Steel Grove Capital Advisors LLC Cuts Stock Holdings in Arm Holdings plc (NASDAQ:ARM)

Steel Grove Capital Advisors LLC cut its stake in Arm Holdings plc (NASDAQ:ARM) by 14.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,250 shares of the company’s stock after selling 1,600 shares during the period. Steel Grove Capital Advisors LLC’s holdings in ARM were worth $1,513,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in ARM. Mark Sheptoff Financial Planning LLC purchased a new position in ARM in the first quarter valued at about $25,000. Transcendent Capital Group LLC purchased a new position in ARM in the second quarter valued at about $33,000. SOA Wealth Advisors LLC. purchased a new position in ARM in the first quarter valued at about $35,000. RiverPark Advisors LLC increased its holdings in ARM by 45.3% in the second quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock valued at $40,000 after buying an additional 77 shares in the last quarter. Finally, Mather Group LLC. acquired a new stake in ARM during the second quarter worth approximately $41,000. 7.53% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ARM. Rosenblatt Securities restated a “buy” rating and set a $180.00 target price on shares of ARM in a research report on Thursday, August 1st. Bank of America raised their target price on shares of ARM from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. William Blair began coverage on shares of ARM in a research report on Wednesday, September 18th. They set an “outperform” rating on the stock. Morgan Stanley upgraded shares of ARM from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $107.00 to $190.00 in a research report on Friday, July 19th. Finally, Hsbc Global Res upgraded shares of ARM to a “moderate sell” rating in a research report on Monday, July 29th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, ARM currently has a consensus rating of “Moderate Buy” and an average target price of $125.96.

ARM Price Performance

ARM stock opened at $138.90 on Monday. Arm Holdings plc has a 12-month low of $46.50 and a 12-month high of $188.75. The company has a market capitalization of $145.54 billion and a price-to-earnings ratio of 145.57. The firm’s fifty day moving average price is $135.56 and its 200 day moving average price is $132.82.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.05. ARM had a net margin of 12.12% and a return on equity of 18.97%. The firm had revenue of $939.00 million for the quarter, compared to the consensus estimate of $905.53 million. During the same quarter in the previous year, the firm posted $0.24 EPS. The firm’s quarterly revenue was up 39.1% on a year-over-year basis. Analysts forecast that Arm Holdings plc will post 0.82 earnings per share for the current fiscal 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.