Hoey Investments Inc. Buys 5,215 Shares of Arm Holdings plc (NASDAQ:ARM)

Hoey Investments Inc. increased its holdings in shares of Arm Holdings plc (NASDAQ:ARM) by 802.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,865 shares of the company’s stock after purchasing an additional 5,215 shares during the quarter. Hoey Investments Inc.’s holdings in ARM were worth $626,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp grew its holdings in ARM by 5.4% during the 4th quarter. Bank of New York Mellon Corp now owns 105,300 shares of the company’s stock valued at $12,990,000 after buying an additional 5,440 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in ARM by 0.8% during the 4th quarter. Envestnet Asset Management Inc. now owns 43,124 shares of the company’s stock valued at $5,320,000 after acquiring an additional 353 shares during the period. Fisher Asset Management LLC boosted its holdings in ARM by 81.5% during the 4th quarter. Fisher Asset Management LLC now owns 3,008 shares of the company’s stock valued at $371,000 after acquiring an additional 1,351 shares during the period. Geode Capital Management LLC boosted its holdings in ARM by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 108,531 shares of the company’s stock valued at $13,388,000 after acquiring an additional 848 shares during the period. Finally, Vontobel Holding Ltd. raised its position in ARM by 57.6% during the 4th quarter. Vontobel Holding Ltd. now owns 41,148 shares of the company’s stock valued at $5,076,000 after purchasing an additional 15,046 shares in the last quarter. Hedge funds and other institutional investors own 7.53% of the company’s stock.

Wall Street Analyst Weigh In

ARM has been the subject of several research reports. Cfra Research upgraded ARM to a “hold” rating in a report on Friday, March 21st. Rosenblatt Securities decreased their price target on ARM from $203.00 to $180.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Needham & Company LLC reiterated a “hold” rating on shares of ARM in a research note on Thursday, May 8th. KeyCorp cut their price objective on ARM from $195.00 to $175.00 and set an “overweight” rating on the stock in a report on Thursday, May 8th. Finally, Bank of America cut their price objective on ARM from $144.00 to $135.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating, nineteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $152.76.

ARM Price Performance

NASDAQ ARM opened at $135.55 on Friday. The company has a market cap of $143.58 billion, a PE ratio of 178.36, a price-to-earnings-growth ratio of 6.33 and a beta of 4.08. The stock’s 50 day simple moving average is $120.29 and its 200-day simple moving average is $130.64. Arm Holdings plc has a 1-year low of $80.00 and a 1-year high of $188.75.

ARM (NASDAQ:ARM) last released its earnings results on Wednesday, May 7th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.03. ARM had a return on equity of 11.94% and a net margin of 21.82%. The business had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter last year, the business posted $0.36 earnings per share. The business’s quarterly revenue was up 33.7% compared to the same quarter last year. On average, equities research analysts anticipate that Arm Holdings plc will post 0.9 EPS for the current fiscal year.

ARM Profile

Arm Holdings Plc engages in the licensing, marketing, research, and development of microprocessors, systems IP, graphics processing units, physical IP and associated systems IP, software, and tools. It operates through the following geographical segments: United Kingdom, United States, and Other Countries.