ARRIS International PLC (NASDAQ:ARRS) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of ARRIS International PLC (NASDAQ:ARRS) from a hold rating to a buy rating in a research report released on Monday, August 7th. The firm currently has $32.00 target price on the communications equipment provider’s stock.

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.”

Other equities research analysts have also recently issued research reports about the company. Jefferies Group LLC reaffirmed a buy rating and set a $34.00 price target on shares of ARRIS International PLC in a report on Friday, May 5th. Royal Bank Of Canada reaffirmed a buy rating on shares of ARRIS International PLC in a report on Tuesday, May 2nd. BTIG Research started coverage on ARRIS International PLC in a report on Thursday, June 15th. They set a buy rating and a $38.00 price target on the stock. ValuEngine lowered shares of ARRIS International PLC from a strong-buy rating to a buy rating in a research note on Wednesday, May 31st. Finally, TheStreet lowered shares of ARRIS International PLC from a b- rating to a c rating in a research note on Wednesday, May 3rd. Four research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. ARRIS International PLC has an average rating of Buy and an average target price of $32.90.

Shares of ARRIS International PLC (ARRS) traded down 1.41% during midday trading on Monday, hitting $26.66. The company had a trading volume of 830,218 shares. ARRIS International PLC has a 12 month low of $24.75 and a 12 month high of $31.52. The company has a 50-day moving average of $27.84 and a 200 day moving average of $27.46. The firm has a market capitalization of $5.00 billion, a PE ratio of 40.27 and a beta of 1.31.

ARRIS International PLC (NASDAQ:ARRS) last released its quarterly earnings results on Wednesday, August 2nd. The communications equipment provider reported $0.63 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The company had revenue of $1.67 billion for the quarter, compared to analysts’ expectations of $1.66 billion. ARRIS International PLC had a return on equity of 13.97% and a net margin of 1.90%. The business’s revenue for the quarter was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. On average, analysts expect that ARRIS International PLC will post $2.54 EPS for the current fiscal year.

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In related news, insider Stephen J. Mccaffery sold 12,609 shares of ARRIS International PLC stock in a transaction 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 of the company’s stock, valued at approximately $273,810. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP David Potts sold 2,502 shares of ARRIS International PLC stock in a transaction on Tuesday, July 11th. The shares were sold at an average price of $27.67, for a total transaction of $69,230.34. Following the completion of the sale, the executive vice president now directly owns 90,592 shares of the company’s stock, valued at approximately $2,506,680.64. The disclosure for this sale can be found here. Insiders have sold a total of 23,255 shares of company stock valued at $676,591 in the last three months. Company insiders own 1.20% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tyers Asset Management LLC raised its position in 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 worth $153,000 after buying an additional 400 shares in the last quarter. Delta Capital Management LLC purchased a new position in ARRIS International PLC during the second quarter worth $210,000. Elkfork Partners LLC increased its position in ARRIS International PLC by 7.4% in the first quarter. Elkfork Partners LLC now owns 7,964 shares of the communications equipment provider’s stock valued at $211,000 after buying an additional 550 shares during the last quarter. Cortina Asset Management LLC increased its position in ARRIS International PLC by 9.5% in the first quarter. Cortina Asset Management LLC now owns 8,277 shares of the communications equipment provider’s stock valued at $219,000 after buying an additional 715 shares during the last quarter. Finally, Capstone Investment Advisors Netherlands B.V. bought a new position in ARRIS International PLC during the second quarter valued at about $233,000. 87.78% of the stock is owned by hedge funds and other institutional investors.

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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