Arrow Electronics (NYSE:ARW) Price Target Cut to $100.00 by Analysts at Wells Fargo & Company

Arrow Electronics (NYSE:ARW) had its price objective trimmed by Wells Fargo & Company from $105.00 to $100.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has an underweight rating on the technology company’s stock.

Several other research firms also recently commented on ARW. Truist Financial cut their target price on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating for the company in a research report on Friday, November 1st. Raymond James reduced their target price on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st.

Arrow Electronics Stock Down 0.9 %

ARW opened at $110.96 on Monday. The company has a market capitalization of $5.84 billion, a P/E ratio of 12.38 and a beta of 1.26. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.46 and a quick ratio of 1.09. The firm’s fifty day moving average price is $117.20 and its two-hundred day moving average price is $124.25. Arrow Electronics has a fifty-two week low of $108.51 and a fifty-two week high of $137.80.

Arrow Electronics (NYSE:ARW) last issued its earnings results on Thursday, October 31st. The technology company reported $2.38 earnings per share for the quarter, beating the consensus estimate of $2.23 by $0.15. Arrow Electronics had a net margin of 1.71% and a return on equity of 10.71%. The business had revenue of $6.82 billion for the quarter, compared to analyst estimates of $6.73 billion. During the same period in the previous year, the business earned $4.14 EPS. The firm’s revenue was down 14.8% on a year-over-year basis. On average, analysts anticipate that Arrow Electronics will post 10.23 EPS for the current year.

Hedge Funds Weigh In On Arrow Electronics

Institutional investors and hedge funds have recently bought and sold shares of the business. Pacer Advisors Inc. raised its holdings in shares of Arrow Electronics by 9,044.0% in the second quarter. Pacer Advisors Inc. now owns 1,218,159 shares of the technology company’s stock valued at $147,105,000 after buying an additional 1,204,837 shares during the last quarter. FMR LLC lifted its position in shares of Arrow Electronics by 371.1% during the third quarter. FMR LLC now owns 434,905 shares of the technology company’s stock worth $57,768,000 after purchasing an additional 342,590 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Arrow Electronics by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,743,892 shares of the technology company’s stock valued at $331,353,000 after purchasing an additional 325,122 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Arrow Electronics by 115.0% in the third quarter. JPMorgan Chase & Co. now owns 315,800 shares of the technology company’s stock valued at $41,948,000 after purchasing an additional 168,904 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its position in Arrow Electronics by 220.5% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 149,510 shares of the technology company’s stock worth $19,859,000 after purchasing an additional 102,854 shares during the last quarter. Institutional investors and hedge funds own 99.34% of the company’s stock.

About Arrow Electronics

Arrow Electronics, Inc provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates in two segments, Global Components and Global Enterprise Computing Solutions.