ARM (NASDAQ:ARM) Shares Gap Down Following Analyst Downgrade

Arm Holdings plc (NASDAQ:ARM)’s stock price gapped down before the market opened on Thursday after Evercore ISI lowered their price target on the stock from $156.00 to $145.00. The stock had previously closed at 106.07, but opened at 99.27. Evercore ISI currently has an outperform rating on the stock. ARM shares last traded at 98.94, with a volume of 5,659,668 shares changing hands.

A number of other equities research analysts have also recently commented on ARM. New Street Research restated a “neutral” rating and set a $110.00 target price on shares of ARM in a research note on Tuesday, February 27th. Barclays upped their target price on shares of ARM from $65.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Mizuho boosted their price objective on ARM from $100.00 to $160.00 and gave the company a “buy” rating in a research report on Thursday, March 7th. The Goldman Sachs Group boosted their price target on ARM from $95.00 to $108.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Finally, Daiwa Capital Markets cut shares of ARM from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $63.00 to $130.00 in a research report on Friday, February 16th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of 91.64.

Institutional Investors Weigh In On ARM

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARM. Schroder Investment Management Group acquired a new stake in ARM during the 4th quarter worth $480,194,000. Jennison Associates LLC purchased a new stake in shares of ARM during the 3rd quarter valued at approximately $339,965,000. FMR LLC acquired a new position in ARM in the third quarter valued at approximately $242,812,000. Wellington Management Group LLP acquired a new stake in ARM during the third quarter worth $152,896,000. Finally, Invesco Ltd. purchased a new stake in ARM in the third quarter valued at $143,092,000. Hedge funds and other institutional investors own 7.53% of the company’s stock.

ARM Stock Down 4.3 %

The company has a 50 day moving average price of 120.96 and a 200 day moving average price of 90.88.

ARM (NASDAQ:ARM) last announced its earnings results on Wednesday, February 7th. The company reported 0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of 0.25 by 0.04. The firm had revenue of 824.00 million during the quarter, compared to analysts’ expectations of 762.50 million. ARM’s revenue for the quarter was up 13.8% compared to the same quarter last year. Sell-side analysts expect that Arm Holdings plc will post 0.36 earnings per share for the current year.

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.