Royal Bank Of Canada Boosts Arista Networks, Inc. (ANET) Price Target to $200.00
Arista Networks, Inc. (NYSE:ANET) had its price target raised by equities research analysts at Royal Bank Of Canada from $190.00 to $200.00 in a research report issued to clients and investors on Friday. The brokerage presently has a “sector perform” rating on the technology company’s stock.
Several other research firms also recently commented on ANET. JMP Securities raised their price objective on shares of Arista Networks from $185.00 to $230.00 and gave the stock a “market perform” rating in a report on Thursday, October 26th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $210.00 price objective (up from $185.00) on shares of Arista Networks in a report on Monday, October 9th. BidaskClub raised shares of Arista Networks from a “hold” rating to a “buy” rating in a report on Saturday, September 23rd. Zacks Investment Research downgraded shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Thursday, July 27th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $175.00 price objective on shares of Arista Networks in a report on Tuesday, September 12th. Fifteen analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $175.68.
Arista Networks (NYSE:ANET) last released its earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, beating the Zacks’ 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 firm had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. During the same period in the prior year, the firm earned $0.74 EPS. The company’s revenue was up 50.8% compared to the same quarter last year.
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In other Arista Networks news, insider Jayshree Ullal sold 148,989 shares of the firm’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $173.74, for a total value of $25,885,348.86. Following the sale, the insider now owns 2,576 shares of the company’s stock, valued at approximately $447,554.24. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Kenneth Duda sold 7,775 shares of the firm’s stock in a transaction on Monday, October 9th. The stock was sold at an average price of $194.12, for a total transaction of $1,509,283.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 198,778 shares of company stock worth $34,901,741. 28.09% of the stock is owned by insiders.
A number of institutional investors have recently made changes to their positions in ANET. Public Employees Retirement Association of Colorado grew its holdings in Arista Networks by 0.4% in the 3rd quarter. Public Employees Retirement Association of Colorado now owns 1,257 shares of the technology company’s stock worth $107,000 after acquiring an additional 5 shares during the last quarter. PNC Financial Services Group Inc. grew 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 acquiring an additional 126 shares during the last quarter. LS Investment Advisors LLC bought a new stake in Arista Networks in the 2nd quarter worth $119,000. D. Scott Neal Inc. bought a new stake in Arista Networks in the 3rd quarter worth $128,000. Finally, Quantbot Technologies LP bought a new stake in Arista Networks in the 2nd quarter worth $136,000. 59.38% of the stock is currently owned by institutional investors and hedge funds.
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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