$361.04 Million in Sales Expected for Arista Networks, Inc. (ANET) This Quarter
Wall Street analysts predict that Arista Networks, Inc. (NYSE:ANET) will post sales of $361.04 million for the current fiscal quarter, Zacks Investment Research reports. Nine analysts have made estimates for Arista Networks’ earnings, with the highest sales estimate coming in at $364.02 million and the lowest estimate coming in at $358.00 million. Arista Networks posted sales of $268.74 million during the same quarter last year, which suggests a positive year over year growth rate of 34.3%. The firm is scheduled to announce its next quarterly earnings report on Thursday, August 3rd.
According to Zacks, analysts expect that Arista Networks will report full year sales of $361.04 million for the current year, with estimates ranging from $1.39 billion to $1.51 billion. For the next year, analysts expect that the firm will post sales of $1.74 billion per share, with estimates ranging from $1.63 billion to $1.86 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Arista Networks.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.79 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.70 by $0.09. The business had revenue of $335.48 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.68 earnings per share.
Several equities analysts recently issued reports on the company. BMO Capital Markets boosted their price objective on Arista Networks from $155.00 to $167.00 and gave the company an “outperform” rating in a research report on Monday, June 19th. Barclays PLC boosted their price objective on Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, June 15th. Wells Fargo & Company reiterated an “outperform” rating on shares of Arista Networks in a research report on Saturday, June 3rd. CIBC assumed coverage on Arista Networks in a research report on Monday, June 5th. They issued an “outperform” rating and a $160.00 price objective for the company. Finally, Gabelli reiterated a “buy” rating on shares of Arista Networks in a research report on Sunday, April 2nd. Fifteen equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $134.74.
Shares of Arista Networks (NYSE ANET) opened at 161.62 on Friday. Arista Networks has a 52-week low of $60.51 and a 52-week high of $162.97. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 52.20 and a beta of 1.35. The stock has a 50 day moving average of $147.93 and a 200-day moving average of $121.75.
In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $139.51, for a total value of $279,020.00. Following the sale, the senior vice president now owns 10,650 shares in the company, valued at approximately $1,485,781.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 10,507 shares of the stock in a transaction on Tuesday, May 9th. The shares were sold at an average price of $144.23, for a total value of $1,515,424.61. Following the completion of the sale, the senior vice president now owns 811 shares in the company, valued at approximately $116,970.53. The disclosure for this sale can be found here. In the last 90 days, insiders sold 483,966 shares of company stock worth $72,156,126. 32.39% of the stock is owned by company insiders.
A number of large investors have recently bought and sold shares of the stock. Flinton Capital Management LLC acquired a new stake in Arista Networks during the fourth quarter worth $153,000. SG Americas Securities LLC acquired a new stake in Arista Networks during the first quarter worth $164,000. Financial Architects Inc boosted its stake in Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock worth $166,000 after buying an additional 877 shares during the period. Comerica Bank acquired a new stake in Arista Networks during the fourth quarter worth $205,000. Finally, Clinton Group Inc. acquired a new stake in Arista Networks during the first quarter worth $205,000. Institutional investors and hedge funds own 60.68% of the company’s stock.
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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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