Wells Fargo & Company Forecasts Strong Price Appreciation for ARM (NASDAQ:ARM) Stock

ARM (NASDAQ:ARM - Free Report) had its price target hoisted by Wells Fargo & Company from $155.00 to $162.00 in a report released on Monday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other equities research analysts also recently commented on the company. JPMorgan Chase & Co. raised their target price on ARM from $140.00 to $160.00 and gave the company an "overweight" rating in a report on Thursday, November 7th. TD Cowen boosted their target price on shares of ARM from $150.00 to $165.00 and gave the stock a "buy" rating in a research report on Thursday, November 7th. The Goldman Sachs Group raised their price target on shares of ARM from $144.00 to $159.00 and gave the company a "buy" rating in a report on Thursday, November 7th. William Blair began coverage on shares of ARM in a report on Wednesday, September 18th. They issued an "outperform" rating on the stock. Finally, Needham & Company LLC restated a "hold" rating on shares of ARM in a research note on Thursday, November 7th. 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 given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $150.64.

ARM Price Performance

NASDAQ ARM traded down $3.42 during mid-day trading on Monday, hitting $137.07. The company's stock had a trading volume of 3,329,121 shares, compared to its average volume of 4,787,787. ARM has a 52-week low of $66.66 and a 52-week high of $188.75. The stock's fifty day simple moving average is $137.35 and its two-hundred day simple moving average is $141.54. The firm has a market capitalization of $143.63 billion, a P/E ratio of 228.45, a price-to-earnings-growth ratio of 7.15 and a beta of 4.53.

ARM (NASDAQ:ARM - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $0.30 EPS for the quarter, beating analysts' consensus estimates of $0.26 by $0.04. ARM had a net margin of 18.13% and a return on equity of 13.69%. The business had revenue of $844.00 million for the quarter, compared to the consensus estimate of $810.03 million. During the same quarter last year, the firm posted $0.36 EPS. The business's revenue for the quarter was up 4.7% compared to the same quarter last year. On average, equities analysts forecast that ARM will post 0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ARM

Several institutional investors have recently modified their holdings of the company. Franklin Resources Inc. boosted its position in shares of ARM by 21.7% during the third quarter. Franklin Resources Inc. now owns 1,281,484 shares of the company's stock worth $183,265,000 after buying an additional 228,467 shares during the period. International Assets Investment Management LLC grew its position in ARM by 14,351.1% in the 3rd quarter. International Assets Investment Management LLC now owns 812,297 shares of the company's stock valued at $1,161,670,000 after buying an additional 806,676 shares in the last quarter. Sei Investments Co. grew its position in ARM by 551.6% in the 2nd quarter. Sei Investments Co. now owns 579,330 shares of the company's stock valued at $94,790,000 after buying an additional 490,415 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in ARM by 186.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 359,105 shares of the company's stock valued at $52,279,000 after buying an additional 233,909 shares during the period. Finally, Mark Asset Management LP raised its position in shares of ARM by 14.2% during the 2nd quarter. Mark Asset Management LP now owns 238,589 shares of the company's stock worth $39,038,000 after buying an additional 29,686 shares in the last quarter. Institutional investors own 7.53% of the company's stock.

About ARM

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.