Royal Bank of Canada Boosts Arista Networks (ANET) Price Target to $310.00

Arista Networks (NYSE:ANET) had its target price lifted by stock analysts at Royal Bank of Canada to $310.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage currently has an “outperform” rating on the technology company’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 8.95% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. JMP Securities raised their price objective on shares of Arista Networks from $185.00 to $230.00 and gave the company a “market perform” rating in a research note on Thursday, October 26th. BidaskClub raised shares of Arista Networks from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 31st. DA Davidson raised shares of 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, November 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $217.00 price objective (up from $175.00) on shares of Arista Networks in a research note on Friday, November 3rd. They noted that the move was a valuation call. Finally, BMO Capital Markets raised their price objective on shares of 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. Fifteen investment analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Arista Networks presently has a consensus rating of “Buy” and a consensus price target of $227.10.

Shares of Arista Networks (NYSE:ANET) opened at $284.54 on Tuesday. Arista Networks has a 52 week low of $98.62 and a 52 week high of $289.07. 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 company has a market cap of $19,923.58, a P/E ratio of 58.79, a PEG ratio of 2.10 and a beta of 1.47.

In other news, insider Andreas Bechtolsheim sold 132,370 shares of Arista Networks stock in a transaction on Friday, November 24th. The shares were sold at an average price of $240.17, for a total transaction of $31,791,302.90. Following the transaction, the insider now directly owns 73,102 shares of the company’s stock, valued at $17,556,907.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jayshree Ullal sold 52,557 shares of Arista Networks stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $231.82, for a total transaction of $12,183,763.74. Following the transaction, the insider now directly owns 3,564 shares in the company, valued at $826,206.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 385,683 shares of company stock worth $92,010,804. Insiders own 28.09% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ANET. PNC Financial Services Group Inc. raised its holdings in shares of Arista Networks by 20.5% during the second 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 period. Bronfman E.L. Rothschild L.P. raised its holdings in shares of Arista Networks by 164.5% during the fourth quarter. Bronfman E.L. Rothschild L.P. now owns 484 shares of the technology company’s stock worth $114,000 after acquiring an additional 301 shares during the period. Fieldpoint Private Securities LLC acquired a new stake in shares of Arista Networks during the third quarter worth $130,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Arista Networks during the third quarter worth $151,000. Finally, TRUE Private Wealth Advisors acquired a new stake in shares of Arista Networks during the fourth quarter worth $210,000. 58.15% of the stock is currently owned by institutional investors.

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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.

The Fly

Analyst Recommendations for Arista Networks (NYSE:ANET)

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