Arista Networks, Inc. (ANET) Given Consensus Recommendation of “Buy” by Brokerages
Shares of Arista Networks, Inc. (NYSE:ANET) have been given a consensus rating of “Buy” by the thirty-three research firms that are presently covering the company, MarketBeat.com reports. Sixteen research analysts have rated the stock with a hold rating and seventeen have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $156.40.
ANET has been the topic of a number of research analyst reports. BMO Capital Markets restated an “outperform” rating and issued a $190.00 price target (up previously from $167.00) on shares of Arista Networks in a research note on Friday, August 4th. J P Morgan Chase & Co upgraded Arista Networks from a “neutral” rating to an “overweight” rating and increased their price target for the company from $144.00 to $186.00 in a research note on Friday, August 4th. Argus restated a “buy” rating on shares of Arista Networks in a research note on Monday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $175.00 price target on shares of Arista Networks in a research note on Tuesday. Finally, DA Davidson cut Arista Networks from a “buy” rating to a “neutral” rating and set a $153.00 price target on the stock. in a research note on Monday, May 22nd.
In related news, insider Jayshree Ullal sold 200,268 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $173.37, for a total value of $34,720,463.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $154.51, for a total value of $1,854,120.00. Following the completion of the sale, the insider now directly owns 99,841 shares in the company, valued at $15,426,432.91. The disclosure for this sale can be found here. Insiders sold 634,332 shares of company stock worth $106,156,949 over the last ninety days. 28.09% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in ANET. PNC Financial Services Group Inc. raised its position in Arista Networks by 20.5% in the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after purchasing an additional 126 shares during the last quarter. LS Investment Advisors LLC bought a new position in Arista Networks in the second quarter valued at about $119,000. D.A. Davidson & CO. raised its position in Arista Networks by 3.2% in the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock valued at $147,000 after purchasing an additional 30 shares during the last quarter. SG Americas Securities LLC bought a new position in Arista Networks in the first quarter valued at about $164,000. Finally, Daiwa Securities Group Inc. bought a new position in Arista Networks in the second quarter valued at about $202,000. 59.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of Arista Networks (NYSE:ANET) traded up 1.15% during midday trading on Friday, hitting $176.96. 1,380,477 shares of the stock traded hands. The firm’s 50 day moving average price is $169.27 and its 200 day moving average price is $148.96. The company has a market capitalization of $12.83 billion, a PE ratio of 45.67 and a beta of 1.30. Arista Networks has a 12-month low of $78.82 and a 12-month high of $179.71.
Arista Networks (NYSE:ANET) last announced its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The company had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same quarter in the prior year, the business posted $0.74 EPS. The business’s revenue was up 50.8% compared to the same quarter last year. Analysts expect that Arista Networks will post $4.70 EPS for the current year.
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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