Arista Networks (ANET) Sets New 1-Year High After Analyst Upgrade

Shares of Arista Networks Inc (NYSE:ANET) hit a new 52-week high during mid-day trading on Monday after Oppenheimer raised their price target on the stock from $200.00 to $270.00. Oppenheimer currently has an outperform rating on the stock. Arista Networks traded as high as $250.51 and last traded at $236.77, with a volume of 505700 shares traded. The stock had previously closed at $232.69.

Several other brokerages have also issued reports on ANET. Bank of America increased their price objective on Arista Networks from $210.00 to $250.00 and gave the stock a “neutral” rating in a report on Wednesday, November 29th. Morgan Stanley raised their target price on Arista Networks from $210.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, December 21st. Citigroup raised their target price on Arista Networks to $250.00 and gave the company a “buy” rating in a report on Friday, December 1st. Deutsche Bank restated a “buy” rating and set a $250.00 target price on shares of Arista Networks in a report on Friday, December 1st. Finally, Stifel Nicolaus restated a “buy” rating and set a $270.00 target price on shares of Arista Networks in a report on Thursday, December 14th. Fourteen equities research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Arista Networks presently has a consensus rating of “Buy” and a consensus price target of $203.24.

In other news, insider Andreas Bechtolsheim sold 39,680 shares of the firm’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $241.92, for a total value of $9,599,385.60. Following the sale, the insider now directly owns 73,102 shares of the company’s stock, valued at $17,684,835.84. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Anshul Sadana sold 12,000 shares of the firm’s stock in a transaction dated 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 $16,485,380.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 606,126 shares of company stock worth $138,901,364. 28.09% of the stock is currently owned by company insiders.

Several large investors have recently modified their holdings of ANET. PNC Financial Services Group Inc. grew its position in Arista Networks by 20.5% during the second quarter. PNC Financial Services Group Inc. now owns 740 shares of the technology company’s stock worth $111,000 after buying an additional 126 shares in the last quarter. Fieldpoint Private Securities LLC acquired a new stake in Arista Networks during the third quarter worth about $130,000. D.A. Davidson & CO. grew its position in Arista Networks by 3.2% during the second quarter. D.A. Davidson & CO. now owns 982 shares of the technology company’s stock worth $147,000 after buying an additional 30 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Arista Networks during the third quarter worth about $151,000. Finally, MML Investors Services LLC acquired a new stake in Arista Networks during the second quarter worth about $223,000. 57.96% of the stock is currently owned by institutional investors.

The company has a market capitalization of $18,220.00, a PE ratio of 49.12, a price-to-earnings-growth ratio of 1.81 and a beta of 1.38. The company has a debt-to-equity ratio of 0.03, a current ratio of 3.66 and a quick ratio of 3.07.

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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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