Aruba Networks Trading Up 4.2% Following Better-Than-Expected Earnings (ARUN)
Aruba Networks (NASDAQ:ARUN) traded up 4.2% on Wednesday following a better than expected earnings announcement, American Banking and Market News reports. The stock traded as high as $22.49 and last traded at $21.10, with a volume of 7,601,483 shares changing hands. The stock had previously closed at $20.24.
The company reported $0.24 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.23 by $0.01. The company had revenue of $202.90 million for the quarter, compared to the consensus estimate of $194.83 million. During the same quarter in the prior year, the company posted $0.12 earnings per share. The company’s quarterly revenue was up 32.5% on a year-over-year basis.
A number of analysts have recently weighed in on ARUN shares. Analysts at Barclays reiterated an “overweight” rating on shares of Aruba Networks in a research note on Wednesday. They now have a $25.00 price target on the stock, up previously from $21.00. Separately, analysts at Imperial Capital raised their price target on shares of Aruba Networks from $23.00 to $26.00 in a research note on Wednesday. They now have an “outperform” rating on the stock. Finally, analysts at Stephens upgraded shares of Aruba Networks from an “equal weight” rating to an “overweight” rating in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have given a buy rating to the company. Aruba Networks presently has an average rating of “Hold” and an average price target of $24.74.
In other Aruba Networks news, Insider Keerti Melkote sold 54,000 shares of Aruba Networks stock on the open market in a transaction dated Wednesday, August 20th. The stock was sold at an average price of $20.06, for a total transaction of $1,083,240.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
The stock has a 50-day moving average of $18.28 and a 200-day moving average of $19.0. The company’s market cap is $2.301 billion.
Aruba Networks, Inc, is a provider of next-generation network access solutions for mobile enterprise networks.
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