Covenant Asset Management LLC Has $5.31 Million Stock Position in ARM Holdings PLC Sponsored ADR $ARM

Covenant Asset Management LLC reduced its holdings in ARM Holdings PLC Sponsored ADR (NASDAQ:ARM) by 9.6% in the 2nd quarter, Holdings Channel reports. The fund owned 32,827 shares of the company’s stock after selling 3,475 shares during the period. Covenant Asset Management LLC’s holdings in ARM were worth $5,309,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Global Trust Asset Management LLC purchased a new stake in shares of ARM in the second quarter worth approximately $57,000. ORG Partners LLC acquired a new position in ARM in the 2nd quarter valued at approximately $48,000. TigerOak Management L.L.C. purchased a new stake in ARM in the 2nd quarter worth approximately $300,000. StoneCrest Wealth Management Inc. boosted its stake in shares of ARM by 2.8% during the 2nd quarter. StoneCrest Wealth Management Inc. now owns 5,378 shares of the company’s stock valued at $870,000 after buying an additional 148 shares during the period. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of ARM by 5.2% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 89,287 shares of the company’s stock valued at $14,441,000 after acquiring an additional 4,399 shares in the last quarter. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Stock Performance

Shares of NASDAQ ARM opened at $139.62 on Monday. The business’s 50-day simple moving average is $144.31 and its 200-day simple moving average is $132.87. ARM Holdings PLC Sponsored ADR has a 52 week low of $80.00 and a 52 week high of $182.88. The firm has a market cap of $147.51 billion, a price-to-earnings ratio of 211.55, a P/E/G ratio of 9.33 and a beta of 4.17.

ARM (NASDAQ:ARM) last announced its earnings results on Wednesday, July 30th. The company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. ARM had a return on equity of 15.56% and a net margin of 16.96%.The firm had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.06 billion. During the same quarter in the prior year, the business earned $0.40 earnings per share. The company’s revenue was up 12.1% on a year-over-year basis. As a group, equities research analysts forecast that ARM Holdings PLC Sponsored ADR will post 0.9 earnings per share for the current year.

Analyst Upgrades and Downgrades

ARM has been the topic of a number of research reports. Benchmark reaffirmed a “hold” rating on shares of ARM in a research note on Monday, June 9th. Mizuho upped their target price on ARM from $160.00 to $180.00 and gave the stock an “outperform” rating in a research report on Thursday, July 3rd. BNP Paribas upgraded ARM from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $110.00 to $210.00 in a report on Wednesday, July 16th. Raymond James Financial boosted their price target on ARM from $140.00 to $165.00 and gave the company an “outperform” rating in a research note on Thursday, July 31st. Finally, Guggenheim raised their price objective on shares of ARM from $147.00 to $187.00 and gave the company a “buy” rating in a research report on Monday, June 30th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, ARM has a consensus rating of “Moderate Buy” and a consensus price target of $168.52.

About ARM

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.