Zacks: Analysts Anticipate Arista Networks, Inc. (ANET) Will Post Quarterly Sales of $416.14 Million
Analysts predict that Arista Networks, Inc. (NYSE:ANET) will post $416.14 million in sales for the current quarter, according to Zacks. Eight analysts have provided estimates for Arista Networks’ earnings, with estimates ranging from $410.00 million to $425.50 million. Arista Networks posted sales of $290.26 million in the same quarter last year, which suggests a positive year-over-year growth rate of 43.4%. The business is scheduled to issue its next earnings results on Thursday, November 2nd.
On average, analysts expect that Arista Networks will report full year sales of $416.14 million for the current financial year, with estimates ranging from $1.46 billion to $1.62 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.90 billion per share, with estimates ranging from $1.71 billion to $2.15 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Arista Networks.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The company had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. During the same quarter last year, the firm earned $0.74 EPS. The firm’s quarterly revenue was up 50.8% compared to the same quarter last year.
A number of research firms have weighed in on ANET. UBS AG boosted their price objective on shares of Arista Networks from $120.00 to $150.00 and gave the company a “neutral” rating in a research report on Wednesday, May 31st. William Blair upgraded shares of Arista Networks from a “market perform” rating to an “outperform” rating in a research report on Friday, August 4th. DA Davidson cut shares of Arista Networks from a “buy” rating to a “neutral” rating and set a $153.00 price objective on the stock. in a research report on Monday, May 22nd. Barclays PLC boosted their price objective on shares of Arista Networks from $161.00 to $185.00 and gave the company an “overweight” rating in a research report on Thursday, June 15th. Finally, Wells Fargo & Company reiterated an “outperform” rating on shares of Arista Networks in a research report on Tuesday, July 4th. Sixteen equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Arista Networks presently has a consensus rating of “Buy” and a consensus price target of $155.29.
Arista Networks (NYSE ANET) traded up 1.15% during trading on Friday, hitting $176.96. 1,380,477 shares of the company traded hands. The stock has a market capitalization of $12.83 billion, a PE ratio of 45.67 and a beta of 1.30. The company’s 50 day moving average is $169.27 and its 200-day moving average is $148.96. Arista Networks has a 52 week low of $78.82 and a 52 week high of $179.71.
In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $148.52, for a total value of $297,040.00. Following the transaction, the senior vice president now owns 11,775 shares in the company, valued at approximately $1,748,823. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Anshul Sadana sold 12,000 shares of the stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the completion of the transaction, the insider now owns 99,841 shares in the company, valued at approximately $15,426,432.91. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 634,332 shares of company stock worth $106,156,949. Corporate insiders own 28.09% of the company’s stock.
Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. increased its holdings in Arista Networks by 20.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after buying an additional 126 shares during the period. LS Investment Advisors LLC acquired a new position in Arista Networks in the 2nd quarter worth approximately $119,000. D.A. Davidson & CO. increased its holdings in Arista Networks by 3.2% in the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after buying an additional 30 shares during the period. SG Americas Securities LLC acquired a new position in Arista Networks in the 1st quarter worth approximately $164,000. Finally, Daiwa Securities Group Inc. acquired a new position in Arista Networks in the 2nd quarter worth approximately $202,000. Institutional investors own 59.40% of the company’s stock.
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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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