Arrow Electronics (NYSE:ARW) Given New $100.00 Price Target at Wells Fargo & Company

Arrow Electronics (NYSE:ARW - Get Free Report) had its target price cut by analysts at Wells Fargo & Company from $105.00 to $100.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price target points to a potential downside of 9.88% from the stock's current price.

Several other brokerages have also commented on ARW. Truist Financial dropped their price objective on Arrow Electronics from $141.00 to $120.00 and set a "hold" rating on the stock in a report on Friday, November 1st. Raymond James dropped their price target 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 Performance

Shares of ARW stock traded down $0.99 during mid-day trading on Monday, reaching $110.96. The stock had a trading volume of 446,148 shares, compared to its average volume of 392,435. 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 1-year low of $108.51 and a 1-year high of $137.80. The firm has a market cap of $5.84 billion, a price-to-earnings ratio of 12.38 and a beta of 1.26. The business's fifty day moving average is $117.20 and its 200-day moving average is $124.25.

Arrow Electronics (NYSE:ARW - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The technology company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $6.73 billion. During the same quarter in the prior year, the business earned $4.14 earnings per share. The business's quarterly revenue was down 14.8% compared to the same quarter last year. On average, research analysts forecast that Arrow Electronics will post 10.23 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. American Century Companies Inc. grew its holdings in shares of Arrow Electronics by 69.6% during the second quarter. American Century Companies Inc. now owns 55,962 shares of the technology company's stock worth $6,758,000 after buying an additional 22,966 shares in the last quarter. Oppenheimer Asset Management Inc. grew its stake in Arrow Electronics by 21.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 4,706 shares of the technology company's stock valued at $568,000 after acquiring an additional 825 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in Arrow Electronics by 6.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 140,469 shares of the technology company's stock valued at $16,963,000 after acquiring an additional 7,910 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Arrow Electronics by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,743,892 shares of the technology company's stock valued at $331,353,000 after acquiring an additional 325,122 shares during the last quarter. Finally, Edgestream Partners L.P. acquired a new position in shares of Arrow Electronics during the 2nd quarter worth approximately $1,267,000. 99.34% of the stock is owned by institutional investors and hedge funds.

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.