Shares of Arista Networks Inc (NYSE:ANET) have received a consensus recommendation of “Buy” from the twenty-seven ratings firms that are currently covering the stock, Marketbeat.com reports. Eight analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $303.00.
A number of equities research analysts have recently commented on ANET shares. Morgan Stanley reduced their target price on shares of Arista Networks from $300.00 to $275.00 and set an “equal weight” rating for the company in a research report on Friday, June 7th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $330.00 target price (down from $340.00) on shares of Arista Networks in a research report on Friday, June 7th. Barclays started coverage on shares of Arista Networks in a research report on Wednesday, August 7th. They issued an “overweight” rating and a $284.00 target price for the company. Evercore ISI started coverage on shares of Arista Networks in a research report on Wednesday. They issued an “inline” rating and a $240.00 target price for the company. Finally, JMP Securities reiterated an “outperform” rating and issued a $280.00 target price (down from $315.00) on shares of Arista Networks in a research report on Friday, August 2nd.
In related news, COO Anshul Sadana sold 1,350 shares of Arista Networks stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $280.07, for a total value of $378,094.50. Following the completion of the transaction, the chief operating officer now owns 1,783 shares in the company, valued at $499,364.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Kenneth Duda sold 10,876 shares of Arista Networks stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $224.30, for a total transaction of $2,439,486.80. Following the completion of the transaction, the senior vice president now owns 1,971 shares of the company’s stock, valued at approximately $442,095.30. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,936 shares of company stock valued at $9,985,447. Company insiders own 23.83% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services LLC lifted its holdings in Arista Networks by 15.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 13,694 shares of the technology company’s stock valued at $3,555,000 after purchasing an additional 1,854 shares in the last quarter. Valeo Financial Advisors LLC increased its stake in shares of Arista Networks by 24.2% during the second quarter. Valeo Financial Advisors LLC now owns 190 shares of the technology company’s stock worth $49,000 after purchasing an additional 37 shares during the period. Swedbank increased its stake in Arista Networks by 56.2% during the 2nd quarter. Swedbank now owns 757,942 shares of the technology company’s stock worth $196,777,000 after acquiring an additional 272,722 shares during the period. Thornburg Investment Management Inc. bought a new position in Arista Networks during the 1st quarter worth $18,463,000. Finally, Lido Advisors LLC bought a new position in Arista Networks during the 1st quarter worth $483,000. Institutional investors own 58.78% of the company’s stock.
Shares of NYSE ANET traded up $2.46 during mid-day trading on Thursday, reaching $249.27. The company’s stock had a trading volume of 551,580 shares, compared to its average volume of 903,345. The stock has a 50-day moving average of $236.71 and a two-hundred day moving average of $269.15. The stock has a market capitalization of $18.92 billion, a P/E ratio of 35.26, a P/E/G ratio of 1.40 and a beta of 1.55. The company has a debt-to-equity ratio of 0.04, a quick ratio of 5.17 and a current ratio of 5.77. Arista Networks has a 1-year low of $187.08 and a 1-year high of $331.27.
Arista Networks (NYSE:ANET) last issued its earnings results on Thursday, August 1st. The technology company reported $2.44 EPS for the quarter, beating the Zacks’ consensus estimate of $1.98 by $0.46. The business had revenue of $608.32 million during the quarter, compared to analysts’ expectations of $606.78 million. Arista Networks had a net margin of 30.86% and a return on equity of 28.76%. The company’s quarterly revenue was up 17.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.93 earnings per share. Analysts predict that Arista Networks will post 8.67 EPS for the current fiscal year.
About Arista Networks
Arista Networks, Inc develops, markets, and sells cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of extensible operating systems, a set of network applications, as well as gigabit Ethernet switching and routing platforms, including universal leaf, spline, and universal spine products.
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