ARM (NASDAQ:ARM) Shares Gap Up to $117.29

Arm Holdings plc (NASDAQ:ARM) shares gapped up before the market opened on Monday . The stock had previously closed at $117.29, but opened at $122.64. ARM shares last traded at $121.51, with a volume of 1,106,610 shares.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of ARM from $110.00 to $143.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. HSBC cut ARM from a “hold” rating to a “reduce” rating in a report on Monday, July 29th. Daiwa America raised ARM from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 8th. Hsbc Global Res upgraded ARM to a “moderate sell” rating in a report on Monday, July 29th. Finally, Evercore ISI raised their price objective on shares of ARM from $145.00 to $173.00 and gave the stock an “outperform” rating in a research report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $121.56.

ARM Stock Up 1.3 %

The stock has a fifty day moving average of $141.67 and a 200-day moving average of $132.75. The stock has a market capitalization of $133.31 billion and a PE ratio of 124.78.

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

Hedge Funds Weigh In On ARM

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARM. Mark Sheptoff Financial Planning LLC acquired a new stake in shares of ARM in the 1st quarter valued at about $25,000. Transcendent Capital Group LLC acquired a new stake in ARM during the 2nd quarter worth $33,000. RiverPark Advisors LLC grew its position in ARM by 45.3% during the 2nd quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock worth $40,000 after purchasing an additional 77 shares during the last quarter. Mather Group LLC. acquired a new position in ARM in the second quarter valued at $41,000. Finally, SOA Wealth Advisors LLC. purchased a new stake in shares of ARM in the first quarter valued at about $35,000. 7.53% of the stock is owned by institutional investors and hedge funds.

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.