The Goldman Sachs Group Raises Arrow Electronics (NYSE:ARW) Price Target to $132.00

Arrow Electronics (NYSE:ARW) had its price target boosted by The Goldman Sachs Group from $116.00 to $132.00 in a research note released on Tuesday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the technology company’s stock.

Separately, Truist Financial decreased their price objective on shares of Arrow Electronics from $128.00 to $124.00 and set a hold rating on the stock in a report on Friday, February 9th.

Arrow Electronics Price Performance

NYSE:ARW opened at $131.52 on Tuesday. Arrow Electronics has a 52 week low of $108.51 and a 52 week high of $147.42. The company has a market capitalization of $7.00 billion, a price-to-earnings ratio of 10.34 and a beta of 1.39. The company has a 50-day moving average of $126.63 and a 200-day moving average of $121.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.07 and a current ratio of 1.49.

Arrow Electronics (NYSE:ARW) last issued its quarterly earnings results on Tuesday, May 7th. The technology company reported $2.41 EPS for the quarter, topping the consensus estimate of $2.37 by $0.04. The company had revenue of $6.92 billion during the quarter, compared to analysts’ expectations of $7.08 billion. Arrow Electronics had a net margin of 2.28% and a return on equity of 14.61%. Arrow Electronics’s revenue was down 20.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $4.60 EPS. As a group, equities research analysts anticipate that Arrow Electronics will post 10.56 earnings per share for the current fiscal year.

Insider Activity at Arrow Electronics

In other news, Director Gail Hamilton sold 2,987 shares of Arrow Electronics stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $132.59, for a total transaction of $396,046.33. Following the transaction, the director now directly owns 102 shares of the company’s stock, valued at approximately $13,524.18. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Gail Hamilton sold 2,987 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $132.59, for a total transaction of $396,046.33. Following the transaction, the director now owns 102 shares of the company’s stock, valued at approximately $13,524.18. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Richard John Marano sold 1,900 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $116.46, for a total value of $221,274.00. Following the transaction, the insider now directly owns 12,108 shares in the company, valued at approximately $1,410,097.68. The disclosure for this sale can be found here. Insiders have sold 9,371 shares of company stock valued at $1,190,352 over the last ninety days. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Oldfield Partners LLP purchased a new position in Arrow Electronics during the first quarter worth approximately $106,533,000. Norges Bank purchased a new position in shares of Arrow Electronics in the fourth quarter valued at approximately $79,027,000. Lind Value II ApS purchased a new position in shares of Arrow Electronics in the first quarter valued at approximately $66,949,000. Assenagon Asset Management S.A. lifted its position in shares of Arrow Electronics by 82.9% in the first quarter. Assenagon Asset Management S.A. now owns 985,373 shares of the technology company’s stock valued at $127,566,000 after acquiring an additional 446,647 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec lifted its position in shares of Arrow Electronics by 67.2% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 946,398 shares of the technology company’s stock valued at $118,527,000 after acquiring an additional 380,383 shares in the last quarter. 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.