Elite Wealth Management Inc. Has $6.79 Million Holdings in Arm Holdings plc (NASDAQ:ARM)

Elite Wealth Management Inc. lifted its holdings in shares of Arm Holdings plc (NASDAQ:ARM) by 89.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 41,496 shares of the company’s stock after acquiring an additional 19,633 shares during the period. ARM makes up 0.2% of Elite Wealth Management Inc.’s holdings, making the stock its 14th biggest holding. Elite Wealth Management Inc.’s holdings in ARM were worth $6,790,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. CloudAlpha Capital Management Limited Hong Kong increased its position in ARM by 673.8% in the second quarter. CloudAlpha Capital Management Limited Hong Kong now owns 61,900 shares of the company’s stock worth $10,128,000 after buying an additional 53,900 shares during the last quarter. Blair William & Co. IL grew its position in ARM by 128.1% during the second quarter. Blair William & Co. IL now owns 5,520 shares of the company’s stock worth $903,000 after buying an additional 3,100 shares in the last quarter. Marsico Capital Management LLC purchased a new position in shares of ARM during the second quarter worth about $33,207,000. Meiji Yasuda Asset Management Co Ltd. grew its stake in ARM by 6.3% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 19,272 shares of the company’s stock worth $3,153,000 after buying an additional 1,149 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co increased its stake in ARM by 32.1% in the second quarter. Meiji Yasuda Life Insurance Co now owns 8,585 shares of the company’s stock valued at $1,405,000 after acquiring an additional 2,085 shares during the last quarter. 7.53% of the stock is owned by institutional investors.

ARM Stock Up 1.6 %

NASDAQ:ARM opened at $140.59 on Friday. The business’s 50-day moving average price is $136.41 and its 200 day moving average price is $132.85. The firm has a market cap of $147.32 billion and a P/E ratio of 148.06. Arm Holdings plc has a 52-week low of $46.50 and a 52-week high of $188.75.

ARM (NASDAQ:ARM) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.05. The firm had revenue of $939.00 million for the quarter, compared to analyst estimates of $905.53 million. ARM had a net margin of 12.12% and a return on equity of 18.97%. The company’s revenue for the quarter was up 39.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.24 EPS. Sell-side analysts expect that Arm Holdings plc will post 0.82 EPS for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on ARM. Needham & Company LLC reissued a “hold” rating on shares of ARM in a research note on Thursday, August 1st. Evercore ISI boosted their price target on shares of ARM from $145.00 to $173.00 and gave the company an “outperform” rating in a research report on Thursday, August 1st. Daiwa Capital Markets raised ARM from a “neutral” rating to an “outperform” rating and set a $130.00 price objective for the company in a research report on Thursday, August 8th. Rosenblatt Securities reissued a “buy” rating and issued a $180.00 price target on shares of ARM in a research report on Thursday, August 1st. Finally, Barclays raised their price target on shares of ARM from $105.00 to $125.00 and gave the company an “overweight” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.96.

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.