ARM (NASDAQ:ARM) Shares Gap Down Following Analyst Downgrade

Arm Holdings plc (NASDAQ:ARM)’s share price gapped down prior to trading on Wednesday after Bank of America lowered their price target on the stock from $180.00 to $144.00. The stock had previously closed at $103.80, but opened at $98.00. Bank of America currently has a buy rating on the stock. ARM shares last traded at $101.36, with a volume of 845,669 shares changing hands.

ARM has been the topic of several other research reports. Needham & Company LLC reaffirmed a “hold” rating on shares of ARM in a report on Thursday, February 6th. Benchmark reaffirmed a “hold” rating on shares of ARM in a research note on Thursday, February 6th. Jefferies Financial Group increased their target price on ARM from $170.00 to $195.00 and gave the company a “buy” rating in a report on Thursday, February 6th. Cfra Research raised ARM to a “hold” rating in a research note on Friday, March 21st. Finally, JPMorgan Chase & Co. lifted their price objective on ARM from $160.00 to $175.00 and gave the stock an “overweight” rating in a research report on Thursday, February 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ARM presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.05.

Hedge Funds Weigh In On ARM

A number of institutional investors have recently added to or reduced their stakes in ARM. Tufton Capital Management boosted its holdings in ARM by 1.5% in the fourth quarter. Tufton Capital Management now owns 4,425 shares of the company’s stock valued at $546,000 after purchasing an additional 65 shares during the last quarter. Valley National Advisers Inc. grew its position in shares of ARM by 13.3% during the fourth quarter. Valley National Advisers Inc. now owns 613 shares of the company’s stock worth $75,000 after buying an additional 72 shares in the last quarter. Zullo Investment Group Inc. raised its holdings in ARM by 4.6% in the fourth quarter. Zullo Investment Group Inc. now owns 1,915 shares of the company’s stock valued at $236,000 after acquiring an additional 85 shares in the last quarter. GeoWealth Management LLC boosted its stake in ARM by 53.8% during the 4th quarter. GeoWealth Management LLC now owns 263 shares of the company’s stock valued at $32,000 after acquiring an additional 92 shares during the last quarter. Finally, Cibc World Markets Corp grew its holdings in ARM by 3.5% during the 4th quarter. Cibc World Markets Corp now owns 2,838 shares of the company’s stock worth $350,000 after acquiring an additional 96 shares in the last quarter. Institutional investors and hedge funds own 7.53% of the company’s stock.

ARM Trading Down 2.7 %

The company has a market cap of $105.83 billion, a P/E ratio of 132.90, a P/E/G ratio of 6.33 and a beta of 4.48. The company’s 50-day moving average price is $122.11 and its two-hundred day moving average price is $136.30.

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.