Arista Networks (ANET) Upgraded to “Buy” at Zacks Investment Research

Arista Networks (NYSE:ANET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $319.00 price objective on the technology company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 9.03% from the company’s current price.

According to Zacks, “Arista is a dominant name in the data center networking market. Shares of the company have outperformed the industry over the past one year. The company’s robust product portfolio remains a key catalyst. Arista is benefiting from strong demand for 100-gigabit routing and switching products, particularly from cloud titans. Management stated that FlexRoute license (almost 150 customers) has helped the company enter additional layers of the spine for routing and data-center interconnect, where Cisco and Juniper were dominant names. Moreover, ample cash balance provides Arista the flexibility required to pursue any growth strategy, whether by way of acquisitions or otherwise. However, Arista faces stiff competition in the cloud networking solutions, particularly in the 10 Gigabit Ethernet and above. Moreover, ongoing lawsuits with Cisco are the primary headwind.”

ANET has been the topic of a number of other research reports. UBS Group raised their target price on shares of Arista Networks from $165.00 to $200.00 and gave the company a “neutral” rating in a research report on Friday, November 3rd. Morgan Stanley raised their target price on shares of Arista Networks from $210.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, December 21st. BidaskClub upgraded shares of Arista Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 31st. Loop Capital assumed coverage on shares of Arista Networks in a research report on Monday, January 29th. They issued a “hold” rating and a $250.00 target price on the stock. Finally, Goldman Sachs Group assumed coverage on shares of Arista Networks in a research report on Wednesday, February 7th. They issued a “buy” rating and a $320.00 target price on the stock. Fourteen analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Arista Networks currently has an average rating of “Buy” and a consensus target price of $230.17.

Shares of Arista Networks (NYSE:ANET) traded up $8.12 during trading on Tuesday, reaching $292.58. 1,020,000 shares of the company’s stock were exchanged, compared to its average volume of 866,047. Arista Networks has a 1 year low of $98.62 and a 1 year high of $292.73. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07. The firm has a market capitalization of $21,390.00, a price-to-earnings ratio of 60.70, a P/E/G ratio of 2.10 and a beta of 1.47.

In related news, SVP Marc Taxay sold 2,000 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $275.31, for a total value of $550,620.00. Following the transaction, the senior vice president now owns 12,294 shares in the company, valued at $3,384,661.14. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jayshree Ullal sold 52,557 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $231.82, for a total transaction of $12,183,763.74. Following the completion of the transaction, the insider now owns 3,564 shares in the company, valued at approximately $826,206.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 385,683 shares of company stock worth $92,010,804. 28.09% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. lifted its holdings in Arista Networks by 20.5% in the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after buying an additional 126 shares during the period. Oppenheimer & Co. Inc. lifted its holdings in Arista Networks by 7.9% in the fourth quarter. Oppenheimer & Co. Inc. now owns 2,646 shares of the technology company’s stock valued at $623,000 after buying an additional 193 shares during the period. IFC Holdings Incorporated FL lifted its holdings in Arista Networks by 2.7% in the third quarter. IFC Holdings Incorporated FL now owns 10,789 shares of the technology company’s stock valued at $2,045,000 after buying an additional 280 shares during the period. Pittenger & Anderson Inc. lifted its holdings in Arista Networks by 17.4% in the third quarter. Pittenger & Anderson Inc. now owns 1,955 shares of the technology company’s stock valued at $371,000 after buying an additional 290 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in Arista Networks by 10.4% in the fourth quarter. CIBC Asset Management Inc now owns 3,094 shares of the technology company’s stock valued at $729,000 after buying an additional 292 shares during the period. Institutional investors and hedge funds own 58.15% of the company’s stock.

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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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