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Aruba Networks (NASDAQ:ARUN) was upgraded by research analysts at Stifel Nicolaus from a “hold” rating to a “buy” rating in a report released on Thursday, TheFlyOnTheWall.com reports. The firm currently has a $24.00 price objective on the stock. Stifel Nicolaus’ price objective suggests a potential upside of 26.45% from the company’s current price.

Shares of Aruba Networks (NASDAQ:ARUN) opened at 19.30 on Thursday. Aruba Networks has a 52-week low of $15.97 and a 52-week high of $23.58. The stock has a 50-day moving average of $17.69 and a 200-day moving average of $19.03. The company’s market cap is $2.099 billion. Aruba Networks also was the recipient of a large drop in short interest during the month of July. As of July 31st, there was short interest totalling 12,372,722 shares, a drop of 7.5% from the July 15th total of 13,372,123 shares. Based on an average daily trading volume, of 1,583,909 shares, the days-to-cover ratio is presently 7.8 days. Currently, 11.8% of the company’s shares are sold short.

Aruba Networks (NASDAQ:ARUN) last issued its quarterly earnings data on Thursday, May 22nd. The company reported $0.20 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.20. The company had revenue of $18.80 million for the quarter, compared to the consensus estimate of $180.80 million. During the same quarter in the prior year, the company posted $0.11 earnings per share. The company’s quarterly revenue was up 28.3% on a year-over-year basis. Analysts expect that Aruba Networks will post $0.76 EPS for the current fiscal year.

In other Aruba Networks news, Insider Dominic P. Orr unloaded 200,000 shares of Aruba Networks stock on the open market in a transaction dated Wednesday, August 6th. The shares were sold at an average price of $17.60, for a total transaction of $3,520,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

A number of other analysts have also recently weighed in on ARUN. Analysts at Buckingham Research initiated coverage on shares of Aruba Networks in a research note on Wednesday, July 16th. They set a “neutral” rating and a $19.00 price target on the stock. Separately, analysts at Macquarie upgraded shares of Aruba Networks from a “neutral” rating to an “outperform” rating in a research note on Monday, July 14th. They now have a $24.00 price target on the stock, up previously from $22.00. Finally, analysts at Barclays reiterated an “overweight” rating on shares of Aruba Networks in a research note on Thursday, July 10th. They now have a $21.00 price target on the stock, down previously from $25.00. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $27.54.

Aruba Networks, Inc, is a provider of next-generation network access solutions for mobile enterprise networks.

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