Wells Fargo & Company Cuts Arrow Electronics (NYSE:ARW) Price Target to $100.00

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

Several other research firms have also issued reports on ARW. Truist Financial cut their price target on shares of 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 dropped their target price on Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a report on Friday, November 1st.

Arrow Electronics Price Performance

Shares of Arrow Electronics stock opened at $114.16 on Monday. The business’s 50-day moving average price is $116.74 and its 200-day moving average price is $124.06. The firm has a market capitalization of $6.00 billion, a PE ratio of 12.74 and a beta of 1.26. Arrow Electronics has a 12 month low of $108.51 and a 12 month high of $137.80. The company has a current ratio of 1.46, a quick ratio of 1.09 and a debt-to-equity ratio of 0.39.

Arrow Electronics (NYSE:ARW) last posted its quarterly earnings results on Thursday, October 31st. The technology company reported $2.38 EPS for the quarter, topping 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 firm had revenue of $6.82 billion for the quarter, compared to the consensus estimate of $6.73 billion. During the same period last year, the firm posted $4.14 earnings per share. The business’s revenue was down 14.8% compared to the same quarter last year. Sell-side analysts forecast that Arrow Electronics will post 10.23 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Hedge funds have recently modified their holdings of the company. True Wealth Design LLC bought a new stake in shares of Arrow Electronics in the third quarter worth about $31,000. Brooklyn Investment Group bought a new stake in shares of Arrow Electronics in the 3rd quarter worth approximately $40,000. Capital Performance Advisors LLP purchased a new position in shares of Arrow Electronics during the third quarter valued at approximately $73,000. DekaBank Deutsche Girozentrale bought a new position in shares of Arrow Electronics during the third quarter valued at approximately $78,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Arrow Electronics in the third quarter worth $88,000. Hedge funds and other institutional investors 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.