Meridian Wealth Management LLC Purchases New Shares in Arm Holdings plc (NASDAQ:ARM)

Meridian Wealth Management LLC purchased a new stake in Arm Holdings plc (NASDAQ:ARM) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,975 shares of the company’s stock, valued at approximately $568,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Covenant Asset Management LLC grew its stake in ARM by 0.9% in the 3rd quarter. Covenant Asset Management LLC now owns 32,312 shares of the company’s stock valued at $4,621,000 after acquiring an additional 285 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in ARM by 89.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 18,457 shares of the company’s stock worth $2,640,000 after purchasing an additional 8,707 shares during the last quarter. Moors & Cabot Inc. boosted its stake in ARM by 16.6% during the 3rd quarter. Moors & Cabot Inc. now owns 2,420 shares of the company’s stock worth $346,000 after purchasing an additional 345 shares during the last quarter. Advisors Asset Management Inc. boosted its stake in ARM by 147.2% during the 3rd quarter. Advisors Asset Management Inc. now owns 2,652 shares of the company’s stock worth $379,000 after purchasing an additional 1,579 shares during the last quarter. Finally, Commerce Bank acquired a new stake in ARM during the 3rd quarter worth $276,000. Institutional investors and hedge funds own 7.53% of the company’s stock.

Analyst Ratings Changes

ARM has been the topic of several recent research reports. Wells Fargo & Company initiated coverage on shares of ARM in a research note on Friday. They set an “overweight” rating and a $155.00 target price on the stock. HSBC cut shares of ARM from a “hold” rating to a “reduce” rating in a research note on Monday, July 29th. Daiwa Capital Markets raised shares of ARM from a “neutral” rating to an “outperform” rating and set a $130.00 price target on the stock in a research report on Thursday, August 8th. William Blair started coverage on shares of ARM in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Rosenblatt Securities reissued a “buy” rating and set a $180.00 price target on shares of ARM in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, six have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ARM presently has an average rating of “Moderate Buy” and an average target price of $149.86.

ARM Stock Performance

ARM stock opened at $135.99 on Monday. The company has a market cap of $142.50 billion, a P/E ratio of 226.65, a price-to-earnings-growth ratio of 6.65 and a beta of 5.40. Arm Holdings plc has a one year low of $60.37 and a one year high of $188.75. The business has a fifty day moving average of $143.30 and a two-hundred day moving average of $140.87.

ARM (NASDAQ:ARM) last announced its earnings results on Wednesday, November 6th. The company reported $0.30 earnings per share for the quarter, beating the consensus estimate of $0.26 by $0.04. The firm had revenue of $844.00 million during the quarter, compared to the consensus estimate of $810.03 million. ARM had a net margin of 18.13% and a return on equity of 13.69%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. Sell-side analysts predict that Arm Holdings plc will post 0.79 EPS for the current year.

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.