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Arista Networks (NASDAQ:ANET) shares hit a new 52-week high on Wednesday , Analyst Ratings Network.com reports. The company traded as high as $82.74 and last traded at $82.19, with a volume of 491,558 shares trading hands. The stock had previously closed at $76.17.

ANET has been the subject of a number of recent research reports. Analysts at Cowen and Company raised their price target on shares of Arista Networks from $70.00 to $85.00 in a research note on Friday, August 8th. Separately, analysts at Needham & Company LLC raised their price target on shares of Arista Networks from $75.00 to $90.00 in a research note on Friday, August 8th. Finally, analysts at JMP Securities raised their price target on shares of Arista Networks from $85.00 to $95.00 in a research note on Friday, August 8th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Arista Networks presently has a consensus rating of “Buy” and an average target price of $84.33.

The stock has a 50-day moving average of $69.14 and a 200-day moving average of $68.11. The company has a market cap of $5.283 billion and a price-to-earnings ratio of 86.36.

Arista Networks (NASDAQ:ANET) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.35 earnings per share (EPS) for the quarter, beating the 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 in the previous year, the company posted $0.20 earnings per share. The company’s revenue for the quarter was up 65.1% on a year-over-year basis. On average, analysts predict that Arista Networks will post $1.23 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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