Shares of Arista Networks Inc (NYSE:ANET) have been assigned a consensus rating of “Buy” from the thirty-three ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, fifteen have given a hold recommendation, fifteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $279.76.
ANET has been the topic of several research reports. Zacks Investment Research cut shares of Arista Networks from a “buy” rating to a “hold” rating in a report on Wednesday, August 8th. Credit Suisse Group set a $303.00 target price on shares of Arista Networks and gave the stock a “buy” rating in a report on Thursday, May 31st. Morgan Stanley cut shares of Arista Networks from an “overweight” rating to an “equal weight” rating and set a $310.00 target price on the stock. in a report on Tuesday. Piper Jaffray Companies upgraded shares of Arista Networks from a “neutral” rating to an “overweight” rating and set a $315.00 target price on the stock in a report on Monday, July 9th. Finally, DA Davidson raised their target price on shares of Arista Networks from $300.00 to $312.00 and gave the stock a “buy” rating in a report on Friday, August 3rd.
Shares of ANET traded down $11.83 on Friday, hitting $277.99. 24,868 shares of the stock traded hands, compared to its average volume of 1,459,614. The company has a market capitalization of $22.37 billion, a P/E ratio of 60.70, a price-to-earnings-growth ratio of 2.19 and a beta of 1.45. The company has a quick ratio of 2.87, a current ratio of 3.17 and a debt-to-equity ratio of 0.02. Arista Networks has a one year low of $169.61 and a one year high of $313.37.
Arista Networks (NYSE:ANET) last announced its quarterly earnings results on Thursday, August 2nd. The technology company reported $1.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.50 by $0.43. The company had revenue of $519.85 million during the quarter, compared to the consensus estimate of $509.62 million. Arista Networks had a net margin of 28.07% and a return on equity of 28.51%. The firm’s quarterly revenue was up 28.3% compared to the same quarter last year. During the same quarter last year, the firm earned $1.34 earnings per share. sell-side analysts expect that Arista Networks will post 6.43 EPS for the current year.
In related news, SVP Kenneth Duda sold 11,000 shares of Arista Networks stock in a transaction on Monday, June 11th. The shares were sold at an average price of $272.66, for a total transaction of $2,999,260.00. Following the transaction, the senior vice president now owns 1,845 shares in the company, valued at approximately $503,057.70. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Nikos Theodosopoulos sold 110 shares of Arista Networks stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $273.27, for a total transaction of $30,059.70. Following the transaction, the director now owns 2,073 shares in the company, valued at approximately $566,488.71. The disclosure for this sale can be found here. Insiders have sold a total of 266,820 shares of company stock worth $78,771,211 in the last quarter. Corporate insiders own 24.95% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ANET. Summit Trail Advisors LLC lifted its stake in shares of Arista Networks by 34,145.8% during the 1st quarter. Summit Trail Advisors LLC now owns 8,663,852 shares of the technology company’s stock valued at $8,664,000 after buying an additional 8,638,553 shares in the last quarter. First Republic Investment Management Inc. increased its holdings in Arista Networks by 1,062.8% in the 1st quarter. First Republic Investment Management Inc. now owns 388,857 shares of the technology company’s stock valued at $99,275,000 after acquiring an additional 355,417 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Arista Networks by 29.4% in the 1st quarter. JPMorgan Chase & Co. now owns 1,398,546 shares of the technology company’s stock valued at $357,048,000 after acquiring an additional 317,410 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Arista Networks by 26.3% in the 2nd quarter. Renaissance Technologies LLC now owns 1,093,700 shares of the technology company’s stock valued at $281,617,000 after acquiring an additional 227,500 shares during the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD increased its holdings in Arista Networks by 509.0% in the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 243,420 shares of the technology company’s stock valued at $62,678,000 after acquiring an additional 203,448 shares during the last quarter. Institutional investors own 54.72% of the company’s stock.
About Arista Networks
Arista Networks, Inc provides cloud networking solutions in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. The company's cloud networking solutions consist of its 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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