ARRIS International PLC (NASDAQ:ARRS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Monday. The brokerage presently has a $32.00 target price on the communications equipment provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.40% from the stock’s current price.

According to Zacks, “ARRIS reported better than expected earnings in the second quarter of 2017. We expect the company to perform well on the bottom line front in the third quarter too driven by its strong product portfolio. The company  expects earnings (adjusted) in the band of $0.66–$0.71 in the third quarter of 2017. ARRIS has recenty inked several deals to broaden its product portfolio. In Feb 2017, ARRIS entered into a deal with Broadcom to purchase Brocade Communication's Ruckus Wireless and ICX Switch units. The deal is expected to close by year-end. We are also impressed by the company's efforts to reward shareholders through buybacks. However, foreign exchange fluctuations remain a concern for the company. Moreover, the company reported lower-than-expected revenues in the second quarter. Shares of the company have underperformed its industry so far this year.”

A number of other analysts have also weighed in on ARRS. Northland Securities reaffirmed a “hold” rating and issued a $24.00 price target on shares of ARRIS International PLC in a research note on Thursday. BidaskClub lowered shares of ARRIS International PLC from a “buy” rating to a “hold” rating in a research note on Tuesday, July 4th. BTIG Research assumed coverage on shares of ARRIS International PLC in a research note on Thursday, June 15th. They issued a “buy” rating and a $38.00 price target for the company. Jefferies Group LLC reaffirmed a “buy” rating and issued a $34.00 price target on shares of ARRIS International PLC in a research note on Thursday, June 8th. Finally, ValuEngine lowered shares of ARRIS International PLC from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, May 31st. Three investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $32.90.

Shares of ARRIS International PLC (ARRS) traded up 1.10% during midday trading on Monday, reaching $28.47. 1,171,855 shares of the company were exchanged. ARRIS International PLC has a 52-week low of $24.75 and a 52-week high of $31.52. The stock has a market capitalization of $5.32 billion, a price-to-earnings ratio of 43.33 and a beta of 1.31. The company’s 50-day moving average price is $28.28 and its 200 day moving average price is $27.58.

ARRIS International PLC (NASDAQ:ARRS) last posted its earnings results on Wednesday, August 2nd. The communications equipment provider reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. ARRIS International PLC had a net margin of 1.90% and a return on equity of 13.97%. The firm had revenue of $1.67 billion during the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. ARRIS International PLC’s quarterly revenue was down 3.6% on a year-over-year basis. On average, equities analysts predict that ARRIS International PLC will post $2.51 earnings per share for the current year.

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In related news, insider Stephen J. Mccaffery sold 12,609 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $30.00, for a total value of $378,270.00. Following the completion of the sale, the insider now owns 9,127 shares in the company, valued at approximately $273,810. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP David Potts sold 8,144 shares of the company’s stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $28.13, for a total transaction of $229,090.72. Following the completion of the sale, the executive vice president now owns 96,234 shares of the company’s stock, valued at approximately $2,707,062.42. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,255 shares of company stock valued at $676,591. 1.20% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the stock. Capstone Asset Management Co. increased its stake in shares of ARRIS International PLC by 0.3% in the second quarter. Capstone Asset Management Co. now owns 15,751 shares of the communications equipment provider’s stock valued at $441,000 after buying an additional 40 shares during the period. Rice Hall James & Associates LLC increased its stake in shares of ARRIS International PLC by 0.3% in the first quarter. Rice Hall James & Associates LLC now owns 78,162 shares of the communications equipment provider’s stock valued at $2,067,000 after buying an additional 259 shares during the period. Tyers Asset Management LLC increased its stake in shares of ARRIS International PLC by 7.4% in the first quarter. Tyers Asset Management LLC now owns 5,792 shares of the communications equipment provider’s stock valued at $153,000 after buying an additional 400 shares during the period. NGAM Advisors L.P. increased its stake in shares of ARRIS International PLC by 4.6% in the second quarter. NGAM Advisors L.P. now owns 11,170 shares of the communications equipment provider’s stock valued at $313,000 after buying an additional 489 shares during the period. Finally, Quantbot Technologies LP increased its stake in shares of ARRIS International PLC by 3.0% in the first quarter. Quantbot Technologies LP now owns 18,299 shares of the communications equipment provider’s stock valued at $484,000 after buying an additional 530 shares during the period. Institutional investors and hedge funds own 87.44% of the company’s stock.

ARRIS International PLC Company Profile

ARRIS International plc is a media entertainment and data communications solutions provider. The Company operates in two segments: Customer Premises Equipment (CPE), and Network & Cloud (N&C). The Company enables service providers, including cable, telephone, and digital broadcast satellite operators, and media programmers to deliver media, voice and Internet Protocol (IP) data services to their subscribers.

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Analyst Recommendations for ARRIS International PLC (NASDAQ:ARRS)

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