ARRIS Group Lowered to “Neutral” at Zacks (ARRS)
ARRIS Group (NASDAQ:ARRS) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a report issued on Friday, Stock Ratings Network reports. They currently have a $27.00 price target on the stock. Zacks‘s price objective would indicate a potential upside of 3.49% from the company’s current price.
Zacks’ analyst wrote, “Arris posted strong fourth-quarter 2013 financial results with both the top and the bottom line surpassing the Zacks Consensus Estimate. Strong demand for home gateways, large contract wins, coupled with the acquisition of the cable set-top box business of Motorola Mobility has transformed the company into an integrated equipment supplier in the high-speed video and Internet delivery market. Moreover, Arris also raised the guidance for the next quarter of 2014. However, stiff competition from other industry players coupled with the ongoing merger between Comcast and Time Warner Cable will hurt the company’s top line while moving ahead. Meanwhile, the stock price of Arris has soared 85% in the last year. We, thus downgrade our recommendation on Arris to Neutral. “
Several other analysts have also recently commented on the stock. Analysts at TheStreet downgraded shares of ARRIS Group from a “buy” rating to a “hold” rating in a research note on Wednesday. Separately, analysts at Needham & Company LLC raised their price target on shares of ARRIS Group from $22.00 to $32.00 in a research note on Thursday, February 20th. They now have a “buy” rating on the stock. Finally, analysts at RBC Capital raised their price target on shares of ARRIS Group from $28.00 to $31.00 in a research note on Thursday, February 20th. They now have an “outperform” rating on the stock. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $28.68.
In other ARRIS Group news, CFO David Potts unloaded 6,620 shares of the stock on the open market in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $28.17, for a total transaction of $186,485.40. Following the completion of the sale, the chief financial officer now directly owns 50,760 shares of the company’s stock, valued at approximately $1,429,909. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
ARRIS Group (NASDAQ:ARRS) traded down 1.15% during mid-day trading on Friday, hitting $25.79. The stock had a trading volume of 1,757,067 shares. ARRIS Group has a 1-year low of $14.07 and a 1-year high of $31.42. The stock’s 50-day moving average is $28.51 and its 200-day moving average is $23.05. The company’s market cap is $3.672 billion.
ARRIS Group (NASDAQ:ARRS) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $0.54 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.45 by $0.09. The company had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.16 billion. On average, analysts predict that ARRIS Group will post $2.09 earnings per share for the current fiscal year.
ARRIS Group, Inc (NASDAQ:ARRS) is a global communications technology company.
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