ARM (NASDAQ:ARM) Shares Up 4.9% – Here’s What Happened

ARM Holdings PLC Sponsored ADR (NASDAQ:ARM)’s share price shot up 4.9% on Thursday . The stock traded as high as $452.70 and last traded at $439.46. 34,099,578 shares were traded during mid-day trading, an increase of 280% from the average session volume of 8,965,751 shares. The stock had previously closed at $418.88.

Analyst Ratings Changes

A number of research firms recently issued reports on ARM. New Street Research reaffirmed a “neutral” rating on shares of ARM in a report on Thursday. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of ARM in a research report on Thursday, May 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $400.00 price objective on shares of ARM in a research note on Tuesday. Barclays boosted their target price on shares of ARM from $250.00 to $360.00 and gave the stock an “overweight” rating in a report on Monday, June 1st. Finally, Jefferies Financial Group set a $290.00 target price on shares of ARM in a research note on Thursday, May 21st. Nineteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $253.38.

ARM Price Performance

The firm has a market capitalization of $469.38 billion, a PE ratio of 523.17, a P/E/G ratio of 14.39 and a beta of 3.78. The firm has a fifty day moving average price of $259.44 and a 200 day moving average price of $171.21.

ARM (NASDAQ:ARM) last issued its quarterly earnings results on Wednesday, April 1st. The company reported $0.60 earnings per share for the quarter. The firm had revenue of $1.49 billion for the quarter. ARM had a return on equity of 12.43% and a net margin of 18.37%. On average, sell-side analysts expect that ARM Holdings PLC Sponsored ADR will post 1.12 EPS for the current year.

Insider Transactions at ARM

In other ARM news, CAO Laura Kathleen Bartels sold 11,306 shares of ARM stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $392.70, for a total transaction of $4,439,866.20. Following the transaction, the chief accounting officer directly owned 12,135 shares in the company, valued at approximately $4,765,414.50. The trade was a 48.23% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Richard Roy Grisenthwaite sold 24,339 shares of ARM stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $209.15, for a total transaction of $5,090,501.85. Following the transaction, the insider owned 5,543 shares in the company, valued at approximately $1,159,318.45. The trade was a 81.45% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 301,338 shares of company stock worth $66,030,158.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Amundi boosted its position in ARM by 24.8% during the 1st quarter. Amundi now owns 11,804 shares of the company’s stock worth $1,153,000 after acquiring an additional 2,345 shares during the period. Empowered Funds LLC grew its stake in ARM by 28.8% during the 1st quarter. Empowered Funds LLC now owns 4,887 shares of the company’s stock valued at $522,000 after acquiring an additional 1,094 shares in the last quarter. Schnieders Capital Management LLC. increased its holdings in shares of ARM by 9.0% in the 2nd quarter. Schnieders Capital Management LLC. now owns 2,430 shares of the company’s stock valued at $393,000 after purchasing an additional 200 shares during the period. Bank of Nova Scotia acquired a new position in shares of ARM in the 2nd quarter valued at about $556,000. Finally, State Street Corp lifted its position in shares of ARM by 14.7% in the second quarter. State Street Corp now owns 441,445 shares of the company’s stock worth $71,399,000 after purchasing an additional 56,656 shares in the last quarter. 7.53% of the stock is owned by institutional investors and hedge funds.

About ARM

Arm Limited (NASDAQ: ARM) is a global semiconductor IP company best known for designing energy-efficient processor architectures and related technologies that underpin a wide range of computing devices. Founded in 1990 as a joint venture between Acorn Computers, Apple and VLSI Technology and headquartered in Cambridge, England, Arm develops the ARM instruction set architectures and core processor designs that chipmakers license and integrate into custom system-on-chip (SoC) products. The company operates a licensing and royalty business model rather than manufacturing chips itself.

Arm’s product portfolio includes CPU core families (such as Cortex and Neoverse lines), GPU and multimedia IP (Mali), neural processing units (Ethos) and a suite of system and physical IP blocks.