ARM (NASDAQ:ARM) Price Target Cut to $350.00 by Analysts at Wells Fargo & Company

ARM (NASDAQ:ARM) had its target price lowered by research analysts at Wells Fargo & Company from $410.00 to $350.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective points to a potential upside of 22.57% from the company’s previous close.

ARM has been the topic of several other research reports. Morgan Stanley restated an “equal weight” rating and issued a $150.00 price objective (up from $135.00) on shares of ARM in a research report on Tuesday, April 7th. Mizuho lifted their target price on shares of ARM from $425.00 to $500.00 and gave the company an “outperform” rating in a report on Monday, June 8th. HSBC cut shares of ARM from a “buy” rating to a “hold” rating and boosted their target price for the company from $255.00 to $315.00 in a research note on Tuesday, July 14th. Bank of America raised their price target on shares of ARM from $335.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, June 23rd. Finally, Royal Bank Of Canada lifted their price objective on shares of ARM from $175.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, May 7th. Seventeen investment analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, ARM has an average rating of “Moderate Buy” and an average price target of $297.65.

ARM Stock Down 1.4%

Shares of ARM stock traded down $4.18 on Wednesday, hitting $285.55. The company had a trading volume of 1,737,097 shares, compared to its average volume of 8,673,024. The firm has a market cap of $304.99 billion, a P/E ratio of 339.35, a price-to-earnings-growth ratio of 9.84 and a beta of 3.76. The company has a 50-day moving average price of $326.92 and a 200-day moving average price of $205.61. ARM has a twelve month low of $100.02 and a twelve month high of $452.70.

ARM (NASDAQ:ARM) last issued its earnings results on Wednesday, April 1st. The company reported $0.60 EPS for the quarter. The firm had revenue of $1.49 billion for the quarter. ARM had a return on equity of 12.43% and a net margin of 18.37%. Equities research analysts expect that ARM will post 1.12 EPS for the current year.

Insider Buying and Selling at ARM

In other news, insider William Abbey sold 10,887 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was sold at an average price of $224.14, for a total transaction of $2,440,212.18. Following the completion of the transaction, the insider directly owned 43,353 shares of the company’s stock, valued at $9,717,141.42. This represents a 20.07% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Laura Kathleen Bartels sold 11,306 shares of the stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $392.70, for a total value of $4,439,866.20. Following the transaction, the chief accounting officer owned 12,135 shares in the company, valued at $4,765,414.50. This trade represents a 48.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 217,626 shares of company stock worth $52,415,428.

Institutional Trading of ARM

Institutional investors have recently modified their holdings of the stock. GoalFusion Wealth Management LLC purchased a new stake in shares of ARM during the second quarter worth about $321,000. Redhawk Wealth Advisors Inc. acquired a new position in shares of ARM during the 2nd quarter worth about $375,000. Wealthcare Advisory Partners LLC purchased a new position in ARM in the 2nd quarter valued at about $326,000. First Bank & Trust purchased a new position in ARM in the 2nd quarter valued at about $274,000. Finally, Vertrix Wealth Management LLC acquired a new stake in ARM in the 2nd quarter worth about $292,000. Institutional investors and hedge funds own 7.53% of the company’s stock.

About ARM

Arm Limited (NASDAQ: ARM) is a global semiconductor IP company best known for designing energy-efficient processor architectures and related technologies that underpin a wide range of computing devices. Founded in 1990 as a joint venture between Acorn Computers, Apple and VLSI Technology and headquartered in Cambridge, England, Arm develops the ARM instruction set architectures and core processor designs that chipmakers license and integrate into custom system-on-chip (SoC) products. The company operates a licensing and royalty business model rather than manufacturing chips itself.

Arm’s product portfolio includes CPU core families (such as Cortex and Neoverse lines), GPU and multimedia IP (Mali), neural processing units (Ethos) and a suite of system and physical IP blocks.