Arrow Electronics (NYSE:ARW) Price Target Lowered to $98.00 at Wells Fargo & Company

Arrow Electronics (NYSE:ARW) had its target price reduced by stock analysts at Wells Fargo & Company from $100.00 to $98.00 in a research report issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s price objective suggests a potential downside of 10.50% from the company’s previous close.

Several other brokerages have also commented 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 report on Friday, November 1st. Raymond James cut their target price on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Friday, November 1st.

Arrow Electronics Stock Performance

Shares of NYSE ARW traded down $0.22 during trading on Friday, reaching $109.50. 40,269 shares of the company traded hands, compared to its average volume of 462,071. The stock has a market cap of $5.76 billion, a P/E ratio of 12.20 and a beta of 1.26. The firm’s fifty day simple moving average is $116.32 and its 200 day simple moving average is $123.50. 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 has a 12-month low of $105.00 and a 12-month high of $137.80.

Arrow Electronics (NYSE:ARW) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $2.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.80 by $0.17. Arrow Electronics had a return on equity of 10.71% and a net margin of 1.71%. As a group, research analysts anticipate that Arrow Electronics will post 10.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. raised its position in Arrow Electronics by 71.9% in the third quarter. Pacer Advisors Inc. now owns 2,094,555 shares of the technology company’s stock valued at $278,220,000 after purchasing an additional 876,396 shares during the period. Franklin Resources Inc. raised its holdings in shares of Arrow Electronics by 1,072.6% in the 3rd quarter. Franklin Resources Inc. now owns 41,265 shares of the technology company’s stock valued at $5,564,000 after buying an additional 37,746 shares during the period. Cerity Partners LLC lifted its stake in Arrow Electronics by 140.4% during the 3rd quarter. Cerity Partners LLC now owns 12,034 shares of the technology company’s stock worth $1,598,000 after acquiring an additional 7,028 shares in the last quarter. Lind Value II ApS boosted its holdings in Arrow Electronics by 36.3% during the 4th quarter. Lind Value II ApS now owns 648,637 shares of the technology company’s stock valued at $73,374,000 after acquiring an additional 172,669 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Arrow Electronics by 115.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 315,800 shares of the technology company’s stock valued at $41,948,000 after acquiring an additional 168,904 shares in the last quarter. 99.34% of the stock is currently owned by institutional investors and hedge funds.

Arrow Electronics Company Profile

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.