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

Arrow Electronics (NYSE:ARW) had its price objective trimmed by Wells Fargo & Company from $100.00 to $98.00 in a research note issued to investors on Friday morning,Benzinga reports. The firm currently has an underweight rating on the technology company’s stock.

A number of other equities analysts also recently issued reports on the stock. Truist Financial dropped their price objective on shares of Arrow Electronics from $141.00 to $120.00 and set a “hold” rating on the stock in a research note on Friday, November 1st. Raymond James dropped their price objective 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. Two analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, Arrow Electronics currently has a consensus rating of “Hold” and an average price target of $121.25.

Arrow Electronics Price Performance

Shares of ARW stock opened at $107.15 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.46 and a quick ratio of 1.09. The company’s 50-day simple moving average is $116.05 and its two-hundred day simple moving average is $123.41. Arrow Electronics has a one year low of $105.00 and a one year high of $137.80. The company has a market capitalization of $5.63 billion, a P/E ratio of 14.72 and a beta of 1.26.

Arrow Electronics (NYSE:ARW) last released its quarterly earnings data 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 net margin of 1.40% and a return on equity of 9.69%. As a group, equities analysts anticipate that Arrow Electronics will post 12.81 EPS for the current year.

Institutional Investors Weigh In On Arrow Electronics

A number of hedge funds and other institutional investors have recently bought and sold shares of ARW. Truist Financial Corp lifted its position in Arrow Electronics by 6.8% during the second quarter. Truist Financial Corp now owns 11,028 shares of the technology company’s stock valued at $1,332,000 after acquiring an additional 700 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Arrow Electronics in the second quarter worth $863,000. GAMMA Investing LLC raised its holdings in shares of Arrow Electronics by 24.6% in the third quarter. GAMMA Investing LLC now owns 695 shares of the technology company’s stock worth $92,000 after buying an additional 137 shares during the last quarter. CWM LLC raised its holdings in shares of Arrow Electronics by 254.3% in the third quarter. CWM LLC now owns 6,072 shares of the technology company’s stock worth $806,000 after buying an additional 4,358 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Arrow Electronics by 8,207.7% in the third quarter. UMB Bank n.a. now owns 3,240 shares of the technology company’s stock worth $430,000 after buying an additional 3,201 shares during the last quarter. 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.