Arista Networks (ANET) Earns Overweight Rating from KeyCorp

KeyCorp reiterated their overweight rating on shares of Arista Networks (NYSE:ANET) in a research note released on Thursday, The Fly reports. They currently have a $240.00 price target on the technology company’s stock, up from their prior price target of $213.00. KeyCorp also issued estimates for Arista Networks’ Q1 2018 earnings at $1.11 EPS, Q2 2018 earnings at $1.30 EPS, Q3 2018 earnings at $1.36 EPS, Q4 2018 earnings at $1.59 EPS, FY2018 earnings at $5.37 EPS and FY2019 earnings at $6.23 EPS.

Other equities analysts have also recently issued reports about the company. DA Davidson upgraded Arista Networks from a neutral rating to a buy rating and set a $224.00 price target for the company in a research report on Friday, November 3rd. Piper Jaffray Companies began coverage on Arista Networks in a research report on Monday, November 13th. They issued a neutral rating and a $230.00 price target for the company. Needham & Company LLC reiterated a buy rating and issued a $217.00 price target (up from $175.00) on shares of Arista Networks in a research report on Friday, November 3rd. They noted that the move was a valuation call. Royal Bank of Canada lifted their price target on Arista Networks from $190.00 to $200.00 and gave the company a sector perform rating in a research report on Friday, November 3rd. Finally, Morgan Stanley upgraded Arista Networks from an equal weight rating to an overweight rating and lifted their price target for the company from $125.00 to $210.00 in a research report on Wednesday, September 20th. Fourteen equities 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. Arista Networks has a consensus rating of Buy and an average target price of $197.55.

Arista Networks (ANET) opened at $231.03 on Thursday. The firm has a market capitalization of $16,890.00, a price-to-earnings ratio of 54.50, a PEG ratio of 2.06 and a beta of 1.38. Arista Networks has a 52-week low of $87.33 and a 52-week high of $245.65. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07.

In other news, SVP Kenneth Duda sold 7,775 shares of the company’s stock in a transaction dated Monday, October 9th. The stock was sold at an average price of $194.12, for a total value of $1,509,283.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Marc Taxay sold 2,000 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $190.47, for a total value of $380,940.00. Following the completion of the transaction, the senior vice president now owns 13,002 shares of the company’s stock, valued at $2,476,490.94. The disclosure for this sale can be found here. Insiders sold a total of 486,325 shares of company stock valued at $110,320,931 over the last quarter. Company insiders own 28.09% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Capital Research Global Investors boosted its holdings in shares of Arista Networks by 2.8% in the 2nd 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 in the last quarter. Vanguard Group Inc. lifted its stake in shares of Arista Networks by 7.1% in the 2nd quarter. Vanguard Group Inc. now owns 3,763,999 shares of the technology company’s stock valued at $563,810,000 after acquiring an additional 249,753 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Arista Networks by 41.1% in the 2nd quarter. BlackRock Inc. now owns 2,376,973 shares of the technology company’s stock valued at $356,048,000 after acquiring an additional 692,651 shares during the last quarter. State Street Corp lifted its stake in shares of Arista Networks by 44.7% in the 2nd quarter. State Street Corp now owns 1,063,294 shares of the technology company’s stock valued at $159,278,000 after acquiring an additional 328,534 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Arista Networks by 2.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 649,475 shares of the technology company’s stock valued at $123,136,000 after acquiring an additional 18,465 shares during the last quarter. Hedge funds and other institutional investors own 58.22% of the company’s stock.

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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.

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