Arm Holdings plc (NASDAQ:ARM) Shares Sold by Financial Gravity Asset Management Inc.

Financial Gravity Asset Management Inc. cut its stake in shares of Arm Holdings plc (NASDAQ:ARM) by 8.9% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 26,036 shares of the company’s stock after selling 2,542 shares during the period. ARM comprises about 1.1% of Financial Gravity Asset Management Inc.’s holdings, making the stock its 22nd biggest holding. Financial Gravity Asset Management Inc.’s holdings in ARM were worth $4,267,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC purchased a new position in shares of ARM in the fourth quarter valued at approximately $102,000. Benjamin F. Edwards & Company Inc. purchased a new position in ARM in the 4th quarter valued at $118,000. National Bank of Canada FI boosted its stake in ARM by 700.0% during the 4th quarter. National Bank of Canada FI now owns 800 shares of the company’s stock worth $55,000 after purchasing an additional 700 shares during the last quarter. Private Advisor Group LLC purchased a new stake in shares of ARM during the fourth quarter worth $226,000. Finally, Principal Securities Inc. purchased a new stake in shares of ARM during the fourth quarter worth $116,000. 7.53% of the stock is owned by hedge funds and other institutional investors.

ARM Price Performance

Shares of NASDAQ:ARM opened at $117.29 on Friday. The firm has a market capitalization of $122.90 billion and a PE ratio of 131.64. Arm Holdings plc has a 1 year low of $46.50 and a 1 year high of $188.75. The firm’s 50-day moving average is $143.06 and its two-hundred day moving average is $132.75.

ARM (NASDAQ:ARM) last released its 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. The company had revenue of $939.00 million for the quarter, compared to analyst estimates of $905.53 million. ARM had a net margin of 12.12% and a return on equity of 18.97%. The firm’s quarterly revenue was up 39.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. Analysts expect that Arm Holdings plc will post 0.82 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America increased their price objective on shares of ARM from $150.00 to $180.00 and gave the company a “buy” rating in a report on Monday, June 17th. Evercore ISI increased their price target on ARM from $145.00 to $173.00 and gave the company an “outperform” rating in a report on Thursday, August 1st. Daiwa America raised ARM from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 8th. Citigroup raised their target price on ARM from $150.00 to $170.00 and gave the stock a “buy” rating in a research note on Thursday, August 1st. Finally, Guggenheim boosted their price target on shares of ARM from $110.00 to $169.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $121.56.

ARM 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.