Wells Fargo & Company Cuts ARM (NASDAQ:ARM) Price Target to $350.00

ARM (NASDAQ:ARM) had its price objective trimmed by Wells Fargo & Company from $410.00 to $350.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research analysts also recently weighed in on the company. Raymond James Financial reaffirmed an “outperform” rating on shares of ARM in a research note on Thursday, May 7th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating on shares of ARM in a report on Thursday, May 7th. TD Cowen upped their price objective on shares of ARM from $265.00 to $475.00 and gave the stock a “buy” rating in a research report on Wednesday, June 24th. HSBC downgraded shares of ARM from a “buy” rating to a “hold” rating and increased their price objective for the company from $255.00 to $315.00 in a report on Tuesday, July 14th. Finally, Royal Bank Of Canada lifted their target price on shares of ARM from $175.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, May 7th. Seventeen equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $297.65.

ARM Stock Down 8.1%

NASDAQ:ARM opened at $260.01 on Wednesday. ARM has a 52 week low of $100.02 and a 52 week high of $452.70. The stock’s 50-day moving average price is $330.27 and its 200-day moving average price is $208.38. The stock has a market capitalization of $277.71 billion, a PE ratio of 309.54, a price-to-earnings-growth ratio of 8.80 and a beta of 3.76.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Wednesday, April 1st. The company reported $0.60 earnings per share for the quarter. The company had revenue of $1.49 billion during the quarter. ARM had a return on equity of 12.43% and a net margin of 18.37%. Sell-side analysts expect that ARM will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at ARM

In other ARM news, insider Charlotte Claire Eaton sold 7,805 shares of the firm’s stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $290.01, for a total value of $2,263,528.05. Following the transaction, the insider owned 5,000 shares in the company, valued at approximately $1,450,050. This trade represents a 60.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider William Abbey sold 6,566 shares of the company’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $402.72, for a total transaction of $2,644,259.52. Following the sale, the insider directly owned 20,563 shares of the company’s stock, valued at $8,281,131.36. The trade was a 24.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 216,049 shares of company stock valued at $52,101,605.

Institutional Trading of ARM

Several large investors have recently bought and sold shares of the business. Syntax Research Inc. purchased a new position in ARM in the 1st quarter worth approximately $30,000. Evelyn Partners Investment Management Services Ltd purchased a new stake in shares of ARM in the first quarter valued at approximately $30,000. Allied Private Wealth LLC purchased a new stake in shares of ARM in the second quarter valued at approximately $71,000. FWL Investment Management LLC acquired a new stake in shares of ARM in the second quarter valued at approximately $34,000. Finally, Cassaday & Co Wealth Management LLC acquired a new stake in shares of ARM in the first quarter valued at approximately $40,000. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Company Profile

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.