Bank of America Boosts ARM (NASDAQ:ARM) Price Target to $460.00

ARM (NASDAQ:ARM) had its price objective boosted by analysts at Bank of America from $335.00 to $460.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s target price would suggest a potential upside of 12.82% from the company’s current price.

A number of other research firms have also weighed in on ARM. HSBC raised ARM from a “reduce” rating to a “buy” rating and upped their price objective for the stock from $90.00 to $205.00 in a research report on Friday, March 20th. Morgan Stanley reissued an “equal weight” rating and set a $150.00 target price (up from $135.00) on shares of ARM in a research note on Tuesday, April 7th. Guggenheim upped their price target on ARM from $240.00 to $255.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Deutsche Bank Aktiengesellschaft restated a “hold” rating on shares of ARM in a report on Thursday, May 7th. Finally, New Street Research lowered ARM from a “buy” rating to a “neutral” rating in a research report on Thursday, June 18th. Nineteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, ARM currently has a consensus rating of “Moderate Buy” and an average price target of $258.58.

ARM Stock Down 7.2%

Shares of ARM opened at $407.72 on Tuesday. ARM has a fifty-two week low of $100.02 and a fifty-two week high of $452.70. The firm’s 50 day moving average price is $276.32 and its 200 day moving average price is $177.41. The company has a market cap of $435.48 billion, a P/E ratio of 485.38, a PEG ratio of 15.96 and a beta of 3.77.

ARM (NASDAQ:ARM) last released its earnings results on Wednesday, April 1st. The company reported $0.60 earnings per share (EPS) for the quarter. ARM had a net margin of 18.37% and a return on equity of 12.43%. The company had revenue of $1.49 billion for the quarter. Research analysts forecast that ARM will post 1.12 earnings per share for the current year.

Insider Activity

In related news, CAO Laura Kathleen Bartels sold 11,306 shares of the stock in a transaction on Tuesday, June 2nd. The stock was sold at an average price of $392.70, for a total value of $4,439,866.20. Following the transaction, the chief accounting officer owned 12,135 shares of the company’s stock, valued at $4,765,414.50. This represents a 48.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Charlotte Claire Eaton sold 4,000 shares of the firm’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $282.77, for a total value of $1,131,080.00. Following the completion of the sale, the insider owned 7,805 shares in the company, valued at approximately $2,207,019.85. This represents a 33.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 301,338 shares of company stock valued at $66,030,158 in the last 90 days.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Amundi boosted its holdings in ARM by 24.8% in the first quarter. Amundi now owns 11,804 shares of the company’s stock valued at $1,153,000 after purchasing an additional 2,345 shares in the last quarter. Empowered Funds LLC raised its holdings in ARM by 28.8% during the first quarter. Empowered Funds LLC now owns 4,887 shares of the company’s stock worth $522,000 after purchasing an additional 1,094 shares in the last quarter. Schnieders Capital Management LLC. lifted its position in shares of ARM by 9.0% during the 2nd quarter. Schnieders Capital Management LLC. now owns 2,430 shares of the company’s stock worth $393,000 after buying an additional 200 shares during the last quarter. Bank of Nova Scotia purchased a new stake in shares of ARM during the 2nd quarter worth approximately $556,000. Finally, State Street Corp boosted its holdings in shares of ARM by 14.7% in the 2nd quarter. State Street Corp now owns 441,445 shares of the company’s stock valued at $71,399,000 after buying an additional 56,656 shares in the last quarter. 7.53% of the stock is owned by institutional investors and hedge funds.

ARM Company Profile

Arm Limited (NASDAQ: ARM) is a global semiconductor IP company best known for designing energy-efficient processor architectures and related technologies that underpin a wide range of computing devices. Founded in 1990 as a joint venture between Acorn Computers, Apple and VLSI Technology and headquartered in Cambridge, England, Arm develops the ARM instruction set architectures and core processor designs that chipmakers license and integrate into custom system-on-chip (SoC) products. The company operates a licensing and royalty business model rather than manufacturing chips itself.

Arm’s product portfolio includes CPU core families (such as Cortex and Neoverse lines), GPU and multimedia IP (Mali), neural processing units (Ethos) and a suite of system and physical IP blocks.