Instinet Increases Arista Networks, Inc. (ANET) Price Target to $173.00
Arista Networks, Inc. (NYSE:ANET) had its target price raised by equities researchers at Instinet from $135.00 to $173.00 in a note issued to investors on Monday. The brokerage currently has a “neutral” rating on the technology company’s stock. Instinet’s target price would suggest a potential upside of 0.55% from the stock’s previous close.
Several other equities research analysts have also recently issued reports on ANET. UBS AG lifted their price objective on shares of Arista Networks from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 31st. William Blair raised shares of Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday. J P Morgan Chase & Co raised shares of Arista Networks from a “neutral” rating to an “overweight” rating in a research report on Friday. Cowen and Company reaffirmed a “buy” rating and set a $168.00 price objective on shares of Arista Networks in a research report on Friday. Finally, Zacks Investment Research cut shares of Arista Networks from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Sixteen investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $149.71.
Shares of Arista Networks (NYSE:ANET) traded up 0.81% during trading on Monday, reaching $173.44. 400,618 shares of the company were exchanged. The stock has a market capitalization of $12.49 billion, a P/E ratio of 56.02 and a beta of 1.33. Arista Networks has a 1-year low of $68.75 and a 1-year high of $173.91. The firm has a 50-day moving average price of $153.36 and a 200-day moving average price of $133.41.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.95 by $0.15. The business had revenue of $405.21 million during the quarter, compared to analysts’ expectations of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 23.86%. The company’s revenue for the quarter was up 50.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. Equities research analysts predict that Arista Networks will post $4.38 earnings per share for the current fiscal year.
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In related news, SVP Kenneth Duda sold 10,507 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $144.23, for a total transaction of $1,515,424.61. Following the sale, the senior vice president now owns 811 shares of the company’s stock, valued at $116,970.53. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $147.51, for a total transaction of $295,020.00. Following the sale, the senior vice president now directly owns 11,775 shares in the company, valued at approximately $1,736,930.25. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 648,962 shares of company stock worth $98,403,258. Company insiders own 28.09% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC bought a new stake in Arista Networks during the second quarter worth approximately $119,000. SG Americas Securities LLC bought a new stake in Arista Networks during the first quarter worth approximately $164,000. Financial Architects Inc increased 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 in the last quarter. Daiwa Securities Group Inc. bought a new stake in Arista Networks during the second quarter worth approximately $202,000. Finally, Comerica Bank bought a new stake in Arista Networks during the fourth quarter worth approximately $205,000. 60.84% of the stock is currently 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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