Wells Fargo & Company Issues Pessimistic Forecast for Arrow Electronics (NYSE:ARW) Stock Price

Arrow Electronics (NYSE:ARW) had its price target decreased by analysts at Wells Fargo & Company from $105.00 to $100.00 in a research report issued on Monday,Benzinga reports. The firm currently has an “underweight” rating on the technology company’s stock. Wells Fargo & Company‘s price target would indicate a potential downside of 11.25% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. Truist Financial lowered their price objective on Arrow Electronics from $141.00 to $120.00 and set a “hold” rating on the stock in a research report on Friday, November 1st. Raymond James dropped their price target on 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 Trading Up 1.6 %

Shares of ARW stock opened at $112.68 on Monday. 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 company has a market cap of $5.93 billion, a price-to-earnings ratio of 12.58 and a beta of 1.26. Arrow Electronics has a 1 year low of $108.51 and a 1 year high of $137.80. The firm has a fifty day moving average price of $116.92 and a 200-day moving average price of $124.13.

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

Institutional Investors Weigh In On Arrow Electronics

A number of hedge funds have recently made changes to their positions in the company. True Wealth Design LLC purchased a new position in shares of Arrow Electronics in the 3rd quarter worth $31,000. Brooklyn Investment Group bought a new position in shares of Arrow Electronics in the 3rd quarter valued at about $40,000. Capital Performance Advisors LLP purchased a new position in Arrow Electronics in the third quarter worth about $73,000. DekaBank Deutsche Girozentrale bought a new stake in Arrow Electronics during the third quarter worth approximately $78,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in Arrow Electronics during the third quarter valued at approximately $88,000. 99.34% of the stock is currently owned by hedge funds and other institutional investors.

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.