Arris Group Inc. (ARRS) Downgraded to Hold at Zacks Investment Research
According to Zacks, “ARRIS continues to impress with its strong product portfolio and growth initiatives. The company has inked multiple deals of late to expand its product portfolio. ARRIS' VIP5662EW Ultra-HD set-top was recently selected by the Altice-owned Portugal Telecom for its new MEO 4K service in Portugal. The company also expanded its strategic relations with Telefonica through its latest partnership which entails development of a new range of set-tops. ARRIS has also been selected by Dubai-based, Intigral to help in deployment of the company’s new video delivery service in the Middle East and North Africa region. The company recently appointed Bruce McClelland as CEO to succeed Bob Stanzione. We are, however, concerned about foreign exchange-related risks and the company's weak cash position.”
ARRS has been the subject of a number of other research reports. RBC Capital Markets reissued an outperform rating and set a $33.00 target price on shares of Arris Group in a research report on Friday, September 23rd. Jefferies Group raised their price objective on shares of Arris Group from $31.00 to $34.00 and gave the stock a buy rating in a research report on Friday, July 29th. Needham & Company LLC reaffirmed a buy rating and set a $32.00 price objective on shares of Arris Group in a research report on Wednesday, August 24th. Royal Bank Of Canada reaffirmed a buy rating on shares of Arris Group in a research report on Wednesday, June 1st. Finally, TheStreet raised shares of Arris Group from a hold rating to a buy rating in a research report on Thursday, August 11th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $33.00.
Arris Group (NASDAQ:ARRS) opened at 28.33 on Tuesday. The firm’s market capitalization is $5.40 billion. Arris Group has a 1-year low of $20.05 and a 1-year high of $32.93. The company has a 50-day moving average of $27.87 and a 200-day moving average of $24.54.
Arris Group (NASDAQ:ARRS) last released its earnings results on Wednesday, July 27th. The company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.19. The business earned $1.73 billion during the quarter, compared to the consensus estimate of $1.70 billion. Arris Group had a negative net margin of 1.09% and a positive return on equity of 17.91%. The company’s revenue for the quarter was up 37.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 EPS. On average, equities analysts predict that Arris Group will post $2.82 earnings per share for the current year.
In other Arris Group news, insider Ronald Coppock sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $28.50, for a total transaction of $285,000.00. Following the transaction, the insider now directly owns 24,750 shares in the company, valued at approximately $705,375. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Bruce William Mcclelland acquired 5,000 shares of the company’s stock in a transaction on Friday, August 26th. The shares were bought at an average price of $27.15 per share, for a total transaction of $135,750.00. Following the completion of the purchase, the insider now owns 174,288 shares in the company, valued at approximately $4,731,919.20. The disclosure for this purchase can be found here. Company insiders own 1.20% of the company’s stock.
A number of institutional investors have recently modified their holdings of ARRS. 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. State Street Corp boosted its position in shares of Arris Group by 24.7% in the first quarter. State Street Corp now owns 4,764,920 shares of the company’s stock valued at $109,212,000 after buying an additional 944,953 shares during the period. Jericho Capital Asset Management L.P. boosted its position in shares of Arris Group by 3.7% in the first quarter. Jericho Capital Asset Management L.P. now owns 2,218,280 shares of the company’s stock valued at $50,843,000 after buying an additional 79,132 shares during the period. BlackRock Fund Advisors boosted its position in shares of Arris Group by 18.6% in the first quarter. BlackRock Fund Advisors now owns 6,366,229 shares of the company’s stock valued at $145,914,000 after buying an additional 996,393 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Arris Group by 301.3% in the first quarter. JPMorgan Chase & Co. now owns 536,977 shares of the company’s stock valued at $12,308,000 after buying an additional 403,153 shares during the period. Institutional investors and hedge funds own 85.06% of the company’s stock.
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.
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