ARM (NASDAQ:ARM) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

ARM (NASDAQ:ARM) announced its quarterly earnings results on Wednesday. The company reported 0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of 0.30 by 0.06, Briefing.com reports. The firm had revenue of 928.00 million during the quarter, compared to analysts’ expectations of 865.94 million. During the same period in the previous year, the company posted $0.02 earnings per share. The company’s quarterly revenue was up 46.6% compared to the same quarter last year.

ARM Price Performance

Shares of ARM traded down 2.48 during mid-day trading on Thursday, hitting 103.59. The company’s stock had a trading volume of 29,337,896 shares, compared to its average volume of 14,085,394. ARM has a 52-week low of 46.50 and a 52-week high of 164.00. The company’s 50-day moving average is 120.40 and its 200-day moving average is 90.99.

Wall Street Analysts Forecast Growth

ARM has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on ARM from $95.00 to $108.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. KeyCorp lifted their target price on shares of ARM from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Barclays increased their price target on shares of ARM from $65.00 to $105.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. upped their target price on shares of ARM from $70.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Finally, New Street Research restated a “neutral” rating and set a $110.00 price target on shares of ARM in a research report on Tuesday, February 27th. One 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of 91.64.

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.