Arista Networks, Inc. (NYSE:ANET) Expected to Post Quarterly Sales of $361.04 Million
Wall Street analysts predict that Arista Networks, Inc. (NYSE:ANET) will post sales of $361.04 million for the current fiscal quarter, according to Zacks Investment Research. Nine analysts have issued 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 in the same quarter last year, which indicates a positive year over year growth rate of 34.3%. The firm is expected to report its next quarterly earnings report after the market closes on Thursday, August 3rd.
According to Zacks, analysts expect that Arista Networks will report full-year sales of $361.04 million for the current financial year, with estimates ranging from $1.46 billion to $1.51 billion. For the next financial year, analysts expect that the company will report sales of $1.75 billion per share, with estimates ranging from $1.67 billion to $1.86 billion. Zacks’ sales averages are a mean average based on a survey of research firms that follow Arista Networks.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, May 4th. The technology company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.70 by $0.09. Arista Networks had a net margin of 18.95% and a return on equity of 20.94%. The firm had revenue of $335.48 million during the quarter, compared to the consensus estimate of $326.19 million. During the same period in the previous year, the firm earned $0.68 earnings per share. Arista Networks’s revenue was up 38.5% compared to the same quarter last year.
A number of brokerages have recently weighed in on ANET. DA Davidson downgraded Arista Networks from a “buy” rating to a “neutral” rating and set a $153.00 target price on the stock. in a report on Monday, May 22nd. Oppenheimer Holdings Inc. set a $160.00 target price on Arista Networks and gave the company a “buy” rating in a report on Thursday, May 4th. Wells Fargo & Company reiterated an “outperform” rating on shares of Arista Networks in a report on Saturday, June 3rd. Cowen and Company upped their target price on Arista Networks from $123.00 to $145.00 and gave the company an “outperform” rating in a report on Friday, May 5th. Finally, BMO Capital Markets upped their target price on Arista Networks from $145.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, May 5th. Sixteen research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $140.00.
Arista Networks (ANET) traded down 2.47% during midday trading on Friday, reaching $152.92. 1,181,292 shares of the company were exchanged. The firm’s 50-day moving average price is $153.36 and its 200 day moving average price is $130.11. Arista Networks has a 52-week low of $68.75 and a 52-week high of $162.97. The stock has a market capitalization of $11.01 billion, a price-to-earnings ratio of 49.39 and a beta of 1.35.
In other news, Director Daniel Scheinman sold 833 shares of the stock in a transaction that occurred on Friday, June 2nd. The stock was sold at an average price of $151.68, for a total value of $126,349.44. Following the completion of the sale, the director now directly owns 52,500 shares of the company’s stock, valued at $7,963,200. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jayshree Ullal sold 140,696 shares of the stock in a transaction that occurred on Thursday, May 11th. The shares were sold at an average price of $145.17, for a total value of $20,424,838.32. The disclosure for this sale can be found here. Insiders sold 648,962 shares of company stock valued at $98,381,418 over the last three months. 28.09% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of ANET. Capital Impact Advisors LLC boosted its stake in Arista Networks by 46.8% in the first quarter. Capital Impact Advisors LLC now owns 10,331 shares of the technology company’s stock valued at $1,366,000 after buying an additional 3,295 shares in the last quarter. Private Wealth Partners LLC acquired a new stake in Arista Networks during the first quarter valued at $972,000. Telemus Capital LLC acquired a new stake in Arista Networks during the first quarter valued at $898,000. Reliance Trust Co. of Delaware acquired a new stake in Arista Networks during the first quarter valued at $275,000. Finally, First United Bank Trust boosted its stake in Arista Networks by 29.3% in the first quarter. First United Bank Trust now owns 6,350 shares of the technology company’s stock valued at $840,000 after buying an additional 1,440 shares in the last quarter. 60.61% of the stock is owned by institutional investors.
Arista Networks Company Profile
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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