ARM Holdings PLC Sponsored ADR (NASDAQ:ARM) Shares Acquired by Covenant Asset Management LLC

Covenant Asset Management LLC boosted its holdings in shares of ARM Holdings PLC Sponsored ADR (NASDAQ:ARM - Free Report) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 36,302 shares of the company's stock after purchasing an additional 3,136 shares during the period. Covenant Asset Management LLC's holdings in ARM were worth $3,877,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ARM. GeoWealth Management LLC increased its holdings in ARM by 53.8% in the fourth quarter. GeoWealth Management LLC now owns 263 shares of the company's stock valued at $32,000 after purchasing an additional 92 shares during the period. TFC Financial Management Inc. lifted its position in ARM by 163.4% in the 1st quarter. TFC Financial Management Inc. now owns 266 shares of the company's stock valued at $28,000 after acquiring an additional 165 shares in the last quarter. Colonial Trust Co SC bought a new position in ARM in the 4th quarter valued at about $40,000. MorganRosel Wealth Management LLC bought a new position in shares of ARM during the 1st quarter worth approximately $53,000. Finally, Valley National Advisers Inc. lifted its position in shares of ARM by 24.5% during the 1st quarter. Valley National Advisers Inc. now owns 763 shares of the company's stock worth $81,000 after buying an additional 150 shares in the last quarter. 7.53% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Citigroup reduced their price objective on shares of ARM from $200.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Needham & Company LLC restated a "hold" rating on shares of ARM in a research report on Thursday, May 8th. KeyCorp reduced their price target on shares of ARM from $195.00 to $175.00 and set an "overweight" rating for the company in a research report on Thursday, May 8th. UBS Group dropped their price objective on shares of ARM from $215.00 to $165.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of ARM from $175.00 to $150.00 and set an "overweight" rating for the company in a report on Thursday, May 8th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, nineteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $158.87.

ARM Stock Performance

Shares of ARM stock traded down $0.44 on Friday, hitting $156.74. 4,865,492 shares of the company's stock were exchanged, compared to its average volume of 6,020,399. The stock has a market capitalization of $165.60 billion, a PE ratio of 208.99, a PEG ratio of 9.04 and a beta of 4.19. ARM Holdings PLC Sponsored ADR has a 1 year low of $80.00 and a 1 year high of $182.88. The company has a 50-day simple moving average of $141.67 and a 200-day simple moving average of $133.33.

ARM (NASDAQ:ARM - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.03. ARM had a net margin of 19.76% and a return on equity of 17.97%. The company had revenue of $1.24 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same period in the previous year, the firm posted $0.36 EPS. ARM's revenue for the quarter was up 33.7% compared to the same quarter last year. On average, analysts expect that ARM Holdings PLC Sponsored ADR will post 0.9 EPS for the current fiscal year.

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.