Arm Holdings plc (NASDAQ:ARM) Shares Bought by Covenant Asset Management LLC

Covenant Asset Management LLC grew its position in shares of Arm Holdings plc (NASDAQ:ARM) by 0.9% during the 3rd quarter, Holdings Channel reports. The firm owned 32,312 shares of the company’s stock after purchasing an additional 285 shares during the period. ARM comprises 0.7% of Covenant Asset Management LLC’s investment portfolio, making the stock its 26th largest position. Covenant Asset Management LLC’s holdings in ARM were worth $4,621,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. ORG Partners LLC bought a new stake in shares of ARM during the 3rd quarter worth $29,000. Transcendent Capital Group LLC bought a new stake in shares of ARM during the 2nd quarter worth $33,000. Gilliland Jeter Wealth Management LLC boosted its stake in shares of ARM by 83.0% during the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 258 shares of the company’s stock worth $37,000 after acquiring an additional 117 shares in the last quarter. RiverPark Advisors LLC boosted its stake in shares of ARM by 45.3% during the 2nd quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock worth $40,000 after acquiring an additional 77 shares in the last quarter. Finally, Mather Group LLC. bought a new stake in shares of ARM during the 2nd quarter worth $41,000. 7.53% of the stock is owned by institutional investors.

ARM Price Performance

Shares of NASDAQ:ARM opened at $132.85 on Friday. Arm Holdings plc has a fifty-two week low of $59.00 and a fifty-two week high of $188.75. The business has a 50-day moving average of $143.52 and a two-hundred day moving average of $140.20. The stock has a market capitalization of $139.20 billion, a P/E ratio of 221.42, a P/E/G ratio of 6.64 and a beta of 5.40.

ARM (NASDAQ:ARM) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.04. ARM had a return on equity of 13.69% and a net margin of 18.13%. The business had revenue of $844.00 million during the quarter, compared to analysts’ expectations of $810.03 million. During the same quarter in the previous year, the firm earned $0.36 EPS. The firm’s revenue was up 4.7% compared to the same quarter last year. As a group, research analysts expect that Arm Holdings plc will post 0.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on ARM from $82.00 to $105.00 and gave the stock a “hold” rating in a research report on Thursday, August 1st. Raymond James assumed coverage on ARM in a research report on Friday, September 13th. They issued an “outperform” rating and a $160.00 target price for the company. Loop Capital raised their target price on ARM from $130.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, November 11th. Benchmark assumed coverage on ARM in a research report on Monday, September 16th. They issued a “hold” rating for the company. Finally, Sanford C. Bernstein cut ARM from a “market perform” rating to an “underperform” rating and set a $100.00 target price for the company. in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $149.86.

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.