Arista Networks, Inc. (ANET) Rating Reiterated by Cowen and Company
Arista Networks, Inc. (NYSE:ANET)‘s stock had its “buy” rating reiterated by equities researchers at Cowen and Company in a report issued on Friday. They presently have a $200.00 price target on the technology company’s stock. Cowen and Company’s price target would indicate a potential downside of 0.74% from the stock’s previous close.
Other equities analysts have also issued research reports about the company. William Blair raised Arista Networks from a “market perform” rating to an “outperform” rating in a research note on Friday, August 4th. DA Davidson raised Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 price objective on the stock in a research note on Friday. Needham & Company LLC boosted their price objective on Arista Networks from $175.00 to $217.00 and gave the stock a “buy” rating in a research note on Friday. Royal Bank Of Canada boosted their price objective on Arista Networks from $190.00 to $200.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, BMO Capital Markets boosted their price objective on Arista Networks to $205.00 and gave the stock a “market perform” rating in a research note on Friday. They noted that the move was a valuation call. Fifteen investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Arista Networks currently has an average rating of “Buy” and an average target price of $179.00.
Shares of Arista Networks (ANET) traded up $4.23 during trading hours on Friday, reaching $201.49. The company’s stock had a trading volume of 3,201,424 shares, compared to its average volume of 638,355. The stock has a market cap of $13.14 billion, a P/E ratio of 43.55 and a beta of 1.31.
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 analysts’ consensus estimates of $0.95 by $0.15. The firm had revenue of $405.21 million for the quarter, compared to analysts’ expectations of $361.02 million. Arista Networks had a return on equity of 26.23% and a net margin of 25.10%. The business’s revenue was up 50.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 earnings per share. sell-side analysts predict that Arista Networks will post 4.08 EPS for the current year.
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In other Arista Networks news, insider Ita M. Brennan sold 5,000 shares of the stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $175.00, for a total value of $875,000.00. Following the completion of the sale, the insider now directly owns 21,079 shares in the company, valued at $3,688,825. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Anshul Sadana sold 12,000 shares of the stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $189.95, for a total value of $2,279,400.00. Following the completion of the sale, the insider now owns 86,788 shares of the company’s stock, valued at $16,485,380.60. The disclosure for this sale can be found here. Insiders sold 198,778 shares of company stock valued at $34,901,741 over the last 90 days. Corporate insiders own 28.09% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. BNP Paribas Arbitrage SA grew its holdings in shares of Arista Networks by 38.5% during the third quarter. BNP Paribas Arbitrage SA now owns 12,924 shares of the technology company’s stock worth $2,451,000 after buying an additional 3,591 shares in the last quarter. Swiss National Bank grew its holdings in shares of Arista Networks by 2.5% during the third quarter. Swiss National Bank now owns 172,600 shares of the technology company’s stock worth $32,727,000 after buying an additional 4,200 shares in the last quarter. Scout Investments Inc. grew its holdings in shares of Arista Networks by 103.5% during the third quarter. Scout Investments Inc. now owns 172,691 shares of the technology company’s stock worth $32,744,000 after buying an additional 87,813 shares in the last quarter. Jaffetilchin Investment Partners LLC grew its holdings in shares of Arista Networks by 21.8% during the third quarter. Jaffetilchin Investment Partners LLC now owns 12,777 shares of the technology company’s stock worth $2,423,000 after buying an additional 2,287 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund bought a new position in shares of Arista Networks during the third quarter worth about $2,785,000. Institutional investors own 59.38% 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.
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