Citigroup Inc. Reiterates “Buy” Rating for Arista Networks (ANET)
Arista Networks (NASDAQ:ANET)‘s stock had its “buy” rating restated by equities researchers at Citigroup Inc. in a research report issued on Friday. They currently have a $90.00 target price on the stock, up from their previous target price of $70.00. Citigroup Inc.’s price target suggests a potential upside of 24.62% from the stock’s previous close.
ANET has been the subject of a number of other recent research reports. Analysts at Gabelli downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a research note on Friday. They noted that the move was a valuation call. Separately, analysts at RBC Capital raised their price target on shares of Arista Networks from $77.00 to $82.00 in a research note on Friday. They now have an “outperform” rating on the stock. Finally, analysts at ISI Group raised their price target on shares of Arista Networks from $80.00 to $90.00 in a research note on Friday. They now have a “strong-buy” rating on the stock. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Arista Networks has a consensus rating of “Buy” and a consensus price target of $80.00.
Arista Networks (NASDAQ:ANET) traded up 1.01% during mid-day trading on Friday, hitting $72.95. The stock had a trading volume of 773,108 shares. Arista Networks has a 52 week low of $55.00 and a 52 week high of $80.53. The stock has a 50-day moving average of $67.23 and a 200-day moving average of $66.65. The company has a market cap of $4.717 billion and a P/E ratio of 92.59.
Arista Networks (NASDAQ:ANET) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.35 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.13 by $0.22. The company had revenue of $137.90 million for the quarter, compared to the consensus estimate of $125.26 million. During the same quarter last year, the company posted $0.20 earnings per share. Arista Networks’s revenue was up 65.1% compared to the same quarter last year. On average, analysts predict that Arista Networks will post $0.69 earnings per share for the current fiscal year.
Arista Networks, Inc is a supplier of cloud networking solutions that use software to address the needs Internet companies, cloud service providers and next-generation data centers for enterprises.
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