PNC Financial Services Group Inc. Acquires 2,256 Shares of Arm Holdings plc (NASDAQ:ARM)

PNC Financial Services Group Inc. boosted its holdings in Arm Holdings plc (NASDAQ:ARM) by 29.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,992 shares of the company’s stock after acquiring an additional 2,256 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ARM were worth $1,429,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new stake in ARM in the 3rd quarter valued at $29,000. Transcendent Capital Group LLC acquired a new stake in shares of ARM in the 2nd quarter valued at $33,000. Gilliland Jeter Wealth Management LLC grew its holdings in shares of ARM by 83.0% in the 3rd quarter. Gilliland Jeter Wealth Management LLC now owns 258 shares of the company’s stock worth $37,000 after purchasing an additional 117 shares during the last quarter. RiverPark Advisors LLC lifted its holdings in ARM by 45.3% during the 2nd quarter. RiverPark Advisors LLC now owns 247 shares of the company’s stock valued at $40,000 after purchasing an additional 77 shares during the last quarter. Finally, Mather Group LLC. acquired a new position in ARM in the second quarter valued at about $41,000. Institutional investors and hedge funds own 7.53% of the company’s stock.

ARM Price Performance

Shares of NASDAQ:ARM opened at $136.72 on Wednesday. The firm’s 50 day simple moving average is $143.32 and its 200 day simple moving average is $141.32. Arm Holdings plc has a fifty-two week low of $60.37 and a fifty-two week high of $188.75. The company has a market capitalization of $143.26 billion, a price-to-earnings ratio of 227.87, a P/E/G ratio of 6.79 and a beta of 5.40.

ARM (NASDAQ:ARM) last posted its earnings results on Wednesday, November 6th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.04. ARM had a net margin of 18.13% and a return on equity of 13.69%. The company had revenue of $844.00 million for the quarter, compared to analyst estimates of $810.03 million. During the same period last year, the business posted $0.36 earnings per share. The business’s revenue for the quarter was up 4.7% compared to the same quarter last year. Equities research analysts expect that Arm Holdings plc will post 0.79 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on ARM. Sanford C. Bernstein cut shares of ARM from a “market perform” rating to an “underperform” rating and set a $100.00 target price for the company. in a research note on Thursday, October 31st. Daiwa Capital Markets upgraded ARM from a “neutral” rating to an “outperform” rating and set a $130.00 price objective for the company in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft increased their target price on ARM from $82.00 to $105.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $180.00 price target on shares of ARM in a report on Thursday, August 1st. Finally, Wells Fargo & Company began coverage on shares of ARM in a report on Friday, November 22nd. They set an “overweight” rating and a $155.00 price objective on the stock. Two analysts have rated the stock with a sell rating, six have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $150.32.

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.