Arista Networks, Inc. (NYSE:ANET) had its price objective lifted by Instinet from $135.00 to $173.00 in a report published on Monday, August 7th, Marketbeat.com reports. Instinet currently has a neutral rating on the technology company’s stock.
Several other research firms have also issued reports on ANET. Cowen and Company restated a buy rating and issued a $168.00 price target (up from $145.00) on shares of Arista Networks in a research report on Friday, August 4th. Pacific Crest restated an overweight rating and issued a $168.00 price target (up from $145.00) on shares of Arista Networks in a research report on Sunday, June 25th. Zacks Investment Research lowered shares of Arista Networks from a buy rating to a hold rating in a research report on Thursday, July 27th. Stifel Nicolaus restated a hold rating and issued a $145.00 price target on shares of Arista Networks in a research report on Friday, July 21st. Finally, BidaskClub lowered shares of Arista Networks from a buy rating to a hold rating in a research report on Tuesday, July 25th. Sixteen analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Arista Networks presently has a consensus rating of Buy and a consensus target price of $154.40.
Shares of Arista Networks (NYSE ANET) traded up 0.56% during trading on Monday, hitting $172.01. 651,891 shares of the stock traded hands. The company has a market cap of $12.48 billion, a PE ratio of 44.39 and a beta of 1.33. The firm has a 50 day moving average price of $157.54 and a 200-day moving average price of $139.45. Arista Networks has a one year low of $76.01 and a one year high of $176.50.
Arista Networks (NYSE:ANET) last posted its quarterly earnings results on Thursday, August 3rd. The technology company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.15. The company had revenue of $405.21 million for the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The business’s quarterly revenue was up 50.8% on a year-over-year basis. During the same period last year, the business posted $0.74 EPS. Analysts anticipate that Arista Networks will post $4.69 earnings per share for the current fiscal year.
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In other Arista Networks news, insider Jayshree Ullal sold 34,157 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $147.35, for a total value of $5,033,033.95. Following the completion of the transaction, the insider now directly owns 2,576 shares of the company’s stock, valued at $379,573.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Anshul Sadana sold 12,000 shares of the business’s stock in a transaction that occurred on Monday, July 17th. The stock was sold at an average price of $154.51, for a total transaction of $1,854,120.00. Following the sale, the insider now directly owns 99,841 shares of the company’s stock, valued at $15,426,432.91. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 739,882 shares of company stock valued at $121,473,046. Insiders own 28.09% of the company’s stock.
Large investors have recently bought and sold shares of the company. Capital Research Global Investors increased its stake in Arista Networks by 2.8% in 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 buying an additional 209,783 shares during the period. Vanguard Group Inc. increased its stake in Arista Networks by 7.1% in the second quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock worth $563,810,000 after buying an additional 249,753 shares during the period. FMR LLC increased its stake in Arista Networks by 32.2% in the first quarter. FMR LLC now owns 3,288,755 shares of the technology company’s stock worth $435,004,000 after buying an additional 800,465 shares during the period. BlackRock Inc. increased its stake in Arista Networks by 41.1% in the second quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock worth $356,048,000 after buying an additional 692,651 shares during the period. Finally, Harbour Capital Advisors LLC increased its stake in Arista Networks by 13,502.2% in the second quarter. Harbour Capital Advisors LLC now owns 1,228,278 shares of the technology company’s stock worth $8,200,000 after buying an additional 1,219,248 shares during the period. 60.83% of the stock is owned by institutional investors and hedge funds.
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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