BidaskClub upgraded shares of Arista Networks, Inc. (NYSE:ANET) from a buy rating to a strong-buy rating in a research report released on Tuesday.
Other research analysts have also issued reports about the company. William Blair upgraded Arista Networks from a market perform rating to an outperform rating in a research report on Friday, August 4th. Wells Fargo & Company reiterated an outperform rating on shares of Arista Networks in a research report on Tuesday, July 4th. Argus reiterated a buy rating on shares of Arista Networks in a research report on Monday, August 7th. Oppenheimer Holdings, Inc. restated an outperform rating and set a $180.00 price target (up from $160.00) on shares of Arista Networks in a research report on Wednesday, August 9th. Finally, Instinet raised their price target on Arista Networks from $135.00 to $173.00 and gave the stock a neutral rating in a research report on Monday, August 7th. Fifteen research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $175.68.
Arista Networks (NYSE:ANET) last issued its quarterly earnings data on Thursday, August 3rd. The technology company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.15. The company had revenue of $405.21 million during the quarter, compared to analyst estimates of $361.02 million. Arista Networks had a return on equity of 22.64% and a net margin of 21.74%. The firm’s revenue for the quarter was up 50.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.74 earnings per share.
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In other Arista Networks news, SVP Marc Taxay sold 2,000 shares of Arista Networks stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $176.09, for a total value of $352,180.00. Following the sale, the senior vice president now owns 13,002 shares of the company’s stock, valued at approximately $2,289,522.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anshul Sadana sold 12,000 shares of Arista Networks stock in a transaction that occurred on Monday, October 16th. The shares were sold at an average price of $189.95, for a total value of $2,279,400.00. Following the completion of the sale, the insider now directly owns 86,788 shares in the company, valued at approximately $16,485,380.60. The disclosure for this sale can be found here. In the last three months, insiders have sold 198,778 shares of company stock worth $34,901,741. Corporate insiders own 28.09% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the business. PNC Financial Services Group Inc. boosted its holdings in Arista Networks by 20.5% in the 2nd quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock valued at $111,000 after purchasing an additional 126 shares in the last quarter. LS Investment Advisors LLC purchased a new stake in Arista Networks in the 2nd quarter valued at approximately $119,000. D.A. Davidson & CO. boosted its holdings in Arista Networks by 3.2% in the 2nd quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock valued at $147,000 after purchasing an additional 30 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Arista Networks in the 1st quarter valued at approximately $164,000. Finally, Daiwa Securities Group Inc. purchased a new stake in Arista Networks in the 2nd quarter valued at approximately $202,000. 59.38% of the stock is currently owned by institutional investors.
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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