Arista Networks, Inc. (ANET) Given Average Recommendation of “Buy” by Analysts
Arista Networks, Inc. (NYSE:ANET) has been assigned a consensus recommendation of “Buy” from the thirty-five ratings firms that are covering the company, Marketbeat Ratings reports. Fifteen research analysts have rated the stock with a hold rating and twenty have issued a buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $168.61.
ANET has been the topic of several analyst reports. Needham & Company LLC reiterated a “buy” rating and set a $150.00 price target on shares of Arista Networks in a research report on Tuesday, July 4th. BidaskClub cut Arista Networks from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 4th. Deutsche Bank AG reiterated a “buy” rating and set a $165.00 price target (up from $156.00) on shares of Arista Networks in a research report on Monday, July 17th. Citigroup Inc. boosted their price objective on Arista Networks from $165.00 to $180.00 and gave the stock a “buy” rating in a report on Friday, August 4th. Finally, Cowen and Company reissued a “buy” rating and set a $168.00 price objective (up previously from $145.00) on shares of Arista Networks in a report on Friday, August 4th.
In related news, SVP Marc Taxay sold 2,000 shares of the company’s 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 owns 11,775 shares in the company, valued at $1,771,313.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 7,775 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The shares were sold at an average price of $194.12, for a total value of $1,509,283.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 423,809 shares of company stock valued at $73,090,013. 28.09% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. Capital Research Global Investors raised its holdings in shares of Arista Networks by 2.8% during the second quarter. Capital Research Global Investors now owns 7,579,814 shares of the technology company’s stock valued at $1,135,380,000 after acquiring an additional 209,783 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Arista Networks by 7.1% during the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock valued at $563,810,000 after acquiring an additional 249,753 shares in the last quarter. BlackRock Inc. raised its holdings in shares of Arista Networks by 41.1% during the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock valued at $356,048,000 after acquiring an additional 692,651 shares in the last quarter. Harbour Capital Advisors LLC raised its holdings in shares of Arista Networks by 13,502.2% during the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock valued at $8,200,000 after acquiring an additional 1,219,248 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Arista Networks by 44.7% during the second quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock valued at $159,278,000 after acquiring an additional 328,534 shares in the last quarter. Institutional investors own 59.34% of the company’s stock.
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Shares of Arista Networks (NYSE:ANET) traded up 0.07% during midday trading on Wednesday, reaching $192.95. 335,925 shares of the company’s stock were exchanged. The company has a market cap of $13.99 billion, a P/E ratio of 49.79 and a beta of 1.31. Arista Networks has a 12 month low of $78.82 and a 12 month high of $196.27. The firm has a 50 day moving average price of $181.80 and a 200 day moving average price of $157.31.
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 Thomson Reuters’ consensus estimate of $0.95 by $0.15. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The firm had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. During the same period in the prior year, the business posted $0.74 earnings per share. The company’s revenue was up 50.8% on a year-over-year basis. Equities research analysts forecast that Arista Networks will post $4.70 earnings per share for the current fiscal year.
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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