State of Michigan Retirement System Invests $28.52 Million in Arm Holdings plc (NASDAQ:ARM)

State of Michigan Retirement System purchased a new position in Arm Holdings plc (NASDAQ:ARM) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 228,200 shares of the company’s stock, valued at approximately $28,523,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Schroder Investment Management Group bought a new position in shares of ARM during the 4th quarter worth $480,194,000. Wellington Management Group LLP bought a new position in ARM during the 3rd quarter worth about $152,896,000. Mubadala Investment Co PJSC purchased a new position in ARM during the 4th quarter valued at about $150,437,000. Robeco Schweiz AG raised its holdings in shares of ARM by 220.3% in the 4th quarter. Robeco Schweiz AG now owns 2,130,000 shares of the company’s stock valued at $160,059,000 after purchasing an additional 1,465,000 shares in the last quarter. Finally, American Century Companies Inc. purchased a new stake in shares of ARM in the 3rd quarter worth approximately $54,800,000. Institutional investors own 7.53% of the company’s stock.

ARM Stock Up 2.9 %

Shares of ARM traded up 4.63 during mid-day trading on Tuesday, reaching 163.46. The company had a trading volume of 5,735,700 shares, compared to its average volume of 13,261,568. Arm Holdings plc has a 52-week low of 46.50 and a 52-week high of 177.31. The stock has a 50 day moving average of 127.62 and a two-hundred day moving average of 112.23.

ARM (NASDAQ:ARM) last released its quarterly earnings data on Wednesday, May 8th. The company reported 0.36 EPS for the quarter, topping the consensus estimate of 0.30 by 0.06. The business had revenue of 928.00 million for the quarter, compared to analyst estimates of 865.94 million. ARM had a return on equity of 16.94% and a net margin of 9.46%. The business’s quarterly revenue was up 46.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.02 EPS. On average, sell-side analysts predict that Arm Holdings plc will post 0.85 EPS for the current year.

Wall Street Analysts Forecast Growth

ARM has been the topic of several research reports. The Goldman Sachs Group lifted their price objective on shares of ARM from $110.00 to $143.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. Bank of America boosted their price target on ARM from $150.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Guggenheim raised their price objective on ARM from $110.00 to $169.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. KeyCorp boosted their target price on shares of ARM from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $180.00 price target on shares of ARM in a report on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, twelve have issued a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, ARM currently has a consensus rating of “Hold” and a consensus price target of 103.68.

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.