Barclays PLC Increases Arista Networks, Inc. (ANET) Price Target to $200.00
Arista Networks, Inc. (NYSE:ANET) had its price objective raised by equities researchers at Barclays PLC from $185.00 to $200.00 in a report released on Friday. The firm currently has an “overweight” rating on the technology company’s stock. Barclays PLC’s price objective would indicate a potential upside of 16.25% from the company’s current price. The analysts noted that the move was a valuation call.
ANET has been the subject of a number of other research reports. CIBC reissued a “buy” rating and issued a $160.00 target price on shares of Arista Networks in a research report on Friday, May 5th. Oppenheimer Holdings, Inc. set a $160.00 target price on Arista Networks and gave the stock a “buy” rating in a research report on Thursday, May 4th. Cowen and Company boosted their target price on Arista Networks from $123.00 to $145.00 and gave the stock an “outperform” rating in a research report on Monday, May 15th. Instinet lowered Arista Networks from a “buy” rating to a “neutral” rating and boosted their target price for the stock from $134.40 to $135.00 in a research report on Friday, April 7th. Finally, Zacks Investment Research lowered Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Sixteen research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $148.30.
Arista Networks (NYSE:ANET) traded up 19.44% during mid-day trading on Friday, reaching $172.05. 4,997,689 shares of the company were exchanged. Arista Networks has a one year low of $68.75 and a one year high of $175.40. The stock has a 50-day moving average price of $153.36 and a 200 day moving average price of $133.41. The company 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 issued its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 23.86% and a net margin of 21.74%. The business had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. During the same quarter in the previous year, the firm earned $0.74 EPS. Arista Networks’s revenue was up 50.8% on a year-over-year basis. Analysts predict that Arista Networks will post $3.98 EPS for the current year.
In other news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Tuesday, August 1st. The stock was 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 directly owns 11,775 shares in the company, valued at approximately $1,771,313.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Daniel Scheinman sold 833 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $151.68, for a total value of $126,349.44. Following the transaction, the director now owns 52,500 shares of the company’s stock, valued at $7,963,200. The disclosure for this sale can be found here. Insiders sold a total of 648,962 shares of company stock valued at $98,403,258 over the last 90 days. 28.09% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Comerica Bank purchased a new position in Arista Networks during the fourth quarter worth approximately $205,000. Creative Planning increased its position in Arista Networks by 855.0% in the first quarter. Creative Planning now owns 11,880 shares of the technology company’s stock worth $1,571,000 after buying an additional 10,636 shares in the last quarter. Bank of Montreal Can increased its position in Arista Networks by 7,327.6% in the first quarter. Bank of Montreal Can now owns 22,357 shares of the technology company’s stock worth $2,957,000 after buying an additional 22,056 shares in the last quarter. Prentiss Smith & Co. Inc. purchased a new position in Arista Networks during the first quarter worth approximately $7,711,000. Finally, Affinity Wealth Management purchased a new position in Arista Networks during the first quarter worth approximately $256,000. Hedge funds and other institutional investors own 60.98% of the company’s stock.
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.
Receive News & Ratings for Arista Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Arista Networks Inc. and related companies with MarketBeat.com's FREE daily email newsletter.