Bank of America Cuts ARM (NASDAQ:ARM) Price Target to $135.00

ARM (NASDAQ:ARM) had its price target reduced by Bank of America from $144.00 to $135.00 in a research note released on Thursday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

ARM has been the subject of a number of other research reports. TD Cowen lowered their target price on ARM from $200.00 to $155.00 and set a “buy” rating for the company in a report on Thursday. JPMorgan Chase & Co. dropped their price objective on shares of ARM from $175.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday. Morgan Stanley reduced their target price on shares of ARM from $175.00 to $150.00 and set an “overweight” rating on the stock in a report on Friday, March 28th. UBS Group dropped their price target on shares of ARM from $215.00 to $165.00 and set a “buy” rating for the company in a research note on Tuesday, April 29th. Finally, Needham & Company LLC restated a “hold” rating on shares of ARM in a report on Thursday. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, nineteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

ARM Stock Down 0.6 %

NASDAQ:ARM opened at $115.87 on Thursday. ARM has a twelve month low of $80.00 and a twelve month high of $188.75. The stock’s 50-day simple moving average is $110.45 and its 200 day simple moving average is $132.09. The firm has a market capitalization of $121.41 billion, a PE ratio of 152.46, a price-to-earnings-growth ratio of 6.33 and a beta of 4.39.

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

Institutional Investors Weigh In On ARM

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARM. Goldman Sachs Group Inc. grew its holdings in shares of ARM by 59.3% in the first quarter. Goldman Sachs Group Inc. now owns 6,574,854 shares of the company’s stock valued at $702,129,000 after acquiring an additional 2,446,224 shares in the last quarter. Sustainable Growth Advisers LP purchased a new stake in shares of ARM during the 1st quarter valued at $170,287,000. Artisan Partners Limited Partnership raised its stake in shares of ARM by 48.1% during the 4th quarter. Artisan Partners Limited Partnership now owns 2,651,489 shares of the company’s stock worth $327,088,000 after purchasing an additional 860,716 shares during the period. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in shares of ARM by 4,506.5% in the 4th quarter. Bank Julius Baer & Co. Ltd Zurich now owns 808,953 shares of the company’s stock worth $107,774,000 after buying an additional 791,392 shares during the last quarter. Finally, Schroder Investment Management Group grew its position in ARM by 17.9% during the fourth quarter. Schroder Investment Management Group now owns 3,054,331 shares of the company’s stock valued at $376,782,000 after buying an additional 464,719 shares during the period. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Company 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.