ARM (NASDAQ:ARM) Given New $170.00 Price Target at Citigroup

ARM (NASDAQ:ARM) had its target price upped by Citigroup from $150.00 to $170.00 in a report released on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

ARM has been the subject of several other research reports. The Goldman Sachs Group increased their price objective on shares of ARM from $110.00 to $143.00 and gave the company a buy rating in a report on Tuesday, June 11th. Evercore ISI increased their price target on shares of ARM from $145.00 to $173.00 and gave the company an outperform rating in a report on Thursday. Sanford C. Bernstein increased their price target on shares of ARM from $72.00 to $92.00 and gave the company an underperform rating in a report on Thursday, May 16th. Wells Fargo & Company increased their price target on shares of ARM from $100.00 to $115.00 and gave the company an overweight rating in a report on Monday, April 29th. Finally, Barclays increased their price objective on shares of ARM from $105.00 to $125.00 and gave the stock an overweight rating in a research report on Thursday. Two analysts have rated the stock with a sell rating, ten have given a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Hold and an average price target of 118.80.

ARM Price Performance

Shares of NASDAQ:ARM traded down 6.68 during midday trading on Thursday, hitting 114.83. The company had a trading volume of 2,698,067 shares, compared to its average volume of 12,827,138. The company has a market cap of $120.32 billion and a price-to-earnings ratio of 153.37. ARM has a 12-month low of 46.50 and a 12-month high of 188.75. The company has a fifty day moving average of 153.80 and a two-hundred day moving average of 126.39.

ARM (NASDAQ:ARM) last issued its quarterly earnings results on Wednesday, July 31st. The company reported 0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of 0.35 by 0.05. ARM had a return on equity of 19.58% and a net margin of 12.12%. The business had revenue of 939.00 million during the quarter, compared to analyst estimates of 905.53 million. During the same quarter in the prior year, the business posted $0.24 EPS. ARM’s revenue for the quarter was up 39.1% compared to the same quarter last year. Research analysts expect that ARM will post 0.82 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ARM

Institutional investors and hedge funds have recently made changes to their positions in the stock. Schroder Investment Management Group acquired a new position in ARM during the fourth quarter valued at $480,194,000. Mubadala Investment Co PJSC purchased a new position in ARM in the fourth quarter valued at $150,437,000. Wellington Management Group LLP increased its holdings in ARM by 56.4% in the fourth quarter. Wellington Management Group LLP now owns 4,468,720 shares of the company’s stock valued at $335,802,000 after buying an additional 1,611,926 shares in the last quarter. Robeco Schweiz AG increased its holdings in ARM by 220.3% in the fourth quarter. Robeco Schweiz AG now owns 2,130,000 shares of the company’s stock valued at $160,059,000 after buying an additional 1,465,000 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in ARM by 15.7% in the fourth quarter. Jennison Associates LLC now owns 7,346,660 shares of the company’s stock valued at $552,065,000 after buying an additional 994,551 shares in the last quarter. 7.53% of the stock is currently owned by institutional investors and hedge funds.

About ARM

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.