Advisors Asset Management Inc. cut its stake in Arris Group Inc. (NASDAQ:ARRS) by 7.8% during the second quarter, Holdings Channel reports. The firm owned 46,934 shares of the company’s stock after selling 3,980 shares during the period. Advisors Asset Management Inc.’s holdings in Arris Group were worth $984,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Prudential PLC acquired a new position in shares of Arris Group during the first quarter valued at $45,303,000. Jacobs Levy Equity Management Inc. boosted its position in shares of Arris Group by 5,017.1% in the first quarter. Jacobs Levy Equity Management Inc. now owns 1,319,193 shares of the company’s stock valued at $30,236,000 after buying an additional 1,293,413 shares during the period. BlackRock Institutional Trust Company N.A. boosted its position in shares of Arris Group by 30.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 5,371,998 shares of the company’s stock valued at $123,126,000 after buying an additional 1,259,696 shares during the period. Norges Bank acquired a new position in shares of Arris Group during the fourth quarter valued at $35,479,000. Finally, Prudential Financial Inc. boosted its position in shares of Arris Group by 1,154.5% in the first quarter. Prudential Financial Inc. now owns 1,133,132 shares of the company’s stock valued at $25,971,000 after buying an additional 1,042,810 shares during the period. Hedge funds and other institutional investors own 85.06% of the company’s stock.

Arris Group Inc. (NASDAQ:ARRS) traded up 0.755% during midday trading on Wednesday, hitting $28.705. 1,105,727 shares of the stock traded hands. The company’s 50 day moving average price is $27.55 and its 200 day moving average price is $24.26. The firm’s market cap is $5.47 billion. Arris Group Inc. has a 12 month low of $20.05 and a 12 month high of $32.93.

Arris Group (NASDAQ:ARRS) last issued its quarterly earnings results on Wednesday, July 27th. The company reported $0.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.65 by $0.19. Arris Group had a positive return on equity of 17.91% and a negative net margin of 1.09%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The company’s revenue was up 37.3% on a year-over-year basis. Equities research analysts predict that Arris Group Inc. will post $2.82 earnings per share for the current fiscal year.

Several equities analysts have recently weighed in on ARRS shares. Needham & Company LLC increased their price objective on shares of Arris Group from $30.00 to $32.00 and gave the stock a “buy” rating in a research note on Thursday, July 28th. TheStreet upgraded shares of Arris Group from a “hold” rating to a “buy” rating in a research note on Thursday, August 11th. Zacks Investment Research upgraded shares of Arris Group from a “hold” rating to a “strong-buy” rating and set a $31.00 price objective on the stock in a research note on Tuesday, August 9th. Jefferies Group restated a “buy” rating and set a $31.00 target price (down previously from $40.00) on shares of Arris Group in a research note on Friday, June 10th. Finally, RBC Capital Markets restated an “outperform” rating and set a $33.00 target price (up previously from $31.00) on shares of Arris Group in a research note on Thursday, July 28th. Eight research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $33.00.

In other news, insider Bruce William Mcclelland bought 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 26th. The shares were purchased at an average price of $27.15 per share, for a total transaction of $135,750.00. Following the completion of the transaction, the insider now directly owns 174,288 shares in the company, valued at $4,731,919.20. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ronald Coppock sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The shares were sold at an average price of $28.50, for a total value of $285,000.00. Following the completion of the sale, the insider now owns 24,750 shares in the company, valued at approximately $705,375. The disclosure for this sale can be found here. 1.20% of the stock is owned by corporate insiders.

About Arris Group

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.

5 Day Chart for NASDAQ:ARRS

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