ARRIS Group (ARRS) Announces Quarterly Earnings, Beats Estimates By $0.02 EPS
ARRIS Group (NASDAQ:ARRS) released its earnings data on Thursday. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02, AR Network reports. The company had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same quarter in the previous year, the company posted $0.45 earnings per share. The company’s revenue for the quarter was up 42.9% on a year-over-year basis. ARRIS Group updated its Q3 guidance to $0.69-0.74 EPS.
Shares of ARRIS Group (NASDAQ:ARRS) traded down 3.09% during mid-day trading on Thursday, hitting $34.17. 4,733,598 shares of the company’s stock traded hands. ARRIS Group has a 52 week low of $14.94 and a 52 week high of $35.37. The stock’s 50-day moving average is $32.75 and its 200-day moving average is $29.30. The company has a market cap of $4.912 billion and a P/E ratio of 734.58. ARRIS Group also was the recipient of a large decline in short interest in July. As of July 15th, there was short interest totalling 2,466,890 shares, a decline of 54.9% from the June 30th total of 5,468,796 shares. Based on an average daily volume of 1,451,382 shares, the short-interest ratio is currently 1.7 days. Currently, 1.9% of the shares of the stock are short sold.
ARRS has been the subject of a number of recent research reports. Analysts at Brean Capital raised their price target on shares of ARRIS Group from $33.00 to $40.00 in a research note on Monday. They now have a “buy” rating on the stock. On the ratings front, analysts at Zacks reiterated an “outperform” rating on shares of ARRIS Group in a research note on Friday, July 4th. They now have a $39.00 price target on the stock. Finally, analysts at RBC Capital raised their price target on shares of ARRIS Group from $35.00 to $40.00 in a research note on Monday, June 9th. They now have an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $35.78.
ARRIS Group, Inc (NASDAQ:ARRS) is a global communications technology company.
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