Arista Networks (ANET) Receives New Coverage from Analysts at Stifel Nicolaus
Research analysts at Stifel Nicolaus initiated coverage on shares of Arista Networks (NYSE:ANET) in a research note issued to investors on Thursday, The Fly reports. The firm set a “buy” rating on the technology company’s stock.
ANET has been the subject of several other research reports. JMP Securities upped their price target on Arista Networks from $185.00 to $230.00 and gave the company a “market perform” rating in a report on Thursday, October 26th. Deutsche Bank reiterated a “buy” rating and issued a $210.00 price objective (up from $185.00) on shares of Arista Networks in a research note on Monday, October 9th. BMO Capital Markets upped their price objective on Arista Networks from $190.00 to $205.00 and gave the company a “market perform” rating in a research note on Friday, November 3rd. They noted that the move was a valuation call. BidaskClub upgraded Arista Networks from a “hold” rating to a “buy” rating in a research note on Saturday, September 23rd. Finally, Royal Bank of Canada upgraded Arista Networks from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, November 8th. Fourteen analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $193.93.
Arista Networks (NYSE:ANET) traded up $1.59 during trading on Thursday, reaching $226.72. The company’s stock had a trading volume of 782,748 shares, compared to its average volume of 831,316. The company has a debt-to-equity ratio of 0.03, a quick ratio of 3.07 and a current ratio of 3.66. The firm has a market cap of $15,954.21, a PE ratio of 52.46, a price-to-earnings-growth ratio of 1.98 and a beta of 1.38. Arista Networks has a 12-month low of $87.33 and a 12-month high of $245.65.
In related news, SVP Marc Taxay sold 2,000 shares of the stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $190.47, for a total transaction of $380,940.00. Following the sale, the senior vice president now directly owns 13,002 shares in the company, valued at approximately $2,476,490.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Andreas Bechtolsheim sold 39,680 shares of the stock in a transaction that occurred on Tuesday, November 21st. The stock was sold at an average price of $241.92, for a total value of $9,599,385.60. Following the sale, the insider now owns 73,102 shares in the company, valued at $17,684,835.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 486,325 shares of company stock worth $110,320,931. 28.09% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in ANET. Aperio Group LLC bought a new position in Arista Networks in the 2nd quarter valued at $378,000. Great West Life Assurance Co. Can boosted its position in Arista Networks by 230.7% in the 2nd quarter. Great West Life Assurance Co. Can now owns 15,566 shares of the technology company’s stock valued at $2,328,000 after buying an additional 10,859 shares during the last quarter. Daiwa Securities Group Inc. bought a new position in Arista Networks in the 2nd quarter valued at $202,000. Pictet Asset Management Ltd. bought a new position in Arista Networks in the 2nd quarter valued at $2,167,000. Finally, Canada Pension Plan Investment Board bought a new position in Arista Networks in the 2nd quarter valued at $6,441,000. Hedge funds and other institutional investors own 58.22% 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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