:ARM) last released its earnings results on Wednesday, November 6th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.04. The company had revenue of $844.00 million for the quarter, compared to analyst estimates of $810.03 million. ARM had a return on equity of 13.69% and a net margin of 18.13%. ARM’s quarterly revenue was up 4.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.36 EPS. On average, equities analysts expect that Arm Holdings plc will post 0.84 EPS for the current fiscal year.

Hedge Funds Weigh In On ARM

Several hedge funds and other institutional investors have recently made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of ARM during the 3rd quarter worth approximately $29,000. Gilliland Jeter Wealth Management LLC lifted its stake in ARM by 83.0% during the third quarter. Gilliland Jeter Wealth Management LLC now owns 258 shares of the company’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of ARM in the 3rd quarter valued at $52,000. Farther Finance Advisors LLC boosted its holdings in shares of ARM by 45.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 417 shares of the company’s stock valued at $60,000 after purchasing an additional 131 shares in the last quarter. Finally, First Community Trust NA bought a new position in shares of ARM in the 3rd quarter valued at $70,000. 7.53% of the stock is currently owned by institutional investors and hedge funds.

About ARM

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.