Meridian Wealth Management LLC Buys New Position in Arm Holdings plc (NASDAQ:ARM)

Meridian Wealth Management LLC bought a new stake in shares of Arm Holdings plc (NASDAQ:ARM) in the 3rd quarter, Holdings Channel.com reports. The firm bought 3,975 shares of the company’s stock, valued at approximately $568,000.

Several other hedge funds have also modified their holdings of the stock. International Assets Investment Management LLC lifted its stake in ARM by 14,351.1% in the 3rd quarter. International Assets Investment Management LLC now owns 812,297 shares of the company’s stock worth $1,161,670,000 after acquiring an additional 806,676 shares in the last quarter. Sei Investments Co. lifted its stake in ARM by 551.6% in the 2nd quarter. Sei Investments Co. now owns 579,330 shares of the company’s stock worth $94,790,000 after acquiring an additional 490,415 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in ARM by 186.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 359,105 shares of the company’s stock worth $52,279,000 after acquiring an additional 233,909 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in ARM by 5.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 290,947 shares of the company’s stock worth $36,366,000 after acquiring an additional 14,584 shares in the last quarter. Finally, Mark Asset Management LP lifted its stake in ARM by 14.2% in the 2nd quarter. Mark Asset Management LP now owns 238,589 shares of the company’s stock worth $39,038,000 after acquiring an additional 29,686 shares in the last quarter. 7.53% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ARM shares. Daiwa America raised ARM from a “hold” rating to a “strong-buy” rating in a research note on Thursday, August 8th. Evercore ISI upped their target price on ARM from $173.00 to $176.00 and gave the stock an “outperform” rating in a research report on Thursday, November 7th. Citigroup upped their target price on ARM from $150.00 to $170.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 target price on shares of ARM in a research report on Thursday, August 1st. Finally, Hsbc Global Res raised ARM to a “moderate sell” rating in a research report on Monday, July 29th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $149.86.

ARM Stock Performance

ARM opened at $135.99 on Monday. The business’s 50-day simple moving average is $143.30 and its 200 day simple moving average is $140.87. The firm has a market capitalization of $142.50 billion, a PE ratio of 226.65, a PEG ratio of 6.65 and a beta of 5.40. Arm Holdings plc has a 52-week low of $60.37 and a 52-week high of $188.75.

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