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

Arrow Electronics (NYSE:ARW - Get Free Report) had its price target cut by equities research analysts at Wells Fargo & Company from $100.00 to $98.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an "underweight" rating on the technology company's stock. Wells Fargo & Company's price objective would suggest a potential downside of 8.99% from the stock's previous close.

A number of other analysts have also recently commented on ARW. Truist Financial dropped their price objective on 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 reduced their price objective on 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 research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, Arrow Electronics currently has a consensus rating of "Hold" and an average price target of $121.25.

Arrow Electronics Stock Performance

Shares of ARW stock traded down $0.12 during trading hours on Friday, hitting $107.68. The stock had a trading volume of 346,529 shares, compared to its average volume of 501,355. Arrow Electronics has a twelve month low of $105.00 and a twelve month high of $137.80. The firm has a market capitalization of $5.66 billion, a PE ratio of 14.78 and a beta of 1.26. The stock's 50 day moving average is $115.75 and its 200 day moving average is $123.32. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.46 and a quick ratio of 1.09.

Arrow Electronics (NYSE:ARW - Get Free Report) last announced its quarterly earnings results on Thursday, February 13th. The technology company reported $2.97 earnings per share for the quarter, beating analysts' consensus estimates of $2.80 by $0.17. Arrow Electronics had a return on equity of 9.69% and a net margin of 1.40%. As a group, research analysts forecast that Arrow Electronics will post 12.81 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Arrow Electronics

Several hedge funds and other institutional investors have recently bought and sold shares of ARW. Truist Financial Corp increased its holdings in Arrow Electronics by 6.8% during the 2nd quarter. Truist Financial Corp now owns 11,028 shares of the technology company's stock worth $1,332,000 after purchasing an additional 700 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Arrow Electronics in the 2nd quarter valued at approximately $863,000. GAMMA Investing LLC increased its holdings in shares of Arrow Electronics by 24.6% in the 3rd quarter. GAMMA Investing LLC now owns 695 shares of the technology company's stock valued at $92,000 after acquiring an additional 137 shares during the last quarter. CWM LLC grew its stake in Arrow Electronics by 254.3% during the 3rd 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. grew its stake in Arrow Electronics by 8,207.7% during the 3rd 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. 99.34% of the stock is currently owned by hedge funds and other institutional investors.

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.