ARM Holdings PLC Sponsored ADR $ARM Shares Sold by Covenant Asset Management LLC

Key Points

• Covenant Asset Management LLC reduced its stake in ARM Holdings PLC by 9.6%, ending the second quarter with 32,827 shares valued at approximately $5.31 million.
• ARM's latest earnings report revealed $0.35 EPS, slightly exceeding estimates, and a 12.1% year-over-year revenue growth at $1.05 billion.
• Analysts have varied price targets for ARM, with recent adjustments placing the average at $168.52 and ratings indicating a consensus of "Moderate Buy."

Covenant Asset Management LLC trimmed its holdings in shares of ARM Holdings PLC Sponsored ADR (NASDAQ:ARM - Free Report) by 9.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,827 shares of the company's stock after selling 3,475 shares during the period. Covenant Asset Management LLC's holdings in ARM were worth $5,309,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. TFC Financial Management Inc. increased its stake in ARM by 163.4% during the 1st quarter. TFC Financial Management Inc. now owns 266 shares of the company's stock valued at $28,000 after buying an additional 165 shares during the period. Brooklyn Investment Group bought a new position in shares of ARM in the first quarter valued at approximately $28,000. N.E.W. Advisory Services LLC acquired a new position in shares of ARM during the first quarter valued at approximately $34,000. Oliver Lagore Vanvalin Investment Group bought a new stake in ARM during the second quarter worth approximately $39,000. Finally, ORG Partners LLC bought a new stake in ARM during the second quarter worth approximately $48,000. Institutional investors and hedge funds own 7.53% of the company's stock.

ARM Trading Down 0.7%

Shares of ARM opened at $139.62 on Monday. The business's 50-day moving average price is $144.31 and its 200 day moving average price is $132.87. The stock has a market capitalization of $147.51 billion, a P/E ratio of 211.55, a P/E/G ratio of 9.33 and a beta of 4.17. ARM Holdings PLC Sponsored ADR has a 1-year low of $80.00 and a 1-year high of $182.88.

ARM (NASDAQ:ARM - Get Free Report) last announced its earnings results on Wednesday, July 30th. The company reported $0.35 EPS for the quarter, topping the consensus estimate of $0.34 by $0.01. The company had revenue of $1.05 billion during the quarter, compared to analysts' expectations of $1.06 billion. ARM had a net margin of 16.96% and a return on equity of 15.56%. The business's revenue for the quarter was up 12.1% on a year-over-year basis. During the same period last year, the company posted $0.40 earnings per share. On average, research analysts predict that ARM Holdings PLC Sponsored ADR will post 0.9 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Needham & Company LLC reaffirmed a "hold" rating on shares of ARM in a research note on Thursday, July 31st. Raymond James Financial raised their target price on ARM from $140.00 to $165.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. The Goldman Sachs Group initiated coverage on shares of ARM in a research report on Thursday, July 10th. They issued a "neutral" rating and a $160.00 price target on the stock. Morgan Stanley upped their price target on shares of ARM from $150.00 to $194.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Finally, Mizuho lifted their price objective on shares of ARM from $160.00 to $180.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, ARM has a consensus rating of "Moderate Buy" and an average price target of $168.52.

About ARM

Arm Holdings Plc engages in the licensing, marketing, research, and development of microprocessors, systems IP, graphics processing units, physical IP and associated systems IP, software, and tools. It operates through the following geographical segments: United Kingdom, United States, and Other Countries.

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