Arrow Electronics (NYSE:ARW) Shares Gap Down - Time to Sell?

Shares of Arrow Electronics, Inc. (NYSE:ARW - Get Free Report) gapped down prior to trading on Thursday . The stock had previously closed at $135.80, but opened at $126.30. Arrow Electronics shares last traded at $120.63, with a volume of 60,926 shares.

Analysts Set New Price Targets

A number of analysts have recently commented on ARW shares. Truist Financial lifted their price target on shares of Arrow Electronics from $124.00 to $141.00 and gave the stock a "hold" rating in a research note on Friday, August 2nd. Wells Fargo & Company raised their price objective on shares of Arrow Electronics from $100.00 to $110.00 and gave the stock an "underweight" rating in a report on Friday, August 2nd. Finally, Raymond James raised their price objective on shares of Arrow Electronics from $135.00 to $140.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. According to MarketBeat, Arrow Electronics presently has an average rating of "Hold" and a consensus price target of $130.75.

Arrow Electronics Stock Performance

The company has a quick ratio of 1.07, a current ratio of 1.48 and a debt-to-equity ratio of 0.43. The company has a market cap of $6.28 billion, a PE ratio of 11.28 and a beta of 1.26. The business's fifty day moving average is $131.81 and its 200-day moving average is $128.23.

Arrow Electronics (NYSE:ARW - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The technology company reported $2.78 earnings per share for the quarter, beating the consensus estimate of $2.16 by $0.62. Arrow Electronics had a net margin of 1.97% and a return on equity of 12.77%. The business had revenue of $6.89 billion for the quarter, compared to the consensus estimate of $6.52 billion. During the same quarter in the previous year, the firm earned $4.37 earnings per share. The company's revenue for the quarter was down 19.0% on a year-over-year basis. As a group, research analysts predict that Arrow Electronics, Inc. will post 10.74 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Several large investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp lifted its holdings in Arrow Electronics by 0.3% during the second quarter. Fifth Third Bancorp now owns 28,325 shares of the technology company's stock valued at $3,421,000 after purchasing an additional 82 shares in the last quarter. Two Point Capital Management Inc. lifted its holdings in shares of Arrow Electronics by 0.4% in the second quarter. Two Point Capital Management Inc. now owns 21,584 shares of the technology company's stock worth $2,606,000 after buying an additional 95 shares in the last quarter. QRG Capital Management Inc. lifted its holdings in shares of Arrow Electronics by 1.7% in the first quarter. QRG Capital Management Inc. now owns 6,223 shares of the technology company's stock worth $806,000 after buying an additional 107 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Arrow Electronics by 2.4% in the first quarter. Commonwealth Equity Services LLC now owns 4,623 shares of the technology company's stock worth $598,000 after buying an additional 108 shares in the last quarter. Finally, SummerHaven Investment Management LLC lifted its holdings in shares of Arrow Electronics by 2.3% in the second quarter. SummerHaven Investment Management LLC now owns 5,184 shares of the technology company's stock worth $626,000 after buying an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 99.34% of the company's stock.

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.