Pinnacle Associates Ltd. Sells 1,140 Shares of Arm Holdings plc (NASDAQ:ARM)

Pinnacle Associates Ltd. cut its stake in shares of Arm Holdings plc (NASDAQ:ARM) by 3.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 34,600 shares of the company’s stock after selling 1,140 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ARM were worth $4,948,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Tyche Wealth Partners LLC bought a new position in shares of ARM during the third quarter valued at $272,000. Integrated Advisors Network LLC increased its holdings in shares of ARM by 9.4% during the third quarter. Integrated Advisors Network LLC now owns 1,937 shares of the company’s stock valued at $277,000 after acquiring an additional 167 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its position in shares of ARM by 123.2% during the third quarter. China Universal Asset Management Co. Ltd. now owns 1,587 shares of the company’s stock valued at $227,000 after buying an additional 876 shares during the last quarter. Traynor Capital Management Inc. boosted its position in shares of ARM by 2,847.3% during the third quarter. Traynor Capital Management Inc. now owns 1,621 shares of the company’s stock valued at $232,000 after buying an additional 1,566 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of ARM during the third quarter valued at $220,000. 7.53% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Benchmark assumed coverage on ARM in a research report on Monday, September 16th. They set a “hold” rating on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of ARM in a research report on Thursday, August 1st. Deutsche Bank Aktiengesellschaft increased their price objective on ARM from $82.00 to $105.00 and gave the company a “hold” rating in a research report on Thursday, August 1st. William Blair assumed coverage on ARM in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Finally, Barclays raised their target price on ARM from $105.00 to $125.00 and gave the stock an “overweight” rating in a research report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $138.57.

ARM Trading Down 8.5 %

Shares of ARM stock opened at $141.30 on Friday. Arm Holdings plc has a twelve month low of $47.12 and a twelve month high of $188.75. The stock has a market capitalization of $148.06 billion and a price-to-earnings ratio of 362.31. The stock has a fifty day simple moving average of $140.79 and a two-hundred day simple moving average of $136.45.

ARM (NASDAQ:ARM) last issued its earnings results on Wednesday, July 31st. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.35 by $0.05. The business had revenue of $939.00 million during the quarter, compared to analysts’ expectations of $905.53 million. ARM had a return on equity of 18.97% and a net margin of 12.12%. The business’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.24 EPS. Research analysts predict that Arm Holdings plc will post 0.86 EPS for the current fiscal year.

ARM Company 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.