Arista Networks, Inc. (NYSE:ANET) Raised to Overweight at J P Morgan Chase & Co
Arista Networks, Inc. (NYSE:ANET) was upgraded by equities research analysts at J P Morgan Chase & Co from a “neutral” rating to an “overweight” rating in a research report issued on Friday, Marketbeat Ratings reports.
Other analysts have also issued research reports about the stock. MKM Partners reissued a “neutral” rating and issued a $125.00 price objective (up previously from $100.00) on shares of Arista Networks in a research report on Tuesday, May 9th. Deutsche Bank AG reissued a “buy” rating and issued a $165.00 price objective (up previously from $156.00) on shares of Arista Networks in a research report on Monday, July 17th. William Blair raised shares of Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday. Barclays PLC boosted their price objective on shares of Arista Networks from $161.00 to $185.00 and gave the stock an “overweight” rating in a research report on Thursday, June 15th. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $160.00 price objective on shares of Arista Networks in a research report on Monday, June 5th. Sixteen research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $148.30.
Shares of Arista Networks (NYSE:ANET) traded up 19.44% on Friday, hitting $172.05. 4,997,689 shares of the stock traded hands. The firm’s 50 day moving average is $153.36 and its 200 day moving average is $133.41. Arista Networks has a 52 week low of $68.75 and a 52 week high of $175.40. The firm has a market capitalization of $12.39 billion, a PE ratio of 55.57 and a beta of 1.33.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 23.86%. The firm had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. During the same quarter in the previous year, the firm posted $0.74 earnings per share. The business’s revenue was up 50.8% on a year-over-year basis. On average, analysts expect that Arista Networks will post $3.98 EPS for the current fiscal year.
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In related news, SVP Kenneth Duda sold 10,507 shares of the company’s stock in a transaction dated 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 transaction, the senior vice president now directly owns 811 shares in the company, valued at $116,970.53. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $150.43, for a total transaction of $300,860.00. Following the completion of the transaction, the senior vice president now owns 11,775 shares in the company, valued at $1,771,313.25. The disclosure for this sale can be found here. Insiders sold 648,962 shares of company stock worth $98,403,258 over the last 90 days. 28.09% of the stock is currently owned by corporate insiders.
Several institutional investors have recently added to or reduced their stakes in ANET. LS Investment Advisors LLC acquired a new position in Arista Networks during the second quarter valued at approximately $119,000. SG Americas Securities LLC acquired a new position in Arista Networks during the first quarter valued at approximately $164,000. Financial Architects Inc increased its position in Arista Networks by 232.0% in the first quarter. Financial Architects Inc now owns 1,255 shares of the technology company’s stock valued at $166,000 after buying an additional 877 shares during the period. Daiwa Securities Group Inc. acquired a new position in Arista Networks during the second quarter valued at approximately $202,000. Finally, Parametrica Management Ltd acquired a new position in Arista Networks during the second quarter valued at approximately $229,000. Institutional investors and hedge funds own 60.98% of the company’s stock.
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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