ARRIS Group Shares Down 15.8% on Insider Selling (ARRS)
ARRIS Group (NASDAQ:ARRS) shares dropped 15.8% during trading on Friday following insider selling activity, Analyst RN reports. The stock traded as low as $28.70 and last traded at $28.78, with a volume of 8,204,277 shares trading hands. The stock had previously closed at $34.17.
Specifically, Insider Bruce William Mcclelland sold 10,000 shares of ARRIS Group stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $35.00, for a total transaction of $350,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
ARRS has been the subject of a number of recent research reports. Analysts at Raymond James reiterated a “strong-buy” rating on shares of ARRIS Group in a research note on Friday. They now have a $39.00 price target on the stock, up previously from $37.00. Separately, analysts at Barclays reiterated an “equal weight” rating on shares of ARRIS Group in a research note on Friday. They now have a $32.00 price target on the stock, up previously from $30.00. Finally, analysts at Needham & Company LLC raised their price target on shares of ARRIS Group from $34.00 to $36.00 in a research note on Friday. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, two have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. ARRIS Group presently has a consensus rating of “Buy” and an average target price of $36.44.
The stock’s 50-day moving average is $32.72 and its 200-day moving average is $29.36. The company has a market cap of $4.212 billion and a P/E ratio of 711.87.
ARRIS Group (NASDAQ:ARRS) last announced its earnings results on Thursday, July 31st. The company reported $0.70 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.68 by $0.02. 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. On average, analysts predict that ARRIS Group will post $2.51 earnings per share for the current fiscal year.
ARRIS Group, Inc (NASDAQ:ARRS) is a global communications technology company.
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