Arris Group Inc. (ARRS) Sees Unusually-High Trading Volume
Arris Group Inc. (NASDAQ:ARRS) saw unusually-high trading volume on Wednesday . Approximately 2,787,590 shares changed hands during trading, an increase of 25% from the previous session’s volume of 2,221,718 shares.The stock last traded at $22.94 and had previously closed at $22.53.
ARRS has been the topic of a number of research reports. Goldman Sachs Group Inc. lowered shares of Arris Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $39.00 to $26.00 in a research report on Monday, March 14th. Royal Bank Of Canada restated an “outperform” rating and set a $29.00 target price on shares of Arris Group in a research report on Tuesday, March 15th. Needham & Company LLC raised their target price on shares of Arris Group from $28.00 to $30.00 and gave the stock a “buy” rating in a research report on Thursday, May 5th. Zacks Investment Research upgraded shares of Arris Group from a “strong sell” rating to a “buy” rating and set a $25.00 target price on the stock in a research report on Tuesday, May 17th. Finally, Jefferies Group restated a “buy” rating and set a $31.00 target price (down from $40.00) on shares of Arris Group in a research report on Friday, June 10th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $33.22.
The company’s market capitalization is $4.33 billion. The firm’s 50-day moving average price is $22.83 and its 200-day moving average price is $23.92.
Arris Group (NASDAQ:ARRS) last issued its quarterly earnings results on Wednesday, May 4th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.07. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the company earned $0.44 EPS. The company’s quarterly revenue was up 33.1% compared to the same quarter last year. Equities research analysts expect that Arris Group Inc. will post $2.60 earnings per share for the current fiscal year.
In related news, SVP James R. Brennan sold 8,500 shares of the stock in a transaction that occurred on Thursday, May 5th. The stock was sold at an average price of $25.88, for a total transaction of $219,980.00. Following the sale, the senior vice president now owns 35,221 shares of the company’s stock, valued at $911,519.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ronald Coppock sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 5th. The stock was sold at an average price of $25.25, for a total value of $126,250.00. Following the sale, the insider now directly owns 48,750 shares in the company, valued at approximately $1,230,937.50. The disclosure for this sale can be found here.
Several large investors have modified their holdings of the stock. Thornburg Investment Management Inc. acquired a new stake in shares of Arris Group during the fourth quarter worth $1,027,000. Public Employees Retirement Association of Colorado increased its stake in shares of Arris Group by 4.2% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 35,398 shares of the company’s stock worth $1,082,000 after buying an additional 1,435 shares in the last quarter. Quantitative Investment Management LLC acquired a new stake in shares of Arris Group during the fourth quarter worth $1,143,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Arris Group by 0.5% in the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 39,118 shares of the company’s stock worth $1,196,000 after buying an additional 184 shares in the last quarter. Finally, Redwood Investments LLC increased its stake in shares of Arris Group by 28.0% in the fourth quarter. Redwood Investments LLC now owns 43,445 shares of the company’s stock worth $1,328,000 after buying an additional 9,516 shares in the last quarter.
ARRIS International plc focuses on entertainment and communications technology. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The CPE segment’s products include Set-Top, Gateway, digital subscriber line (DSL) and Cable Modem, and Embedded Multimedia Terminal Adapter (E-MTA) and Voice/Data Modem.
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