Renaissance Technologies LLC Reduces Stake in Arm Holdings plc (NASDAQ:ARM)

Renaissance Technologies LLC lowered its stake in Arm Holdings plc (NASDAQ:ARM) by 3.8% in the 2nd quarter, HoldingsChannel reports. The fund owned 673,700 shares of the company’s stock after selling 26,400 shares during the period. Renaissance Technologies LLC’s holdings in ARM were worth $110,231,000 at the end of the most recent quarter.

Several other institutional investors and 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 worth about $25,000. Transcendent Capital Group LLC bought a new stake in ARM in the second quarter worth about $33,000. SOA Wealth Advisors LLC. bought a new stake in ARM in the first quarter worth about $35,000. RiverPark Advisors LLC lifted its stake in ARM by 45.3% in the second quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock worth $40,000 after purchasing an additional 77 shares during the last quarter. Finally, Mather Group LLC. bought a new stake in ARM in the second quarter worth about $41,000. Hedge funds and other institutional investors own 7.53% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. The Goldman Sachs Group raised their price objective on shares of ARM from $110.00 to $143.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Hsbc Global Res raised shares of ARM to a “moderate sell” rating in a research note on Monday, July 29th. Morgan Stanley raised shares of ARM from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $107.00 to $190.00 in a research note on Friday, July 19th. TD Cowen raised shares of ARM to a “strong-buy” rating in a research note on Monday. Finally, HSBC downgraded shares of ARM from a “hold” rating to a “reduce” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $123.04.

ARM Stock Down 6.1 %

ARM stock opened at $138.40 on Tuesday. The business has a fifty day moving average of $138.93 and a two-hundred day moving average of $132.79. The firm has a market cap of $145.02 billion and a P/E ratio of 148.06. Arm Holdings plc has a twelve month low of $46.50 and a twelve month high of $188.75.

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