Arm Holdings PLC Sponsored ADR $ARM Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. decreased its holdings in Arm Holdings PLC Sponsored ADR (NASDAQ:ARM) by 7.1% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,972 shares of the company’s stock after selling 2,305 shares during the quarter. Pinnacle Associates Ltd.’s holdings in ARM were worth $8,682,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Syntax Research Inc. purchased a new stake in shares of ARM during the 1st quarter valued at about $30,000. Evelyn Partners Investment Management Services Ltd bought a new stake in shares of ARM in the first quarter worth approximately $30,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of ARM during the first quarter valued at approximately $40,000. Sterling Capital Management LLC raised its holdings in shares of ARM by 1,400.0% during the first quarter. Sterling Capital Management LLC now owns 375 shares of the company’s stock valued at $57,000 after purchasing an additional 350 shares during the last quarter. Finally, CX Institutional purchased a new position in shares of ARM during the third quarter valued at approximately $58,000. Institutional investors own 7.53% of the company’s stock.

ARM Stock Performance

Shares of NASDAQ:ARM opened at $226.59 on Thursday. The stock’s 50-day simple moving average is $264.61 and its two-hundred day simple moving average is $271.80. The stock has a market capitalization of $242.02 billion, a price-to-earnings ratio of 233.60, a PEG ratio of 6.56 and a beta of 3.78. Arm Holdings PLC Sponsored ADR has a 52-week low of $100.02 and a 52-week high of $452.70.

ARM (NASDAQ:ARM) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.40 by $0.05. ARM had a net margin of 20.25% and a return on equity of 12.24%. The firm had revenue of $1.29 billion during the quarter, compared to analyst estimates of $1.26 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The business’s revenue for the quarter was up 22.4% compared to the same quarter last year. As a group, equities analysts forecast that Arm Holdings PLC Sponsored ADR will post 1.15 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Jason Child sold 10,400 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $300.00, for a total transaction of $3,120,000.00. Following the completion of the sale, the chief financial officer directly owned 153,442 shares in the company, valued at approximately $46,032,600. The trade was a 6.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Analyst Ratings Changes

A number of research analysts recently weighed in on ARM shares. Royal Bank Of Canada lowered their price objective on shares of ARM from $475.00 to $340.00 and set an “outperform” rating on the stock in a research report on Thursday, July 30th. New Street Research raised shares of ARM from a “neutral” rating to a “buy” rating and set a $260.00 target price for the company in a research report on Thursday, July 30th. Morgan Stanley lifted their target price on shares of ARM from $202.00 to $212.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 30th. HSBC lowered shares of ARM from a “buy” rating to a “hold” rating and boosted their target price for the company from $255.00 to $315.00 in a research note on Tuesday, July 14th. Finally, Bank of America reissued a “neutral” rating and set a $335.00 price target (up from $245.00) on shares of ARM in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, ARM currently has an average rating of “Moderate Buy” and a consensus price target of $303.32.

About ARM

Arm Holdings plc (NASDAQ: ARM) is a semiconductor and software design company that develops central processing unit (CPU) architectures and related intellectual property. Rather than manufacturing chips itself, Arm licenses its designs and instruction-set architectures to semiconductor companies and technology manufacturers, which incorporate them into their own products.

The company’s offerings include CPU processor cores, graphics processing units through its Mali product family, system IP, development tools and software.