ARM (NASDAQ:ARM) Stock Price Down 7.9%

Shares of Arm Holdings plc (NASDAQ:ARM) dropped 7.9% on Wednesday . The company traded as low as 112.38 and last traded at 112.52. Approximately 6,718,201 shares changed hands during trading, a decline of 54% from the average daily volume of 14,568,618 shares. The stock had previously closed at 122.22.

Wall Street Analyst Weigh In

ARM has been the subject of a number of recent analyst reports. Evercore ISI initiated coverage on shares of ARM in a research report on Tuesday. They set an “outperform” rating and a $156.00 price target for the company. The Goldman Sachs Group raised their price objective on ARM from $95.00 to $108.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Susquehanna restated a “neutral” rating and set a $85.00 price objective on shares of ARM in a research note on Thursday, April 4th. Rosenblatt Securities raised their price objective on ARM from $140.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. raised their price objective on ARM from $70.00 to $100.00 and gave the stock an “overweight” rating in a research note on Thursday, February 8th. One investment analyst has rated the stock with a sell rating, twelve have given a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of 90.28.

ARM Stock Performance

The firm has a 50 day moving average price of 129.00 and a 200-day moving average price of 86.11.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Wednesday, February 7th. The company reported 0.29 EPS for the quarter, beating analysts’ consensus estimates of 0.25 by 0.04. The company had revenue of 824.00 million during the quarter, compared to the consensus estimate of 762.50 million. The company’s revenue was up 13.8% on a year-over-year basis. Analysts forecast that Arm Holdings plc will post 0.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. SOA Wealth Advisors LLC. purchased a new position in ARM during the 1st quarter valued at about $35,000. PNC Financial Services Group Inc. lifted its position in ARM by 47.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,526 shares of the company’s stock valued at $115,000 after acquiring an additional 494 shares in the last quarter. Hoey Investments Inc. bought a new position in ARM in the 3rd quarter valued at approximately $27,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in ARM by 49.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,555 shares of the company’s stock valued at $117,000 after buying an additional 514 shares during the last quarter. Finally, Harbour Capital Advisors LLC raised its stake in ARM by 10.0% during the 1st quarter. Harbour Capital Advisors LLC now owns 6,050 shares of the company’s stock valued at $752,000 after buying an additional 550 shares during the last quarter. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Company Profile

Arm Holdings plc architects, develops, and licenses central processing unit products and related technologies for semiconductor companies and original equipment manufacturers rely on to develop products. It offers microprocessors, systems intellectual property (IPs), graphics processing units, physical IP and associated systems IPs, software, tools, and other related services.