Arista Networks, Inc. (NYSE:ANET) had its price target boosted by equities research analysts at JMP Securities from $185.00 to $230.00 in a note issued to investors on Thursday. The firm presently has a “market perform” rating on the technology company’s stock. JMP Securities’ price objective suggests a potential upside of 15.06% from the company’s previous close.
A number of other equities research analysts have also recently issued reports on ANET. Deutsche Bank AG reiterated a “buy” rating and set a $210.00 target price (up previously from $185.00) on shares of Arista Networks in a research report on Monday, October 9th. KeyCorp restated a “buy” rating and issued a $200.00 price objective on shares of Arista Networks in a research report on Friday, September 29th. BMO Capital Markets cut shares of Arista Networks from an “outperform” rating to a “market perform” rating and set a $190.00 price target for the company. in a research report on Thursday, September 28th. They noted that the move was a valuation call. Citigroup Inc. reaffirmed a “buy” rating and issued a $215.00 price target on shares of Arista Networks in a research note on Wednesday, September 27th. Finally, Berenberg Bank initiated coverage on shares of Arista Networks in a research note on Tuesday, September 26th. They issued a “buy” rating and a $225.00 price target on the stock. Sixteen equities research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $170.22.
Arista Networks (ANET) opened at 199.89 on Thursday. The firm has a market cap of $14.50 billion, a price-to-earnings ratio of 51.58 and a beta of 1.31. The firm has a 50-day moving average of $188.42 and a 200-day moving average of $163.30. Arista Networks has a one year low of $79.05 and a one year high of $201.95.
Arista Networks (NYSE:ANET) last released its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.15. The company had revenue of $405.21 million during the quarter, compared to the consensus estimate of $361.02 million. Arista Networks had a net margin of 21.74% and a return on equity of 22.64%. The firm’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same period last year, the firm earned $0.74 EPS. Analysts anticipate that Arista Networks will post $4.71 EPS for the current year.
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In other Arista Networks news, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $189.95, for a total transaction of $2,279,400.00. Following the completion of the transaction, the insider now owns 86,788 shares in the company, valued at approximately $16,485,380.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ita M. Brennan sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $175.00, for a total value of $875,000.00. Following the transaction, the insider now owns 21,079 shares of the company’s stock, valued at approximately $3,688,825. The disclosure for this sale can be found here. Insiders have sold 399,046 shares of company stock valued at $69,622,204 in the last quarter. 28.09% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System lifted its stake in shares of Arista Networks by 13.6% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 65,336 shares of the technology company’s stock valued at $9,787,000 after purchasing an additional 7,827 shares during the last quarter. Federated Investors Inc. PA bought a new stake in shares of Arista Networks during the 2nd quarter worth approximately $3,090,000. Janus Capital Management LLC lifted its stake in shares of Arista Networks by 115.5% during the 1st quarter. Janus Capital Management LLC now owns 35,749 shares of the technology company’s stock worth $4,728,000 after acquiring an additional 19,160 shares during the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Arista Networks by 105.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 17,472 shares of the technology company’s stock worth $2,617,000 after acquiring an additional 8,959 shares during the last quarter. Finally, Hermes Investment Management Ltd. bought a new stake in shares of Arista Networks during the 3rd quarter worth approximately $7,316,000. 59.38% 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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