Arrow Electronics (NYSE:ARW) Price Target Cut to $98.00 by Analysts at Wells Fargo & Company

Arrow Electronics (NYSE:ARW) had its target price decreased by Wells Fargo & Company from $100.00 to $98.00 in a research report report published on Friday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the technology company’s stock.

Other analysts have also issued research reports about the stock. Raymond James dropped their target price on shares of Arrow Electronics from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. 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 report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Arrow Electronics presently has an average rating of “Hold” and an average price target of $121.25.

Arrow Electronics Stock Performance

NYSE ARW opened at $107.15 on Friday. The stock has a market capitalization of $5.63 billion, a price-to-earnings ratio of 11.96 and a beta of 1.26. The stock has a 50-day moving average of $116.32 and a 200 day moving average of $123.50. 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 twelve month low of $105.00 and a twelve month high of $137.80.

Arrow Electronics (NYSE:ARW) last announced its earnings results on Thursday, February 13th. The technology company reported $2.97 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.17. Arrow Electronics had a return on equity of 10.71% and a net margin of 1.71%. Sell-side analysts anticipate that Arrow Electronics will post 10.26 EPS for the current fiscal year.

Hedge Funds Weigh In On Arrow Electronics

Several hedge funds and other institutional investors have recently modified their holdings of the business. BOK Financial Private Wealth Inc. purchased a new stake in Arrow Electronics during the 4th quarter valued at about $25,000. True Wealth Design LLC acquired a new position in shares of Arrow Electronics during the 3rd quarter worth approximately $31,000. Brooklyn Investment Group purchased a new stake in shares of Arrow Electronics in the third quarter valued at approximately $40,000. Principal Securities Inc. increased its holdings in shares of Arrow Electronics by 35.7% in the fourth quarter. Principal Securities Inc. now owns 479 shares of the technology company’s stock valued at $54,000 after purchasing an additional 126 shares during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in Arrow Electronics by 24.6% during the fourth quarter. Parkside Financial Bank & Trust now owns 568 shares of the technology company’s stock worth $64,000 after buying an additional 112 shares in the last quarter. 99.34% of the stock is 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.