Arista Networks (NYSE:ANET) had its target price raised by JMP Securities from $230.00 to $315.00 in a research report issued to clients and investors on Friday. The brokerage presently has a “market perform” rating on the technology company’s stock. JMP Securities’ target price would indicate a potential upside of 11.11% from the company’s current price.
Several other research analysts have also weighed in on ANET. BMO Capital Markets lowered shares of Arista Networks from an “outperform” rating to a “market perform” rating and set a $190.00 target price on the stock. in a research report on Thursday, September 28th. They noted that the move was a valuation call. KeyCorp restated a “buy” rating and set a $200.00 target price on shares of Arista Networks in a research report on Friday, September 29th. Deutsche Bank restated a “buy” rating and set a $210.00 target price (up from $185.00) on shares of Arista Networks in a research report on Monday, October 9th. BidaskClub upgraded shares of Arista Networks from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, October 31st. Finally, DA Davidson upgraded shares of Arista Networks from a “neutral” rating to a “buy” rating and set a $224.00 target price on the stock in a research report on Friday, November 3rd. Fifteen equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $215.39.
Shares of Arista Networks (ANET) traded up $6.74 on Friday, reaching $283.50. 491,896 shares of the company’s stock traded hands, compared to its average volume of 727,236. The company has a quick ratio of 3.07, a current ratio of 3.66 and a debt-to-equity ratio of 0.03. Arista Networks has a one year low of $91.64 and a one year high of $283.50. The firm has a market capitalization of $20,720.00, a price-to-earnings ratio of 58.82, a P/E/G ratio of 2.09 and a beta of 1.38.
In related news, insider Anshul Sadana sold 24,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $256.25, for a total transaction of $6,150,000.00. Following the transaction, the insider now owns 80,972 shares of the company’s stock, valued at $20,749,075. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Andreas Bechtolsheim sold 39,680 shares of the company’s stock in a transaction that occurred on Tuesday, November 21st. The shares were sold at an average price of $241.92, for a total transaction of $9,599,385.60. Following the transaction, the insider now directly owns 73,102 shares in the company, valued at approximately $17,684,835.84. The disclosure for this sale can be found here. Insiders sold 618,126 shares of company stock worth $142,771,964 in the last ninety days. Insiders own 28.09% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Capital Research Global Investors raised its stake in Arista Networks by 2.8% during the second quarter. Capital Research Global Investors now owns 7,579,814 shares of the technology company’s stock worth $1,135,380,000 after purchasing an additional 209,783 shares during the period. Vanguard Group Inc. raised its stake in Arista Networks by 7.1% during the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock worth $563,810,000 after purchasing an additional 249,753 shares during the period. BlackRock Inc. raised its stake in Arista Networks by 41.1% during the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock worth $356,048,000 after purchasing an additional 692,651 shares during the period. State Street Corp raised its stake in Arista Networks by 44.7% during the second quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock worth $159,278,000 after purchasing an additional 328,534 shares during the period. Finally, Ameriprise Financial Inc. raised its stake in Arista Networks by 2.9% during the third quarter. Ameriprise Financial Inc. now owns 649,475 shares of the technology company’s stock worth $123,136,000 after purchasing an additional 18,465 shares during the period. 58.02% of the stock is currently owned by institutional investors and hedge funds.
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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.
