BMO Capital Markets Boosts Arista Networks, Inc. (ANET) Price Target to $167.00
Arista Networks, Inc. (NYSE:ANET) had its target price lifted by research analysts at BMO Capital Markets from $155.00 to $167.00 in a note issued to investors on Monday. The firm presently has an “outperform” rating on the technology company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 10.17% from the stock’s previous close.
Other equities research analysts also recently issued research reports about the stock. Needham & Company LLC restated a “buy” rating and issued a $130.00 price objective on shares of Arista Networks in a research report on Thursday, February 23rd. Stifel Nicolaus restated a “buy” rating and issued a $130.00 price objective (up previously from $125.00) on shares of Arista Networks in a research report on Wednesday, March 8th. Instinet restated a “buy” rating and issued a $125.00 price objective on shares of Arista Networks in a research report on Wednesday, March 8th. Citigroup Inc. raised their price objective on shares of Arista Networks from $115.00 to $150.00 and gave the company a “buy” rating in a research report on Friday, March 24th. Finally, Deutsche Bank AG raised their price objective on shares of Arista Networks from $130.00 to $140.00 and gave the company a “buy” rating in a research report on Thursday, March 23rd. Fifteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. Arista Networks presently has an average rating of “Buy” and a consensus target price of $134.74.
Shares of Arista Networks (NYSE:ANET) traded up 3.20% during trading on Monday, hitting $156.43. The company had a trading volume of 744,069 shares. The firm has a market capitalization of $11.26 billion, a P/E ratio of 50.53 and a beta of 1.35. Arista Networks has a 52-week low of $60.51 and a 52-week high of $158.57. The stock’s 50-day moving average is $147.05 and its 200 day moving average is $120.46.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, May 4th. The technology company reported $0.79 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.09. The firm had revenue of $335.48 million during the quarter, compared to the consensus estimate of $326.19 million. Arista Networks had a net margin of 18.95% and a return on equity of 20.94%. The firm’s revenue was up 38.5% compared to the same quarter last year. During the same quarter last year, the firm earned $0.68 earnings per share. Equities research analysts predict that Arista Networks will post $3.95 earnings per share for the current fiscal year.
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In other Arista Networks news, SVP Kenneth Duda sold 9,539 shares of Arista Networks stock in a transaction that occurred on Friday, June 9th. The shares were sold at an average price of $156.19, for a total value of $1,489,896.41. Following the completion of the sale, the senior vice president now directly owns 1,202 shares of the company’s stock, valued at approximately $187,740.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $131.65, for a total transaction of $263,300.00. Following the completion of the sale, the senior vice president now directly owns 10,650 shares of the company’s stock, valued at $1,402,072.50. The disclosure for this sale can be found here. Insiders sold a total of 395,901 shares of company stock valued at $58,241,211 over the last ninety days. 32.39% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the company. Comerica Bank purchased a new stake in Arista Networks during the fourth quarter valued at approximately $205,000. Swiss National Bank boosted its stake in Arista Networks by 0.9% in the first quarter. Swiss National Bank now owns 75,200 shares of the technology company’s stock valued at $9,947,000 after buying an additional 700 shares during the last quarter. Columbus Circle Investors purchased a new stake in Arista Networks during the first quarter valued at approximately $42,580,000. AQR Capital Management LLC boosted its stake in Arista Networks by 32.0% in the fourth quarter. AQR Capital Management LLC now owns 34,331 shares of the technology company’s stock valued at $3,322,000 after buying an additional 8,318 shares during the last quarter. Finally, 1st Global Advisors Inc. purchased a new stake in Arista Networks during the first quarter valued at approximately $822,000. 60.68% of the stock is owned by hedge funds and other institutional investors.
About Arista Networks
Arista Networks, Inc is a supplier of cloud networking solutions that use software innovations to address the needs of Internet companies, cloud service providers and data centers for enterprise support. It develops, markets and sells cloud networking solutions, which consist of its Gigabit Ethernet switches and related software.
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