ARRIS International (NASDAQ:ARRS) was downgraded by Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, The Fly reports.
ARRS has been the topic of a number of other reports. ValuEngine upgraded shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Wednesday, October 24th. Raymond James lowered shares of ARRIS International from a “strong-buy” rating to an “outperform” rating and reduced their target price for the company from $36.00 to $29.00 in a report on Monday, October 15th. Royal Bank of Canada lowered shares of ARRIS International from an “outperform” rating to a “sector perform” rating in a report on Thursday. BidaskClub upgraded shares of ARRIS International from a “strong sell” rating to a “sell” rating in a report on Friday, October 19th. Finally, TheStreet lowered shares of ARRIS International from a “b-” rating to a “c+” rating in a report on Monday, October 22nd. Eleven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. ARRIS International presently has an average rating of “Hold” and a consensus price target of $30.21.
NASDAQ:ARRS traded up $0.04 on Thursday, reaching $30.72. The stock had a trading volume of 17,455,823 shares, compared to its average volume of 1,962,902. The firm has a market cap of $5.01 billion, a price-to-earnings ratio of 12.64, a price-to-earnings-growth ratio of 1.65 and a beta of 1.16. The company has a current ratio of 1.59, a quick ratio of 1.16 and a debt-to-equity ratio of 0.67. ARRIS International has a 12-month low of $21.55 and a 12-month high of $30.90.
In related news, CEO Bruce William Mcclelland acquired 1,500 shares of the business’s stock in a transaction dated Monday, August 13th. The shares were acquired at an average cost of $24.08 per share, for a total transaction of $36,120.00. Following the acquisition, the chief executive officer now directly owns 242,256 shares in the company, valued at approximately $5,833,524.48. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.90% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. First Hawaiian Bank purchased a new position in shares of ARRIS International during the 3rd quarter worth about $140,000. Delphi Management Inc. MA acquired a new stake in ARRIS International during the 2nd quarter worth approximately $212,000. Hartford Investment Management Co. acquired a new stake in ARRIS International during the 2nd quarter worth approximately $305,000. Commonwealth Bank of Australia acquired a new stake in ARRIS International during the 3rd quarter worth approximately $499,000. Finally, Alambic Investment Management L.P. acquired a new stake in ARRIS International during the 2nd quarter worth approximately $532,000. Institutional investors and hedge funds own 87.56% of the company’s stock.
About ARRIS International
ARRIS International plc, together with its subsidiaries, provides entertainment, communications, and networking technology and solutions worldwide. It operates through three segments: Customer Premises Equipment, Network & Cloud, and Enterprise Networks. The Customer Premises Equipment segment offers digital subscriber lines and cable modems, broadband gateways, set-top boxes, and video gateways.
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